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本文以2013-2015年获得高新技术认证的中小板上市公司为研究对象,分析了媒体关注通过技术独立董事抑制管理层负向操控研发费用的路径。研究发现:媒体关注能够显著抑制上市公司负向操控研发费用,技术独立董事对上市公司负向操控研发费用的抑制作用不显著;在分析媒体关注具体治理路径时,结果显示技术独立董事遮掩了媒体关注抑制上市公司负向操控研发费用的积极作用。本文在一定程度上完善了媒体关注的治理路径,并针对技术独立董事存在的“遮掩效应”提出目前其存在专业咨询、专业监督“缺位”现象。
This article takes the small and medium-sized listed companies with high-tech certification in 2013-2015 as the research object and analyzes the media’s attention to inhibiting the negative control of R & D costs by independent directors. The study found that: media attention can significantly inhibit the negative control of listed companies R & D costs, technology independent directors of listed companies negative control R & D costs of the insignificant effect; analysis of media attention to specific governance path, the results show that technology independent directors cover the media Concerned about the negative effect of listed companies controlling R & D costs. To a certain extent, this article improves the governance path of media attention and proposes the current phenomenon of professional consultation, professional supervision and lack of status in view of the existence of independent masters of technology.