盈余信息质量影响企业创新吗?

Does the Earnings Information Quality Affect Corporate Innovation?

现实的资本市场存在摩擦和扭曲,严重制约企业创新行为。较高的盈余信息质量,传递更具相关性和可靠性的会计信息,能否克服市场摩擦和扭曲进而促进企业创新?本文基于信息不对称、委托代理、融资约束的理论基础,以2007-2016年中国沪深A股上市公司为研究对象,考察了盈余信息质量对企业创新的影响。研究发现,盈余信息质量有效地促进企业创新,当盈余管理程度降低、盈余激进度减少时,企业创新行为明显提高,但当盈余平滑度降低时,企业创新行为未明显提升。进一步探索盈余信息质量影响企业创新的机理后发现,较高的盈余信息质量通过减轻代理问题和融资约束对企业创新的抑制作用,进而促进企业创新。本文研究结论丰富了盈余信息质量经济后果与企业创新影响因素的相关文献,为完善资本市场制度和建立创新型国家提供了启示。

There are frictions and distortions in the real capital market,which severely restricts corporate innovation.Higher earnings information quality can pass more relevant and reliable accounting information.Can it overcome market frictions and distortions to promote corporate innovation?Based on the theoretical basis of information asymmetry,entrusted agency,and financing constraints,this article takes the 2007-2016 China-Shenzhen A-Share listed company as the research object,and examines the impact of the quality of earnings information on corporate innovation.The study finds that:The quality of earnings information effectively promotes corporate innovation.When the level of earnings management is reduced and the surplus of earnings is reduced,the corporate innovation behaviors are significantly improved.However,when the smoothness of earnings is reduced,the company’s innovation behavior has not been significantly improved.After further exploring the mechanism of earnings information quality influencing corporate innovation,we found that a higher quality of earnings information reduces the inhibitory effect of agency costs and financing constraints on corporate innovation,thereby promoting corporate innovation.The conclusion of this study enriches the literature on the economic consequences of earnings information quality and the influencing factors of corporate innovation,and provides inspiration for improving the capital market system and establishing an innovative country.