融资约束、盈余管理与技术创新——基于制造业上市公司的实证分析

选取我国A股制造业上市公司2013~2018年的经验数据，运用回归分析法检验盈余管理对融资约束与企业技术创新关系的影响。研究结果显示：我国制造业上市公司具有显著的研发投入-现金流敏感性，且面临着外部融资约束；盈余管理对企业技术创新具有显著正向促进作用；融资约束在盈余管理与技术创新关系中具有显著中介效应。进一步分析所有权性质和规模因素后发现，盈余管理对民营制造企业R&D融资约束的缓解作用更加明显，并且更有利于缓解中小型制造企业所面临的融资困境。

Research on the Relationship between Financing Constraints,Earnings Management and Technology Innovation—Empirical analysis based on manufacturing listed companies

This paper selects the empirical data of China's A-share manufacturing listed companies from 2013 to 2018, and uses regression analysis to test the impact of earnings management on the relationship between financing constraints and corporate technological innovation. The results show that listed manufacturing companies in China have significant R&D investment-cash flow sensitivity and companies are facing external financing constraints; Earnings management has a significant positive effect on corporate technological innovation; Financing constraint has a significant mediating effect in the relationship between earnings management and technological innovation; After further analysis of ownership nature and scale factors, it is found that earnings management has a more obvious easing effect on private manufacturing enterprises' R&D financing constraints, and is more conducive to alleviating the financing difficulties faced by small and medium-sized manufacturing enterprises.