盈余平滑影响企业突破式创新吗——外部利益相关者评价的视角  

Does Earnings Smoothing Affect Radical Innovation?——Research from the Perspective of External Stakeholders

作　　者：毕晓方 刘晟勇 傅绍正 邢晓辉 Bi Xiaofang

机构地区：[1]天津财经大学会计学院/审计与控制研究中心,300222

出　　处：《会计研究》2022年第12期91-102,共12页Accounting Research

基　　金：国家社会科学基金重大项目(21&ZD135);国家社会科学基金一般项目(21BGL114)的资助

摘　　要：本文基于创新合法性和会计信息的契约有用性理论,对盈余平滑及不同属性盈余平滑是否促进了企业突破式创新进行理论分析和实证检验,并以分析师、债权人与客户的外部利益相关者评价视角,验证信息属性盈余平滑促进企业突破式创新的作用机制。以2008-2020年A股上市企业为样本进行实证研究,发现:盈余平滑及信息属性盈余平滑能够促进企业的突破式创新;分析师关注度、企业债务规模和客户集中度所代表的外部利益相关者关联程度对信息属性盈余平滑促进突破式创新发挥了调节效应。本文的研究为盈余平滑尤其是信息属性盈余平滑影响利益相关者的创新合法性评价提供了证明,为充分发挥高质量会计信息促进企业创新的信息机制作用提供了理论依据和经验证据。Based on the theory of innovation legitimacy and the contractual usefulness of accounting information,this paper conducts a theoretical analysis and empirical test on whether enterprise earnings smoothing and earnings smoothing of different attributes promote enterprise radical innovation,and verifies the mechanism of information attribute earnings smoothing promoting enterprise radical innovation from the perspective of analysts,creditors and external stakeholders of customers.The empirical study of listed companies from 2008 to 2020 shows that earnings smoothing and earnings smoothing with information attributes can promote radical innovation of enterprises;The evaluation of external stakeholders,represented by the attention of capital market analysts,the incremental scale of long-term and short-term borrowings of enterprises and customer concentration,has played a moderating effect on the smooth promotion of radical innovation by earnings with information attributes.This study provides evidence that earnings smoothing,especially information attribute earnings smoothing,can affect the innovation legitimacy evaluation of stakeholders through information transmission,and provides theoretical basis and empirical evidence for giving full play to the information mechanism role of high-quality accounting information in promoting enterprise innovation.

关 键 词：盈余平滑 突破式创新 外部利益相关者 创新合法性 会计契约有用性 

分 类 号：F275[经济管理—企业管理] F273.1[经济管理—国民经济] F832.51