智慧城市建设对企业研发操纵的影响研究

以 2009-2019 年 A 股上市公司作为研究样本，采用多期 DID 的方法，对智慧城市建设与企业研发操纵的关系进行了研究，所得结论如下：智慧城市建设能够显著抑制企业的研发操纵行为，前者通过提升企业内控质量和区域监管水平两条机制对后者发挥作用；异质性检验发现，智慧城市建设对研发操纵的抑制作用主要体现在信息环境较弱和操纵动机较强的企业中；进一步研究发现，智慧城市建设能够缓解研发操纵对于企业专利质量和资产误定价的不利影响。

Research on The Impact of Smart City Construction on Enterprise R&D Manipulation

Taking the A-share listed companies from 2009 to 2019 as research sample, studying the relationship between smart city construction and enterprise R&D manipulation by using the method of multi-stage DID. The conclusions are as follows: Smart city construction can significantly inhibit the R&D manipulation of enterprises, the former plays a role in the latter by improving the quality of internal control and regional supervision level. Heterogeneity test shows that the inhibition effect of smart city construction on R&D manipulation is mainly reflected in enterprises with weak information environment and strong manipulation motivation. Further research found that smart city construction can mitigate the adverse impact of R&D manipulation on enterprise innovation quality and asset mispricing.