内部控制质量与企业创新——基于委托代理视角的实证检验  

Internal Control Quality and Enterprise Innovation--Empirical Test Based on Principal-Agent Perspective

作　　者：张友泽 刘少波 杨竹清 杨俊宇 ZHANG Youze;LIU Shaobo;YANG Zhuqing;YANG Junyu(Guangdong Huashang Financial Technology Research Institute,Guangzhou Huashang College,Guangzhou,Guangdong 511300;School of Economics,Jinan University,Guangzhou,Guangdong 510632;Risk Management Department,Jiangmen Rural Commercial Bank,Jiangmen,Guangdong 529000)

机构地区：[1]广州华商学院广东华商金融科技研究院,广东广州511300 [2]暨南大学经济学院,广东广州510632 [3]江门农商银行风险管理部,广东江门529000

出　　处：《商学研究》2023年第2期90-102,共13页Commercial Science Research

基　　金：国家社会科学基金项目“资本市场支持创新与金融供给侧结构性改革研究”(18BJY242);广州华商学院青年学术科研项目“互联网联合贷款的普惠效应研究——基于场景构建与技术赋能视角”(2021HSQX26)。

摘　　要：立足于委托代理视角,文章考察了内部控制质量对企业创新的影响。基于2007—2019年沪深A股上市公司数据的实证研究结果表明,提升内部控制质量能够显著推动企业创新,并主要体现在对实质性创新产出的推动。机制识别检验的结果表明,提高企业信息透明度与抑制企业真实盈余管理是内部控制质量推动企业创新产出的影响渠道。异质性检验表明,内部控制质量的提升对东部地区企业、非高新技术企业以及非国有企业的创新产出具有更强的促进作用。文章研究可为政府引导企业完善内部控制体系,有的放矢提升企业创新水平、提高企业创新质量提供启示。Taking the principal-agent perspective,this paper examines the impact of internal control quality on enterprise innovation.The empirical research results based on the data of A-share listed companies from 2007 to 2019 show that improving internal control quality can significantly promote enterprise innovation,which is mainly reflected in the promotion of substantive innovation output.Further,the results of the mechanism identification test show that improving corporate information transparency and inhibiting corporate real earnings management are the influence channels for internal control quality to promote enterprise innovation output.The heterogeneity test shows that the improvement of internal control quality has a stronger role in promoting the innovation output of enterprises in the eastern region,non-high-tech enterprises and non-state-owned enterprises.The research of this paper can provide inspiration for the government to guide enterprises to improve the internal control system,the level of enterprise innovation and the quality of enterprise innovation.

关 键 词：内部控制质量 企业创新 信息透明度 真实盈余管理 

分 类 号：F273[经济管理—企业管理]