会计稳健性与双元式创新--股东治理与债权人治理效应分析  

Accounting Conservatism and Dual Innovation——Analysis of Shareholder Governance and Creditor Governance Effects

作　　者：刘春玉[1] 谢超 李娟娟 张珊 Liu Chunyu;Xie Chao;Li Juanjuan;Zhang Shan(School of Management,Shandong University,Jinan 250100,China)

机构地区：[1]山东大学管理学院,山东济南250100

出　　处：《科技创业月刊》2020年第11期28-36,共9页Journal of Entrepreneurship in Science & Technology

基　　金：山东省社科规划一般项目(20CGLJ12)。

摘　　要：以创新活动的双元性为基础,考察会计稳健性对创新绩效的影响;并验证股东与债权人治理效应在二者之间的差异性调节作用。研究发现:①会计稳健性会促进开发式创新,抑制探索式创新;②机构投资者可以缓解会计稳健性对探索式创新的不利影响,但是会抑制稳健性对开发式创新的促进作用;进一步研究发现,稳定型机构投资者的积极监管效应强于交易型机构投资者;③银企关系所产生的关系型治理会强化稳健性的契约治理效应,促进企业探索式创新。证实样本企业的创新活动仍受制于企业自有资源的局限,而突破企业边界的共享式与开放式创新模式还未得到推广。Based on the duality of innovation activities,this study combines the limited rationality of shareholders and creditors to examine the impact of accounting conservatism on different innovation activities.Additionally,fund providers’value appeal,regulatory ability and relationship are also taken into account to verify the various moderating effect of shareholder governance and creditor governance on the relationship regarding accounting conservatism and dual innovation.Results suggest that,firstly,accounting conservatism has different effects on different innovation activities.Namely,it promotes developmental innovation,whereas inhibits exploratory innovation.Secondly,institutional investors can alleviate the restraint effect of accounting conservatism on exploratory innovation,but will inhibit the promotion of conservatism on developmental innovation.They exert effective equity governance effects that can prevent companies from faltering in existing areas.Thirdly,stable institutional investors have stronger positive regulatory effect than transactional institutional investors.In addition,the relationship-based governance generated by bank-enterprise relationship will strengthen the contractual governance effect of conservatism and promote enterprise-exploratory innovation.Moreover,we find that the sample enterprises’innovation activities are still subject to the limitations of the their own resources,and the shared and open innovation models that break through the boundaries of the enterprise have not been prevailed.These findings enrich the research on the relationship between accounting information quality and innovation,as well as provide a powerful theoretical basis for enterprises to rationally apply sound accounting policies,optimize capital structure decisions,and transform innovation models.

关 键 词：会计稳健性 机构投资者 银企关系 开发式创新 探索式创新 

分 类 号：F275[经济管理—企业管理]