会计学院知识库

目前，中国经济快速崛起，经济总量已然高居世界第二位，这是改革开放和市场经济改革带来的繁荣，也是国家的科技创新成果逐步转化的结果。经济增长很大一部分都是企业带来的，同样也是企业在不断地投入资源进行创新研发，并将创新成果逐步转化成新的产品和技术工艺，推动整个社会的经济长期繁荣发展。近年来中国也连续出台了“中国制造2025”、“互联网+”与“大众创业，万众创新”等各种政策来提倡创新，并给予创新投入75%和100%的企业所得税加计扣除优惠。新冠疫情爆发后研发出的“中国疫苗”更是证明了我们中国不断提高的研发创新能力。十九大报告指出，要努力实现“创新引领发展，打造现代化科技强国”战略。企业是科技创新的核心主体，而上市公司又是企业的领头羊，所以提升上市公司研发创新能力可以增强企业核心能力、优化供给侧结构、推动产业升级，实现国家总体战略。因而，研究上市公司创新有很大的现实意义。

企业创新是典型的投资期限长、潜在风险大、技术层次高和结果不确定性大的投资项目，易受委托代理关系导致的代理矛盾与信息不对称影响。而会计信息可比性则要求管理层如实列报和披露企业创新过程中实际发生的投入，使同类企业的类似创新项目存在一定的关联性，而不同创新项目则有差异。因此，会计信息可比性能为企业创新项目提供信息对比和基准分析标准，有利于会计信息发挥治理功能，使企业增加创新投资支出。

因此，本文重点研究会计信息可比性和企业创新投入。管理层受投资者委托经营企业，具体负责实施创新决策，所以管理层能力的大小将会对创新投入产生很大的影响。机构投资者作为资本市场的重要参与者，持股比例高、期限长，目标是实现长期资本增值，会较多地参与公司治理，影响管理层创新决策，使其增加创新投入。所以，本文也研究了管理层能力和机构投资者对会计信息可比性与企业创新投入关系的调节效应，并讨论了在不同产权属性下的差异。 

基于此，本文采用文献研究法和实证研究法，通过对文献的梳理，选择2010年至2019年的沪深A股上市公司为样本进行实证研究，研究结论如下：（1）较高的会计信息可比性可以增强企业创新投入；（2）管理层能力越强，会计信息可比性对企业创新投入的提升作用越高；（3）机构投资者持股比例越大，会计信息可比性对企业创新投入的推动作用越大；（4）根据企业的产权性质深入研究发现：在非国有企业中，可比性与企业创新投入依然显著正相关，但是在国有企业中不显著；管理层能力的调节效应也仅在非国企显著，而在国企不显著；机构投资者的调节效应总体而言是非国企优于国企。上述结论对从企业会计信息完善治理、管理人才的选拔与培养和机构投资者外部治理等方面促进企业创新具有实践意义。

At present, China's rapid economic growth has ranked second in the world. This is a superior embodiment of reform and opening up and a market economy, as well as the result of the transformation of countless innovations. A large part of the economic growth is brought about by enterprises. It is also the enterprises that continuously invest resources in innovative research and development, and gradually transform innovation achievements into new productivity, which promotes the long-term prosperity and development of the entire social economy. In recent years, China has also successively introduced many new policies to promote R&D and innovation, such as "Internet+", "Mass Entrepreneurship, Mass Innovation", and "Made in China 2025". The " Vaccine in China" tells the success of our RD or innovation in the country. The reporting of the 19th National Congress of the CPC told that we have to implement an innovation-driven developing economy and push fast the construction of an innovating society. Company are the main core of important social innovation , and listed companies are their leaders. Therefore, improving the R&D and innovation capabilities of listed companies can enhance the core capabilities of enterprises, optimize the supply-side structure, promote industrial upgrading, and realize national strategies. Therefore, it is of great practical significance to study the innovation of listed companies.

The innovative activities of enterprises are a typical type of investment projects with long investment periods, high investment risks, high technical requirements and large output uncertainties. They are susceptible to resource constraints, management decisions, and investors' capital increase or decrease. The accounting information can reflect the provider and usage details of enterprise resources, as well as the corresponding management decisions and investor capital increase or decrease. It can provide information comparison and benchmark analysis standards, which is conducive to the governance function of accounting information. To promote enterprises to increase investment .

So, it studies and tells the influence of accounting comparability on innovation investment. Since the manager is the main strength in making decision in innovation investment , its ability has an influence in innovation investment. As investment institution, they can offer resource to help enterprises, but their information advantages and professional advantages make them as an external force have a great influence on  investments. So, it also studies the regulatory role of management capabilities and institutional investors on the comparability of accounting information and corporate innovation investment, and conducts research on the attributes of property rights.

This paper combs through relevant domestic and foreign literature, adopts two methods and selects the Shanghai and Shenzhen A-share listed companies from 2010 to 2019 as samples . The research conclusions are as follows: (1) Comparability of accounting information It is positively correlated with corporate innovation investment; (2) Higher management capabilities will improve the positive correlation between accounting information comparability and corporate innovation investment; (3) Institutional investors can help improve accounting information comparability and The positive relationship between enterprise innovation investment; (4) According to the nature of enterprise property rights, in-depth research found that: in non-state-owned enterprises, comparability and enterprise innovation are still significantly positively correlated, but insignificant in state-owned ones; The adjusting positive  effect is only significant in non-state-owned ones, but not in other ones; the positive adjustment effect for institution is which non-state-owned ones are better than state-owners. The above conclusions have practical significance for promoting enterprise innovation from the aspects of corporate accounting information management, selection and training of management talents, and external governance of institutional investors.