盈余信息透明度、债务融资成本与企业创新  

Transparency of Earnings Information,Debt Financing Costs and Enterprise Innovation

作　　者：李海新 袁一辰 袁建华[1] LI Haixin;YUAN Yichen;YUAN Jianhua(School of Economics and Management,Shandong Agricultural University,Tai'an 271018,China;Chinese Academy of Fiscal Sciences,Beijing 100142,China)

机构地区：[1]山东农业大学经济管理学院,山东泰安271018 [2]中国财政科学研究院,北京100142

出　　处：《科技与经济》2022年第4期36-40,共5页Science & Technology and Economy

摘　　要：企业创新能带来新的发展机会,但创新活动资金需求量大,企业盈余信息能增进企业与资本市场的有效沟通,从而降低债务融资成本,使企业有足够资金保障企业创新战略的实现。选取我国2011—2020年A股上市公司数据为样本,实证分析盈余信息透明度、债务融资成本和企业创新三者之间的关系,研究发现,较高透明度的盈余信息能显著促进企业进行技术创新,高透明度的盈余信息能降低企业的债务融资成本,促进企业创新。Enterprise innovation can bring new development opportunities,but innovation activities have large demand for capital;en⁃terprise earnings information can enhance the effective communication between enterprises and the capital market so as to reduce the cost of debt financing;in this way,enterprises will have enough funds to ensure the realization of enterprise innovation strategy.The data of China's A⁃share listed companies from 2011 to 2020 were selected as a sample to empirically analyze the relationship among transparency of earnings information,debt financing costs and enterprise innovation.The results show that the higher transparency of earnings information can significantly promote enterprise technology innovation,high quality earnings information can reduce the debt financing cost of enterprises and promote enterprise innovation.

关 键 词：盈余信息透明度 债务融资成本 企业创新 

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