摘 要
随着经济全球化和市场竞争的加剧，企业创新投资成为提升竞争力的关键因素，而会计稳健性作为一种重要的会计质量特征，可能对企业创新投资产生影响。本研究旨在探讨会计稳健性对企业创新投资的影响，基于 signaling theory 和 stakeholder theory 提出假设，以中国 A 股上市公司 2010 - 2020 年的数据为样本，采用固定效应模型进行实证检验。研究发现，会计稳健性与企业创新投资之间存在显著负相关关系，表明较高的会计稳健性会抑制企业创新投资。进一步分析显示，这种抑制作用在非国有企业、高竞争行业以及信息不对称程度较高的企业中更为明显。此外，会计稳健性通过增加企业的融资成本间接影响创新投资。本研究创新性地将会计稳健性与企业创新投资联系起来，拓展了会计稳健性的经济后果研究，并为企业在制定稳健会计政策时考虑其对创新活动的影响提供了理论依据，有助于监管机构理解会计稳健性政策的潜在经济后果，为相关政策的制定提供参考。
关键词：会计稳健性 企业创新投资 固定效应模型
Abstract
With the intensification of economic globalization and market competition, corporate innovation investment has become a critical factor in enhancing competitiveness. Accounting conservatism, as an important accounting quality characteristic, may influence corporate innovation investment. This study aims to investigate the impact of accounting conservatism on corporate innovation investment, proposing hypotheses based on signaling theory and stakeholder theory. Utilizing data from Chinese A-share listed companies between 2010 and 2020, this research employs a fixed-effects model for empirical testing. The findings reveal a significant negative correlation between accounting conservatism and corporate innovation investment, indicating that higher levels of accounting conservatism tend to inhibit corporate innovation investment. Further analysis shows that this inhibitory effect is more pronounced in non-state-owned enterprises, industries with high competition, and firms with higher degrees of information asymmetry. Additionally, accounting conservatism indirectly affects innovation investment by increasing corporate financing costs. This study innovatively links accounting conservatism with corporate innovation investment, expanding the research on the economic consequences of accounting conservatism. It provides theoretical support for firms to consider the impact of conservative accounting policies on innovation activities when formulating such policies, and aids regulatory authorities in understanding the potential economic consequences of accounting conservatism policies, thereby offering references for relevant policy formulation.
Keyword:Accounting Conservatism Corporate Innovation Investment Fixed Effects Model
目 录
引言 1
1会计稳健性的理论基础与创新投资 1
1.1会计稳健性的概念界定 1
1.2创新投资的特征分析 2
1.3两者关系的理论框架 2
2会计稳健性对创新投资决策的影响机制 3
2.1信息不对称下的影响路径 3
2.2风险管理视角的作用机理 3
2.3激励相容机制的调节效应 4
3会计稳健性与企业创新资源分配 4
3.1研发资金配置的影响 4
3.2人力资源投入的关联 5
3.3物质资源调配的作用 6
4实证分析：会计稳健性对企业创新投资的影响 6
4.1样本选择与数据来源 6
4.2模型构建与变量设定 7
4.3实证结果与稳健性检验 7
结论 8
参考文献 9
致谢 10
