会计稳健性对企业研发投资的影响研究
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摘要
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.
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.
引文
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[13] Hall B H.The financing of research and development[J].Oxford Review of Economic Policy,2002,18(1):35-51.
[14] 杨建君,盛锁.股权结构对企业技术创新投入影响的实证研究[J].科学学研究,2007,25(4):787-792.
[15] Francis J,Smith A.Agency costs and innovation some empirical evidence[J].Journal of Accounting & Economics,1995,19(2):383-409.
[16] Kastl J,Martimort D,Piccolo S.Delegation,ownership concentration and R&D spending:Evidence from Italy[J].Journal of Industrial Economics,2013,61(1):84-107.
[17] 陈德萍,陈永圣.股权集中度、股权制衡度与公司绩效关系研究——2007～2009年中小企业板块的实证检验[J].会计研究,2011,(1):40-45.
[18] Khan M,Watts R L.Estimation and empirical properties of a firm-year measure of accounting conservatism[J].Journal of Accounting & Economics,2009,48(2):132-150.
[19] 张长海.企业影响力、会计稳健性与资源配置效率[D].暨南大学,2010.
[20] Hadlock C J,Pierce J R.New evidence on measuring financial constraints:Moving beyond the KZ Index[J].Review of Financial Studies,2010,23(5):1909-1940.
[21] 张金鑫,王逸.会计稳健性与公司融资约束——基于两类稳健性视角的研究[J].会计研究,2013,(9):44-50.
[22] 任海云.股权结构与企业R&D投入关系的实证研究——基于A股制造业上市公司的数据分析[J].中国软科学,2010,(5):126-135.
[23] 马红,王元月.融资约束、政府补贴和公司成长性——基于我国战略性新兴产业的实证研究[J].中国管理科学,2015,23(s1):630-636.
[2] Bushman R M,Piotroski J D,Smith A J.Capital allocation and timely accounting recognition of economic losses[J].Journal of Business Finance & Accounting,2011,38(1):1-33.
[3] 朱松,夏冬林.稳健会计政策、投资机会与企业投资效率[J].财经研究,2010,36(6):69-79.
[4] 张功富,师玉平.会计稳健性、高管社会网络与企业创新——来自中国上市公司的经验证据[J].财经理论与实践,2017,38(3):84-90.
[5] Pimmuck M,Lillis A M.Profits versus losses:Does reporting an accounting loss act as a heuristic trigger to exercise the abandonment option and divest employees?[J].Accounting Review,2007,82(4):1031-1053.
[6] 袁芬.稳健会计信息的投资者保护作用实证研究[D].西南财经大学,2013.
[7] 陈前前,张玉明,连慧颖.会计稳健性、融资约束与中小上市公司成长的实证研究[J].东岳论丛,2015,36(12):119-125.
[8] 朱松.会计稳健性根源探析[J].会计与经济研究,2010,24(4):45-51.
[9] Wittenberg-Moerman R.The role of information asymmetry and financial reporting quality in debt trading:Evidence from the secondary loan market [J].Journal of Accounting & Economics,2008,46(2):240-260.
[10] 梁上坤,赵刚,董宣君.会计稳健性会影响股权再融资行为吗——来自中国上市公司的经验证据[J].山西财经大学学报,2012,34(12):114-124.
[11] 毛新述,戴德明.盈余稳健性的市场定价与资本市场资源配置[C].中国会计学会2007年学术年会,2007.
[12] 卢馨,郑阳飞,李建明.融资约束对企业R&D投资的影响研究——来自中国高新技术上市公司的经验证据[J].会计研究,2013,(5):51-58.
[13] Hall B H.The financing of research and development[J].Oxford Review of Economic Policy,2002,18(1):35-51.
[14] 杨建君,盛锁.股权结构对企业技术创新投入影响的实证研究[J].科学学研究,2007,25(4):787-792.
[15] Francis J,Smith A.Agency costs and innovation some empirical evidence[J].Journal of Accounting & Economics,1995,19(2):383-409.
[16] Kastl J,Martimort D,Piccolo S.Delegation,ownership concentration and R&D spending:Evidence from Italy[J].Journal of Industrial Economics,2013,61(1):84-107.
[17] 陈德萍,陈永圣.股权集中度、股权制衡度与公司绩效关系研究——2007～2009年中小企业板块的实证检验[J].会计研究,2011,(1):40-45.
[18] Khan M,Watts R L.Estimation and empirical properties of a firm-year measure of accounting conservatism[J].Journal of Accounting & Economics,2009,48(2):132-150.
[19] 张长海.企业影响力、会计稳健性与资源配置效率[D].暨南大学,2010.
[20] Hadlock C J,Pierce J R.New evidence on measuring financial constraints:Moving beyond the KZ Index[J].Review of Financial Studies,2010,23(5):1909-1940.
[21] 张金鑫,王逸.会计稳健性与公司融资约束——基于两类稳健性视角的研究[J].会计研究,2013,(9):44-50.
[22] 任海云.股权结构与企业R&D投入关系的实证研究——基于A股制造业上市公司的数据分析[J].中国软科学,2010,(5):126-135.
[23] 马红,王元月.融资约束、政府补贴和公司成长性——基于我国战略性新兴产业的实证研究[J].中国管理科学,2015,23(s1):630-636.