内部控制、研发强度与管理短视--基于中国上市公司的经验证据

摘要

The R&D investment has long-term and uncertainty characteristics,the behavior of enterprise's R&D will reduce the current accounting earnings. On the basis of studying the influence of internal control quality on enterprise's R&D intensity, this paper makes a deep analysis on the two ways by means of which the internal control has an effect on enterprise's R&D ac-tivity. Namely,controlling the opportunism risk and controlling R&D project operational risk. The results show that the inter-nal control quality is positively related to the intensity of R&D investment. Internal control can significantly restrain the man-agement opportunism risk and R&D project operational risk,which ultimately helps to improve R&D intensity. This paper does not only reveal the internal mechanism of the internal control in R&D investment,but also provides a new empirical evidence for the internal control and the R&D activities of China's listed corporations.%研发投入具有长期性和不确定性等特征，企业的研发行为会降低当期会计盈余。在研究内部控制质量对企业研发强度影响的基础上，深入分析内部控制作用于企业研发活动的两个路径———抑制管理机会主义风险和抑制研发项目运营风险，结果表明：企业内部控制质量与研发投入强度正相关，内部控制能够显著降低企业的管理机会主义风险和研发项目运营风险，最终有利于提高企业的研发强度，这不仅揭示了内部控制在研发投入方面发挥作用的内在机制，也为我国上市公司的内部控制及研发活动提供了新的经验证据。