Keywords
heterogeneity, R&D investment, corporate financialization, earnings management
Abstract
Based on the virtualization of the real economy caused by the low return rate of the real economy,this paper studies the mechanism of corporate financialization on heterogeneous R&D investment.This paper finds that corporate financialization has a crowding-out effect on R&D investment.At the same time,the effect of corporate financialization on the application research and experimental development is significant,but the impact on basic research is not significant.By introducing the mediation effect model,we finding out that when the earnings management motive exists,the enterprise has significant motives to reduce the application research and experimental development investment to improve the revenue of the enterprise.Enterprises with high earnings management motives further squeeze out applied research and experimental development investment by increasing the proportion of financial investment allocation.
DOI
10.16315/j.stm.2020.02.002
Recommended Citation
CHENG, Li-wei and XU, Biao
(2020)
"Corporate financialization,earnings management motivation and heterogeneity R&D investment,"
Journal of Science and Technology Management: Vol. 22:
Iss.
2, Article 7.
DOI: 10.16315/j.stm.2020.02.002
Available at:
https://jstm.researchcommons.org/journal/vol22/iss2/7
Creative Commons License
This work is licensed under a Creative Commons Attribution-NonCommercial-No Derivative Works 4.0 International License.
