摘要
会计稳健性是会计信息质量的重要特征,而技术创新是增强企业核心竞争力、提升企业价值的重要手段。本文以2010-2014年我国沪深两市A股上市公司为研究样本,实证检验了两者之间的关系。研究结果表明:会计稳健性会抑制企业研发投资,阻碍企业技术创新。再考虑债权人治理的影响,进一步研究发现:债权人治理加剧了会计稳健性对企业技术创新的抑制作用,而且这种加剧作用在非国有企业中更显著;短期借款比例越高的企业,其会计稳健性对企业技术创新的抑制作用就越显著,而长期借款比例则不起调节作用。本文的研究对完善上市公司治理机制具有如下政策启示:首先,企业在选择会计政策时不应过分注重会计稳健性,应该选择适度稳健的会计政策;其次,商业银行等债权人应积极参与借款企业公司治理,充分利用资金优势,发挥负债的治理效应。
Accounting conservatism is an important feature of accounting information quality, while technological innovation is an important means to enhance core competitiveness and the value of enterprises. This paper takes A-share listed companies of Shanghai and Shenzhen stock markets from 2010 to 2014 as the research sample and examines the relationship between accounting conservatism and technological innovation. The results show that accounting conservatism will inhibit the R＆D investment and impede technological innovation. Furthermore, we take creditor governance into consideration. We find that creditor governance exacerbates the inhibitory effect of accounting conservatism on enterprise technological innovation, and this aggravating effect is more significant in non-state-owned enterprises. The higher the proportion of short-term borrowers, the more significant the inhibitory effect of accounting conservatism on technological innovation, whereas the proportion of long-term borrowers does not play a moderating role. This paper makes the following policy implications for perfecting the governance mechanism of listed companies. First, enterprises should not put too much emphasis on accounting conservatism when choosing accounting policies. On the contrary, they should choose moderately conservative accounting policies. Second, commercial banks and other creditors should actively participate in corporate governance of borrowing companies, make full use of capital advantages and play the governance effect of debt.
出处
《企业经济》
CSSCI
北大核心
2018年第3期86-93,共8页
Enterprise Economy
基金
江苏省社会科学基金项目"网络环境下企业创新行为与会计决策机制研究"(项目编号:15GLB007)
江苏高校哲学社会科学研究重点项目"基于企业知识产权运营视角的管理会计系统研究--以江苏高新技术企业为例"(项目编号:2015ZDIXM011)
关键词
会计稳健性
企业技术创新
债权人治理
债务期限结构
accounting conservatism
enterprise technological innovation
creditor governance
debt maturity structure
