媒体情绪与企业研发操纵

IF 7.4 2区经济学 Q1 BUSINESS, FINANCE

Finance Research Letters Pub Date : 2025-05-06 DOI:10.1016/j.frl.2025.107505

Qi Luo, Hanqi Li

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引用次数: 0

摘要

本研究以2009 - 2023年中国上市公司为样本，考察媒体情绪对公司研发操纵的影响。研究结果显示，在积极（消极）的媒体情绪下，企业倾向于进行向上（向下）的研发操纵。进一步分析表明，向上操纵的动机是为了迎合积极的媒体情绪所培养的投资者乐观情绪，而向下操纵的动机是为了缓解负面媒体情绪所造成的业绩压力。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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Media sentiment and corporate R&D manipulation

Using samples of Chinese listed companies from 2009 to 2023, this study examines the impact of media sentiment on corporate research and development (R&D) manipulation. Findings reveal companies’ tendency to engage in upward (downward) R&D manipulation under positive (negative) media sentiment. Further analysis suggests that upward manipulation is motivated by a desire to cater to investor optimism fostered by positive media sentiment, while downward manipulation is motivated by a desire to alleviate performance pressures owing to negative media sentiment.

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来源期刊

Finance Research Letters BUSINESS, FINANCE-

CiteScore

11.10

自引率

14.40%

发文量

863

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