会计信息可比性与企业全要素生产率提升:信息治理与同群学习效应的作用机制  

Comparability of Accounting Information and Improvement of Total Factor Productivity of Enterprises:The Mechanism of Information Governance and Peer Learning Effects

作　　者：陈琳[1] 李清[1] CHEN Lin;LI Qing(School of Business and Management,Jilin University,Changchun 130012,China)

机构地区：[1]吉林大学商学与管理学院,吉林长春130012

出　　处：《现代财经（天津财经大学学报）》2024年第11期56-75,共20页Modern Finance and Economics：Journal of Tianjin University of Finance and Economics

基　　金：国家社会科学基金项目(18BGL067)。

摘　　要：在新发展格局下,全要素生产率作为表征新质生产力与经济高质量发展的核心要素被赋予重要的历史使命。以2007—2021年沪深A股上市公司为样本,基于信息经济学理论和知识溢出理论,探析会计信息可比性对企业全要素生产率的影响及作用机制。研究发现:会计信息可比性能够显著提升企业全要素生产率。机制分析表明,提升渠道主要有两类,一是通过“信息治理”效应,降低融资约束、抑制高管机会主义行为;二是经由“同群学习”效应,优化企业库存管理实践、拓展企业研发知识宽度。异质性分析发现,当同行企业的年报可读性较好、创新信息披露水平较高,或者当目标企业的管理层学历水平较高、处于竞争激烈的行业时,提升作用更为显著。本文不仅拓宽了信息经济学理论和知识溢出理论的应用范畴,为会计信息可比性驱动企业高质量发展提供了经验证据,而且为监管部门、企业以及资金供给方提供了决策启示和依据。Under the new development pattern,total factor productivity,as the core element of characterizing new quality productivity and high-quality economic development,has been entrusted with an important historical mission.Based on the theory of information economics and knowledge spillover,this paper takes the A-share listed companies in Shanghai and Shenzhen from 2007 to 2021 as a sample to explore the impact and mechanism of accounting comparability on the total factor productivity of enterprises.It is found that accounting comparability can significantly improve the total factor productivity of enterprises.The mechanism analysis shows that there are two main types of promotion channels:one is to reduce financing constraints and inhibit the opportunistic behavior of executives through the"information governance"effect;the other is to optimize the inventory management practice of enterprises and expand the breadth of enterprise R&D knowledge through the"peer learning"effect.Heterogeneity analysis shows that the improvement effect is more significant when the annual reports of peer firms are more readable and the level of innovation information disclosure is higher,or when the management education level of the target firms is higher and they are in a highly competitive industry.This paper not only broadens the research boundaries of information economics theory and knowledge spillover theory,but also provides empirical evidence for the comparability of accounting information to drive the high-quality development of enterprises,which can provide decision-making inspiration and basis for regulators,enterprises and capital suppliers.

关 键 词：会计信息可比性 全要素生产率 同群学习效应 信息治理效应 

分 类 号：F270[经济管理—企业管理]