内部控制对创新风险的作用机制——基于风险缓和模型的研究  

The Mechanism of Internal Control to Innovation Risks Based on Risk Abatement Model

作　　者：田丹[1] 吕文栋[2] 刘凯丽 TIAN Dan;LV Wendong;LIU Kaili(Dongbei University of Finance and Economics,116025;University of International Business and Economics,100029;Army Logistics Academy,401331)

机构地区：[1]东北财经大学管理科学与工程学院,116025 [2]对外经济贸易大学国际商学院,100029 [3]陆军勤务学院国防经济系,401331

出　　处：《财贸经济》2022年第5期129-144,共16页Finance & Trade Economics

基　　金：国家自然科学基金面上项目“创新弹性的测度方法及其作用机制研究”(71972028);国家自然科学基金青年项目“演化视角下平台生态系统的知识交互机制及协调策略研究”(71801033)。

摘　　要：创新是一个充满风险和不确定性的过程,内部控制是一套系统、规范化的风险管控机制。过度的创新会使企业暴露于风险之中,过度的风险规避会阻碍创新,企业需要在这两者之间保持平衡。高水平的内部控制既要在规避损失中稳定运营,又要帮助企业抓住机会类风险,突破常规、开创新的市场机遇从而创造新的价值。本文引入风险缓和模型检验企业创新过程中内部控制的双重功能,采用我国1706家上市公司2007—2018年的数据,实证检验了内部控制在研发投资与营业收入波动之间的调节效应,结果表明,我国上市公司仅能“择一而从”,未能做到“两全其美”。在利用式创新过程中,内部控制能够发挥损失控制的功能,有效应对创新风险,降低销售收入下行波动,保持经营的稳定性;而探索式创新的不确定性大,现有内部控制框架不能有效识别、分析、应对不确定性风险,未能帮助企业把握机会进而实现价值创造。Both innovation and internal control are the key factors for business growth. Innovation is a process full of high risks and uncertainties, and internal control is a systematic and formal management mechanism. Innovation and internal control are interdependent as well as contradictory, and they are paradoxical in aspects of resource allocation, organizational structure, operational mechanism and cultural atmosphere. Visionary companies could introduce risk management without sacrificing their innovation and risk-taking activities, and their good internal control has dual functions: risk aversion and value creation. We use a risk abatement model and analyze 1706 Chinese listed companies over 12 years to test the effect of internal control, R&D investment and their interaction to risks. This paper analyzes the mechanism of internal control dealing with risks and uncertainties of innovation. When performance exceeds aspirations, companies with good internal control could manage innovation risks effectively by making exploitative R&D investments that lead to more reliable and less risky sales levels. However, performance below aspirations leads to exploratory R&D investments, and internal control could not manage uncertainties of exploratory innovation and help to support the creation of value.

关 键 词：风险管理 内部控制 创新风险 风险缓和 研发投资 

分 类 号：F273.1[经济管理—企业管理]