真实盈余管理动机下R&D削减行为与创新产出——数量、质量与效率

以2007—2017年沪深A股上市公司为样本，基于零盈余、上期盈余和分析师预测盈余对真实盈余管理动机进行刻画识别，检验公司在真实盈余管理动机下削减R&D支出对创新产出的影响。研究发现，与其它动机相比，真实盈余管理动机下的R&D削减会导致未来三期更低的创新产出、创新质量及创新效率。进一步，扩大盈余管理识别范围、使用全样本进行双重差分、替换被解释变量分别检验后，结果依然稳健。

R&D Cut under Real Earnings Management Motivation and Innovation Output-Research based on Innovation Output Quantity,Quality and Efficiency

Taking Chinese A-share listed companies from 2007 to 2017 as the sample, this paper investigates the impact of firms' R&D cut under real earnings management motivation on their innovation output through identifying real earnings management motivation based on these there earnings benchmark: zero earnings, previous period's earnings, analysts' earnings forecasts.The findings show that, compared to other motivations, firms' R&D cut under real earnings management motivation will lead to lower innovation output, quality and efficiency in future three years.Furthermore, the results are still robust when the scope of earnings management identification is expanded, the whole sample is used for testing, and explained variables are replaced.