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

DOI

10.2991/978-94-6463-488-4_44How to use a DOI?

Keywords

Science and Technology Innovation Board; R & D manipulation data analysis; financing constraints; Management mechanism

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.

Copyright

© 2024 The Author(s)

Open Access

Open Access This chapter is licensed under the terms of the Creative Commons Attribution-NonCommercial 4.0 International License (http://creativecommons.org/licenses/by-nc/4.0/), which permits any noncommercial use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons license and indicate if changes were made.

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TY  - CONF
AU  - Jia Heng
AU  - Ruixi Chen
AU  - Yiting Zhao
AU  - Xiaoteng Niu
PY  - 2024
DA  - 2024/08/29
TI  - Research and Development Manipulation and Financing Constraints: Based on Empirical Evidence of Science and Technology Innovation Board Company
BT  - Proceedings of the 2024 2nd International Conference on Digital Economy and Management Science (CDEMS 2024)
PB  - Atlantis Press
SP  - 397
EP  - 406
SN  - 2352-5428
UR  - https://doi.org/10.2991/978-94-6463-488-4_44
DO  - 10.2991/978-94-6463-488-4_44
ID  - Heng2024
ER  -