监管距离与企业创新:“鞭长莫及”抑或“如臂使指”

Regulatory distance and enterprise innovation:"Beyond the reach of government's power"or"as the arm directing the fingers"

“十四五”时期是加快迈向创新型国家前列的开局关键期,如何提供更好的制度环境以驱动企业创新备受关注,本文立足于有为政府的监管视角,认为证监会派出监管机构与上市公司之间的地理距离能够影响上市公司创新绩效。本文以2003-2019年中国A股上市公司为研究样本,实证检验了监管距离对企业创新绩效的影响及内在机理。研究结果表明:(1)监管距离对企业创新绩效产生负向影响,即监管机构与上市公司地理距离越远,企业创新绩效越低,考虑内生性问题后本文研究结论依然成立,总体上监管机构对企业创新活动的影响呈现出“鞭长莫及”效应;(2)内在机制检验结果表明监管距离主要通过影响上市公司的盈余管理程度以及内部控制质量两种公司治理效应对企业创新绩效产生负向影响,并且盈余管理程度与内部控制质量在监管距离与企业创新之间产生部分中介效应;(3)进一步分析结果表明,监管距离对企业创新的抑制效应在高铁开通前以及制度环境更弱的区域中更显著。本文基于地理经济学与制度经济学的融合框架丰富了传统基于“制度环境—产业/行业竞争—企业高管”驱动企业创新的研究框架。

The"14th Five-Year Plan"period is a critical start period for accelerating the pace towards the forefront of innovation-oriented countries.How to provide a better institutional environment to drive corporate innovation has attracted much attention.Based on the regulatory perspective of a promising government,this article believes that the CSRC has dispatched a regulatory agency.The geographical distance from listed companies can affect the innovation performance of listed companies.This paper takes China's A-share listed companies from 2003 to 2019 as a research sample,and empirically tests the impact of regulatory distance on corporate innovation performance and its internal mechanism.The research results show that:(1)Regulatory distance has a negative impact on corporate innovation performance.The farther the geographical distance between the regulatory agency and the listed company,the lower the corporate innovation performance.After considering the endogeneity problem,the conclusion of this paper is still valid.The influence of corporate innovation activities shows the effect of"out of reach";(2)The internal mechanism test results show that the regulatory distance mainly affects the quality of internal information disclosure of listed companies and reduces the level of corporate earnings management.Two corporate governance effects have a negative impact on corporate innovation performance.In addition,the quality of internal information disclosure and earnings management have a partial mediating effect between regulatory distance and corporate innovation;(3)Further analysis results show that the inhibitory effect of regulatory distance on corporate innovation is before the opening of high-speed rail and in areas with weaker institutional environments.more pronounced in.Based on the integration framework of geographic economics and institutional economics,this paper enriches the traditional research framework based on"institutional environment-industry/industry competition-enterprise executives"driving enterprise innovation.