Research and Development Manipulation and Financing Constraints: Based on Empirical Evidence of Science and Technology Innovation Board Company

Jia Heng (), Ruixi Chen (), Yiting Zhao () and Xiaoteng Niu ()
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Jia Heng: Sichuan University, Business School
Ruixi Chen: Sichuan University, Business School
Yiting Zhao: Sichuan University, School of Economics
Xiaoteng Niu: Sichuan University, School of Public Administration

A chapter in Proceedings of the 2024 2nd International Conference on Digital Economy and Management Science (CDEMS 2024), 2024, pp 397-406 from Springer

Abstract: Abstract In order to speed up the implementation of innovation-driven development, Shanghai Stock Exchange set up Science and Technology Innovation Board to serve the scientific and technological innovative enterprises with certain potential. Science and Technology Innovation Board reduces the requirement of profit scale and emphasizes patent and science and technology R & D ability However, some IPO companies, which lack the momentum of innovation, invest in packaging research and development in order to take advantage of the policy dividend. This project takes Science and Technology Innovation Board’s listed companies from 2019 to 2022 as research samples, tests whether Science and Technology Innovation Board listed companies have the behavior of pre-listing R & D manipulation, and explores the impact of financing constraints on R & D manipulation. It is found that a high proportion of enterprises do have R & D manipulation before the listing of the application board. Further research shows that there is an obvious positive relationship between the financing constraints and R & D manipulation. This study hopes to provide regulators and market investors with a better way to identify whether there is R & D whitewashing by grasping data, and to give reference suggestions and governance mechanisms.

Keywords: Science and Technology Innovation Board; R & D manipulation data analysis; financing constraints; Management mechanism (search for similar items in EconPapers)
Date: 2024
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DOI: 10.2991/978-94-6463-488-4_44

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