内部控制信息披露与创新效率  

Internally Controlled Information Disclosure and Innovation Efficiency

作　　者：王萍[1,2] 卜华 WANG Ping;BU Hua(China University of Mining and Technology,Xuzhou 221116;Yancheng Teachers University,Yancheng 224007,China)

机构地区：[1]中国矿业大学经济管理学院,江苏徐州221116 [2]盐城师范学院商学院,江苏盐城224007

出　　处：《江西财经大学学报》2022年第1期47-64,共18页Journal of Jiangxi University of Finance and Economics

基　　金：江苏省政策引导类计划(软科学研究)项目“江苏高校技术转移营商环境评估及宏微观治理机制研究”(BR2019009);江苏省社科应用研究精品工程财经发展专项基金项目“内部控制创新方向及其基本模式研究”(19SCC-024)。

摘　　要：以2008-2019年中国A股上市公司为样本,实证内控信息披露对创新效率的影响及作用机理。研究发现,内控信息披露能够提升创新投资合理度、创新收益度和创新配置优化度。影响机制检验发现,抑制代理冲突、缓解融资约束及降低企业风险和披露成本,是内控信息披露影响创新效率的路径机制。异质性检验发现,相较于强制披露阶段,自愿披露阶段内控信息披露对创新效率的促进作用更大;国有企业的内控信息披露对创新投资合理度无显著影响,而民营企业的则表现出显著的促进作用,但国有企业内控信息披露对创新收益度和配置优化度的提升效应较大。本文增补了内部控制信息披露经济后果的经验证据,对提升企业创新效率也有一定的启示作用。Taking China’s A-share listed companies from 2008 to 2019 as samples, this paper conducts an empirical analysis of the impact of the internally controlled information disclosure(ICID)on innovation efficiency and its action mechanism. The findings show that ICID can significantly improve the rationality of innovation investment, the innovation profit and the innovation allocation optimization. The results of the influencing mechanism test indicate that restraining agency conflicts, alleviating financing constraints, and reducing enterprise risks and disclosure costs are the path mechanisms for ICID to affect innovation efficiency. The results of the heterogeneity test show that, compared with that at the compulsory disclosure stage, ICID at the voluntary disclosure stage has a greater effect on improving innovation efficiency. ICID in the state-owned enterprises has no significant impact on the rationality of innovation investment, while it has a significant positive effect in the private enterprises;but it has a greater effect on improving the innovation profit and innovation allocation optimization in the state-owned enterprises. This study provides additional empirical evidences of the economic consequences of ICID, which has a certain enlightenment for enterprises to improve their innovation efficiency.

关 键 词：内部控制披露 创新投资合理度 创新收益度 创新配置优化度 

分 类 号：F272.7[经济管理—企业管理]