内外兼修：政府财会监督对医药企业研发操纵的治理效应

Govering Internal and External Simultaneously: The Governance Effect of Government Financial and Accounting Supervision on R&D Manipulation in Pharmaceutical Enterprises

摘要:

基于财政部对医药企业会计信息专项检查这一准自然实验,检验政府财会监督对医药企业研发操纵的治理效果。研究发现,政府财会监督可以有效抑制医药企业研发操纵,这种治理效应主要来自于“内外兼修”的两个作用机制：一是作为医药企业内部治理的补充机制,从而对医药企业的研发操纵产生治理效应,研究发现,在医药企业内部控制较弱、独立董事治理能力较差时,政府财会监督对医药企业研发操纵的治理效应更显著；二是,作为外部监督的协同机制,从而对医药企业的研发操纵产生协同治理效应,研究发现,当媒体监督或税收机关监督等外部监督越强时,政府财会监督对医药企业研发操纵的治理效应越显著。进一步研究表明,政府对医药企业的专项财会监督还具有行业警示效应,研究发现,与未被实施财会监督的其他行业相比,接受政府财会监督的医药行业的研发操纵显著更低。因此,政府财政部门在进行财会监督时,应根据企业内部治理的状况、外部监督的强弱,采取有针对性的监督措施。

Abstract:

Based on the quasi-natural experiment of the Ministry of Finance??s special inspection of the accounting information of pharmaceutical companies, the effect of government financial supervision on the research and development ( R&D) manipulation of pharmaceutical companies was examined. It is found that government financial supervision can effectively curb the R&D manipulation of pharmaceutical companies. This governance effect mainly comes from two mechanisms of “internal and external improvement”. First, as a supplementary mechanism of internal governance in pharmaceutical companies, it exerts a governance effect on R&D manipulation. It is found that when the internal control of pharmaceutical companies is weaker and the governance ability of independent directors is poorer, the governance effect of government financial supervision on R&D manipulation is more significant. Second, as a collaborative mechanism of external supervision, it exerts a collaborative governance effect on R&D manipulation. It is found that when external supervision such as media supervision or tax authority supervision is stronger, the governance effect of government financial supervision on R&D manipulation is more significant. Further research shows that the special financial supervision of pharmaceutical companies by the government also has an industry-wide warning effect. It is found that compared with other industries that have not been subject to financial supervision, the degree of R&D manipulation in the pharmaceutical industry that has been subject to government financial supervision is lower. Therefore, when conducting financial supervision, government financial departments should adopt targeted supervisory measures based on the internal governance status of companies and the strength of external supervision.