Social Credit System Construction and R&D Manipulation
Effective suppression of R&D manipulation is a necessary path to improve enterprise innovation efficiency.Using the data of A-share listed companies from 2008 to 2022,investigates the impact of social credit system construction on corporate R&D manipulation based on the exogenous event of social credit system construction pilot.It is found that the construction of social credit system has a significant inhibitory effect on corporate R&D manipulation.Meanwhile,this inhibitory effect is more significant in enterprises with higher degree of excess debt,higher investment efficiency and lower financing pressure.The mechanism analysis finds that the regulatory effect,burden reduction effect and empowerment effect of social credit system construction are important mechanisms to inhibit corporate R&D manipulation.Finally,this paper also finds that social credit system construction can significantly increase exploratory innovation output,which suggests that social credit system construction can help promote high-quality innovation.The findings have practical significance for improving the construction of social credit system and promoting enterprise high-quality innovation.
social credit system constructionexternal governanceR&D manipulationprincipal-agent theory
万方数据
维普
