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创新投资活动过程复杂且中断成本高,因此具有资金需求量大的显著特点,而我国企业创新可持续性面临严重的融资约束。本文基于平滑机制的研究视角,阐述了盈余管理对企业创新投资波动的平滑作用,并进一步讨论了内部股权集中度和外部货币政策的调节效应。基于传统的销售加速模型下的投资—现金流敏感性分析,本文采用2007—2014年A股全部制造业的面板数据进行实证检验,结果发现:融资约束下,盈余管理可以通过平滑创新投资波动对创新可持续性产生正向影响。但是,在货币政策紧缩时期,企业内部的股权集中化现象会弱化盈余管理对创新可持续性的正向作用。本文在为我国企业缓解创新融资约束提供内部管理对策的同时,也为宏观政策的制定提供了重要依据。
Innovative investment activities are complicated and costly to cut off, therefore, they have notable features with large capital demands. However, the sustainability of innovation in China’s enterprises is faced with serious financing constraints. Based on the research perspective of smooth mechanism, this paper expounds the smooth function of earnings management on the volatility of enterprise innovation investment and further discusses the regulation effect of internal equity concentration and external monetary policy. Based on the analysis of investment-cash flow sensitivity in the traditional sales acceleration model, this paper uses the panel data of all A-share manufacturing industries from 2007 to 2014 for empirical test. The results show that under the financing constraints, Earnings Management can be achieved through smooth innovation investment volatility Positive impact on innovation sustainability. However, during the tightening of monetary policy, the centralized ownership of enterprises will weaken the positive effect of earnings management on the sustainability of innovation. This article provides the internal management countermeasures for Chinese enterprises to ease the constraints of innovative financing, and also provides an important basis for the formulation of the macro-policy.