摘要：现有研究大多基于增加人力资本和缓解融资约束的路径来探讨人才政策对企业创新的促进作用。与之不同，本文手动筛选出人才政策中旨在引进高级管理人员的管理人才政策，并探究其可能存在的政策执行风险。本文以2007—2022年中国A股上市公司为样本研究发现，管理人才政策颁布后当地企业的创新数量显著增加，但这主要是由策略性创新增加所致，实质性创新数量并未发生显著变化。机制检验发现，短视化考核体系下，当地企业有动机通过“重数量、轻质量”的创新粉饰行为来应对管理人才政策引发的职业竞争压力。进一步，地区层面和企业层面的异质性分析发现，人才竞争激烈地区的企业、长期投资者持股比例较低的企业以及信息不对称严重的企业，更倾向于通过创新粉饰来应对管理人才政策引发的激烈竞争；而人力资源稀缺、长期投资者持股较多和企业信息透明则减轻了上述现象。政策层面的异质性分析结果表明，货币类引才措施诱发了当地企业的创新粉饰行为，而非货币类引才措施则有助于实质性创新水平的提高。本文深化了人才政策经济后果的研究，同时也丰富了创新粉饰行为影响因素的文献。

Abstract: Most existing research focuses on exploring the role of talent policies in promoting corporate innovation by increasing human capital and alleviating financing constraints. In contrast, this paper manually selects management talent policies aimed at introducing senior management personnel from talent policies and explores the potential policy implementation risks. This paper takes Chinese A-share listed companies from 2007 to 2022 as a sample. Research has found that after the implementation of management talent policies, the number of innovations in local enterprises has significantly increased, but this is mainly due to an increase in strategic innovation, while the number of substantive innovations has not changed significantly. Mechanism testing found that under the short-sighted assessment system, local enterprises have the motivation to cope with the occupational competition pressure caused by management talent policies through innovative whitewashing behaviors that prioritize quantity over quality. Furthermore, heterogeneity analysis at the regional and enterprise levels reveals that companies in regions with intense talent competition, companies with low long-term investor shareholding ratios, and companies with severe information asymmetry are more inclined to respond to the intense competition caused by management talent policies through “innovation whitewashing”; However, the scarcity of human resources, the large number of long-term investors holding shares, and the transparency of corporate information have alleviated the above phenomenon. The heterogeneity analysis at the policy level shows that monetary talent introduction measures induce local enterprises to engage in “innovation whitewashing” behavior, while non monetary talent introduction measures contribute to the improvement of substantive innovation levels. This paper deepens the study of the economic consequences of talent policies and enriches the literature on the factors influencing the behavior of “innovation whitewashing”.