会计稳健性对企业研发投资的影响研究

Study on the impact of accounting conservatism on enterprise R&D investment

作为技术创新的重要支撑,企业研发投资水平的高低会决定产业技术创新水平。以战略性新兴产业企业为研究样本,基于信息不对称理论、信号传递理论与融资优序理论,构建“会计稳健性-融资约束-企业研发投资”的概念模型,并以股权结构作为调节变量,研究会计稳健性对企业研发投资的影响。研究发现:会计稳健性对企业研发投资具有正向影响;融资约束在会计稳健性与企业研发投资之间起到部分中介作用,即会计稳健性通过对企业融资约束的缓解,进而影响企业研发投资;股权结构在会计稳健性影响企业研发投资的过程中能够部分起到调节作用,具体来说,股权性质与股权制衡度能够调节融资约束与企业研发投资之间的关系,而股权集中度的调节作用不明显。

As an important support for technological innovation, the level of investment in enterprise R&D will determine the level of industrial technological innovation. Taking strategic emerging industrial enterprises as research samples and based on information asymmetry theory, signal transmission theory and financing optimization theory, the conceptual model of "accounting conservatism-- financing constraint - enterprise R&D investment" was constructed, and the influence of accounting conservatism on enterprise R&D investment was studied by taking equity structure as adjustment variable.The study found that: accounting conservatism has positive influence on enterprise R&D investment;Financing constraint plays a part of intermediary role between accounting conservatism and enterprise R&D investment, that is, accounting conservatism influences enterprise R&D investment by alleviating the restriction on enterprise financing;In the process of accounting conservatism influences enterprise R&D investment, equity structure can play a regulatory role, in particular, nature of equity and equity balance degree can adjust the relationship between financing constraints and enterprise R&D investment, and the adjustment of the ownership concentration effect is not obvious.