High-Tech Enterprise Recognition,R&D Manipulation and Corporate Financial Distress
Based on the panel data of A-share listed companies in Shanghai Stock Exchange and Shenzhen Stock Exchange from 2008 to 2020,this paper analyzes the impact of high-tech enterprise recognition and R&D manipulation on corporate financial distress.The results show that recognized high-tech enterprises are more prone to financial distress.R&D manipulation plays an intermediary role in the impact of"high-tech enterprise recognition"on corporate financial distress.Further research shows that analyst attention has a significant inhibitory effect on the relationship between"high-tech enterprise recognition"and corporate financial distress.There is a certain heterogeneity in the impact of"high-tech enterprise recognition"on corporate financial distress.Small-scale enterprises are more sensitive to"high-tech enterprise recognition"than large-scale enterprises,and enterprises in industries with high market competition and in economically underdeveloped areas are more prone to financial distress.Based on this,we should further promulgate more detailed recognition procedures for high-tech enterprises and strengthen the crackdown on R&D manipulation.Meanwhile,it is expected to strengthen the participation of analysts in policy information transmission and give full play to the role of positive guidance.Moreover,differentiation policies should be actively implemented to avoid one-size-fits-all approach to management.
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