商业研究

商业研究

• 商经理论 • 上一篇    下一篇

盈余信息质量对企业创新的影响研究 ——基于债务异质性的中介效应检验

王佳,张林   

  1. （哈尔滨商业大学 会计学院，哈尔滨 150028）
  • 收稿日期:2020-01-10 出版日期:2020-06-10
  • 作者简介:王佳（1985-），女，哈尔滨人，哈尔滨商业大学会计学院博士研究生、讲师，研究方向：会计信息质量、企业创新；张林（1970-），男，黑龙江东宁人，哈尔滨商业大学教授，博士生导师，管理学博士，研究方向：创业与创新管理、会计信息与资本市场。
  • 基金资助:
    国家社科基金项目“技术创新动态能力评价体系与支撑体系研究”，项目编号：15BGL038；哈尔滨商业大学“青年创新人才”支持计划项目“区域创新能力评价体系构建及时空差异分析”，项目编号：2019CX44。

The Impact of Earnings Information Quality on Enterprise Innovation： A Test of Mediating Effect based on Debt Heterogeneity

WANG Jia, ZHANG Lin   

  1. （School of Accounting，Harbin University of Commerce，Harbin 150028，China）
  • Received:2020-01-10 Online:2020-06-10

摘要： 信息是企业与资本市场沟通的重要渠道，影响企业的财务行为与决策。本文以2011-2018年我国A股上市公司为样本，实证检验了盈余信息质量对企业创新水平的影响以及债务异质性在其中所发挥的作用。结果发现：无论用应计盈余管理程度还是盈余透明度衡量，较高的盈余信息质量都能够促进企业创新，并且债务异质性在其中发挥部分中介效应作用。高质量的盈余信息通过提升债务来源的多元化、期限结构的丰富程度，缓解融资约束，促进企业创新。企业债务异质性同时也发挥了积极的治理效应，促进企业投资更为有效，提升创新水平。进一步研究发现：不同股权性质下，盈余信息质量对企业创新都存在显著正相关关系，但相比于国有企业，盈余信息质量对非国有企业创新的促进作用程度更大。本研究对提升企业盈余信息质量、提高创新水平，实施国家创新驱动发展战略具有一定启示意义。

关键词: 应计盈余管理, 盈余透明度, 企业创新, 债务异质性

Abstract: Information is an important channel of communication between enterprises and capital market, which affects the financial behavior and decision-making of enterprises. This paper empirically tests the impact of earnings information quality on the innovation level of Chinese A-share listed companies from 2011 to 2018 and the role played by debt heterogeneity.The results show that: whether measured by accrual earnings management or earnings transparency, higher earnings information quality can promote enterprise innovation, and debt heterogeneity plays a part of the mediating effect.High quality earnings information can alleviate financing constraints and promote enterprise innovation by improving the diversification of debt sources and the richness of maturity structure. At the same time, corporate debt heterogeneity also plays a positive governance effect, promoting enterprise investment more effectively and improving the level of innovation.Further research shows that: under different ownership nature, earnings information quality has a significantly positive correlation with enterprise innovation, but compared with state-owned enterprises, earnings information quality plays a greater role in promoting innovation of non-state-owned enterprises.This study has certain enlightenment significance to improve the quality of earnings information, improve the level of innovation, and implement the national innovation driven development strategy.

Key words: accrual earnings management, earnings transparency, enterprise innovation, debt heterogeneity