CAJ | 학술논문

最近的研究认为企业在稳定的可预期的研发投入趋势上的突变点是利用式R&D向探索式R&D转变的信号，同时这一转变过程可以看作是企业顺序型双元创新模式在企业内的具体实施。通过中国沪深两市上市公司样本数据，实证研究了利用式R&D向探索式R&D转变对企业绩效的影响，同时也研究了企业真实盈余管理程度对这一效应的调节影响。研究结果表明，利用式R&D向探索式R&D转变对企业绩效有显著的倒U型效应，即转变幅度超过一定的临界点，效应会由正向变为负向。另外，实证结果还表明，企业真实盈余管理，减弱了这一转变对企业绩效的正向效应，同时加强了这一转变的负向效应。
최근적연구인위기업재은정적가예기적연발투입추세상적돌변점시이용식R&D향탐색식R&D전변적신호，동시저일전변과정가이간작시기업순서형쌍원창신모식재기업내적구체실시。통과중국호심량시상시공사양본수거，실증연구료이용식R&D향탐색식R&D전변대기업적효적영향，동시야연구료기업진실영여관리정도대저일효응적조절영향。연구결과표명，이용식R&D향탐색식R&D전변대기업적효유현저적도U형효응，즉전변폭도초과일정적림계점，효응회유정향변위부향。령외，실증결과환표명，기업진실영여관리，감약료저일전변대기업적효적정향효응，동시가강료저일전변적부향효응。
Recent researches propose that a compact, significant change in firm-level R&D expenditure can be an indicator that a firm is translating from exploitive R&D to explorative R&D. This paper focuses on the impact that such translation has on firm performance and tests our hypothesis though using Chinese listed companies. In this study, we also explored the moderating effect of real earning management. Our empirical results suggest that such translation has a reverse U effect on firm value. And the real earning management reduces the positive ef-fect and strengthens the negative effect of such translation on firm performance.