会计信息质量、制度环境与企业创新绩效

Accounting Information Quality,Institutional Environment With Enterprise Innovation Performance

创新是实现经济高质量发展的强大引擎,更是企业生存发展的重要因素,企业创新绩效是近年来学者们研究的热点话题之一。本文基于2008—2017年A股上市企业的数据,研究了会计信息质量能否促进企业创新绩效的提升,以及制度环境是否在二者之间发挥调节效应。研究发现:会计信息质量较高的企业能够提高企业的治理水平并缓解企业的资金压力,进而显著提高创新绩效;制度环境能对公司研发投资产生激励作用;此外,制度环境还在会计信息质量与企业创新绩效之间起到显著调节作用。从产权性质的角度进一步分析表明,上述结论仅在民营企业中成立,而在国有企业中不显著。从融资约束角度进一步分析表明,融资约束在会计信息质量与企业创新绩效之间起到了中介传导作用。

Innovation is a powerful engine for high-quality economic development and an important factor for the survival and development of enterprises,so innovation performance is one of the hot topics studied by scholars in recent years.Based on data from A-share listed companies in 2008-2017,this paper examines whether the quality of accounting information can promote innovation performance and whether the institutional environment can have a regulatory effect between the two.The study found that enterprises with high quality of accounting information can improve the governance level of enterprises and relieve the financial pressure of enterprises,and then significantly improve the level of innovation performance;the institutional environment can stimulate the company s research and development investment,and with the gradual improvement of the institutional environment,the company s innovation performance can continue to improve;in addition,the institutional environment also plays a significant role in regulating the quality of accounting information and the performance of enterprise innovation.Further analysis from the perspective of the nature of property rights shows that the above conclusions are only established in private enterprises,but not in state-owned enterprises.Further analysis from the perspective of financing constraints shows that financing constraints play an intermediary conduction role between the quality of accounting information and the performance of enterprise innovation.