Abstract：Based on the sample of Chinese non-financial listed companies which have been continuously certified as high-tech enterprises in China from 2012 to 2017,this paper adopts the methods of group regression and inter-group coefficient difference test to empirically study whether the high-tech enterprises conduct earnings management to obtain more government and R&D subsidies and whether this behavior effectively promotes the correlation between the aboved subsidies and R&D Input.The findings are as follows.①The positive earnings management of high-tech enterprises obtained more government subsidies,and the higher the degree of positive earnings management,the weaker the positive correlation between government subsidies and R&D input.②High-tech enterprises' earnings management doesn't obtain more R&D subsidies,but negatively adjusts the relationship between R&D subsidies and input,and the higher the degree of earnings management,the weaker the positive correlation between R&D subsidies and input.The findings show that there are policy risks in the distribution and supervision of government subsidies to high-tech enterprises.In order to improve enterprises' R&D willingness and ability,it's necessary to optimize the distribution and supervision of subsidies and promote the rational allocation of subsidy resources.
[1] HUERGO E,MORENO L.Subsidies or loans? Evaluating the impact of R&D support programmes[J].Research policy,2017,46(7):1198-1214. [2] ZHAO Y,ZHOU D,ZHAO K,et al.Is the squeaky wheel getting the grease? Earnings management and government subsidies[J].International review of economics & finance,2019,28(5):297-312. [3] 陈晓,李静.地方政府财政行为在提升上市公司业绩中的作用探析[J].会计研究,2001(12):20-28+64. [4] CHEN X,LEE C W J,LI J.Government assisted earnings management in China[J].Journal of accounting and public policy,2008,27(3):0-274. [5] 朱松,陈运森.政府补贴决策、盈余管理动机与上市公司扭亏[J].中国会计与财务研究,2009(3):92-140. [6] 孔东民,刘莎莎,王亚男.市场竞争、产权与政府补贴[J].经济研究,2013(2):55-67. [7]JIANG H,HU Y,ZHANG H,et al.Benefits of downward earnings management and political connection:evidence from government subsidy and market pricing[J].International journal of accounting,2018,53(4):255-273. [8] 王红建,李青原,邢斐.金融危机、政府补贴与盈余操纵——来自中国上市公司的经验证据[J].管理世界,2014(7):157-167. [9] 赵璨,王竹泉,杨德明,等.企业迎合行为与政府补贴绩效研究——基于企业不同盈利状况的分析[J].中国工业经济,2015(7):132-147. [10] 谢海娟.盈余管理对政府补助影响的理论分析与实证检验[J].财会月刊,2019,850(6):57-64. [11] 余明桂,回雅甫,潘红波.政治联系、寻租与地方政府财政补贴有效性[J].经济研究,2010(3):65-77. [12] 步丹璐,黄杰.企业寻租与政府的利益输送——基于京东方的案例分析[J].中国工业经济,2013(6):135-147. [13] 寇恩惠,戴敏.中国式分权与地方政府创新补贴偏向[J].当代经济科学,2019,41(6):25-36. [14] BOEING P.The allocation and effectiveness of China's R&D subsidies——Evidence from listed firms[J].Research policy,2016,45(9):1774-1789. [16] LACH S.Do R&D subsidies stimulate or displace private R&D? Evidence from Israel[J].The journal of industrial economics,2002,50(4):369-390. [17] 张宗益,陈龙.政府补贴对我国战略性新兴产业内部R&D投入影响的实证研究[J].技术经济,2013(6):17-22+112. [18] CHOI J,LEE J.Repairing the R&D market failure:public R&D subsidy and the composition of private R&D[J].Research policy,2017,46(8):1465-1478. [19] BECK M,LOPES-BENTO C,SCHENKER-WICKI A.Radical or incremental:where does R&D policy hit[J].Research policy,2016,45(4):869-883. [20] SZCAYGIELSKI K.GRABOWSKI W,PAMUKCU M.T,et al.Does government support for private innovation matter? Firm-level evidence from two catching-up countries[J].Research Policy,2017,46(1):219-237. [21] CHEN J,HENG C S,TAN B C Y,et al.The distinct signaling effects of R&D subsidy and non-R&D subsidy on IPO performance of IT entrepreneurial firms in China[J].Research policy,2018,47(1):108-120. [22] WANG J.Innovation and government intervention:a comparison of Singapore and Hong Kong[J].Research policy,2018,47(2):399-412. [23] 夏清华,何丹.政府研发补贴促进企业创新了吗——信号理论视角的解释[J].科技进步与对策,2020(1):92-101. [24] 程华,赵祥.政府科技资助对企业R&D产出的影响——基于我国大中型工业企业的实证研究[J].科学学研究,2008(3):519-525. [25] BRONZINI R,PISELLI P.The impact of R&D subsidies on firm innovation[J].Research policy,2016,45(2):442-457. [25] 李世奇,朱平芳.研发补贴对企业创新产出的影响研究[J].中国科技论坛,2019(8):18-26.
2020, 
