企业财务会计信息质量对研发投资效率的影响研究

发布时间：2018-11-27 10:04

【摘要】：我国经济发展步入新常态,提高企业研发投资效率微观上有利于我国企业在全球竞争中获得优势地位,宏观上有利于我国经济结构转型升级。企业财务会计信息是企业内外部了解企业的重要窗口,影响着企业的投融资行为。本文尝试着从财务会计信息质量的视角探讨我国企业研发投资效率问题。本文首先回顾了财务会计信息有用性理论、投资理论和信息不对称理论并总结和评述了以往学者们对于企业财务会计信息质量和研发投资效率的相关研究。根据相关理论和文献,文章从逆向选择问题下的融资约束、委托代理问题下的代理成本以及财务信息决策有用观三个方面构建了企业财务会计信息质量影响研发投资效率的理论路径。接下来,本文对我国企业财务会计信息质量和研发投资效率的现状进行了分析,发现我国企业财务会计信息质量和研发投资效率都有待进一步提高。再者,文章以我国创业板上市企业为样本,选取了2009到2014年的相关研发投资数据和财务数据,借鉴Jones(1991)模型和Richardson(2006)残差度量模型分别对企业的财务会计信息质量和研发投资效率进行了计量,在此基础上运用OLS方法就财务会计信息质量对企业研发投资效率的影响进行了计量分析。本文研究结果显示无论是研发投资不足的企业还是研发投资过度的企业,提高财务会计信息质量都有助于研发投资效率的提高。最后,本文从企业内部和外部监督两个视角分别提出了提高我国企业财务会计信息质量的政策建议。
[Abstract]:China's economic development has entered into a new normal. Improving the efficiency of R & D investment is conducive to the Chinese enterprises to gain the dominant position in the global competition and macroscopically to the transformation and upgrading of China's economic structure. Enterprise financial accounting information is an important window to understand the enterprise inside and outside, which affects the investment and financing behavior of the enterprise. This paper attempts to explore the efficiency of R & D investment in Chinese enterprises from the perspective of financial accounting information quality. Firstly, this paper reviews the theory of financial accounting information usefulness, investment theory and information asymmetry theory, and summarizes and reviews the previous researches on the quality of financial accounting information and the efficiency of R & D investment. According to the relevant theories and literature, this paper analyzes the financing constraints under the adverse selection problem. Under the principal-agent problem, this paper constructs the theoretical path that the quality of financial accounting information affects the efficiency of R & D investment from three aspects: the agency cost and the useful view of financial information decision. Then, this paper analyzes the current situation of financial accounting information quality and R & D investment efficiency of Chinese enterprises, and finds that the quality of financial accounting information and R & D investment efficiency of Chinese enterprises need to be further improved. Furthermore, the article takes the gem listed enterprises as a sample and selects the relevant R & D investment data and financial data from 2009 to 2014. Based on Jones (1991) model and Richardson (2006) residual measurement model, the quality of financial accounting information and the efficiency of R & D investment are measured respectively. On the basis of this, the influence of financial accounting information quality on R & D investment efficiency is analyzed by using OLS method. The results of this paper show that improving the quality of financial accounting information is helpful to improve the efficiency of R & D investment, whether it is the enterprises with insufficient R & D investment or the enterprises with excessive R & D investment. Finally, this paper puts forward some policy suggestions to improve the quality of financial accounting information in Chinese enterprises from the internal and external perspectives of supervision.
【学位授予单位】：广西大学
【学位级别】：硕士
【学位授予年份】：2016
【分类号】：F275;F273.1

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