The Impact Of Accounting Information Transparency On Enterprise Innovation Investment

In the report of the Nineteenth National Congress of the Communist Party of China,"innovation" is an important key word.General Secretary Xi Jinping pointed out that innovation,as the first driving force leading development,is the strategic support for building a modern economic system.Therefore,it is the task entrusted to enterprises by the new era,new mission and new journey to improve their innovative ability.Only by constantly improving their innovative ability can enterprises stand in the new era,and only by improving their innovative strength can countries stand firm in the world's powerful countries.Therefore,it is of great significance to study the factors affecting innovation investment.Previous studies have shown that there are many factors affecting innovation investment,among which risk-taking is a problem that can not be ignored.Managers' risk preference choice will affect their decision-making,so weak risk-taking ability will inhibit the R&D vitality of enterprises.The improvement of accounting information transparency is a new angle to promote R&D investment.At the same time,the improvement of accounting information transparency is also helpful to enterprises' risk-taking ability.Based on the above points,this paper studies the relationship between them,which is of great significance for enterprises to enhance their R&D investment.This paper combines signaling theory and principal-agent theory to analyze the impact of accounting information transparency on innovation investment,and combines risk preference theory to analyze the relationship between risk-taking and innovation investment,and further analyze the relationship between accounting information transparency,risk-taking and innovation investment,and put forward relevant research hypotheses.Then,we select the listed companies that disclose R&D investment in Shanghai and Shenzhen A shares from 2011 to 2016 as samples,and use multiple regression analysis method to construct regression model according to the corresponding research hypothesis.Then,the sample results are analyzed to test the relationship between accounting information transparency,risk-taking and enterprise innovation investment.Finally,according to the research results,this paper puts forwardsome policy suggestions to improve the current situation of enterprise innovation in China.This paper finds that the transparency of accounting information is positively correlated with the intensity of enterprise innovation investment;the improvement of accounting information transparency reduces the financing cost and agency cost,thus enhancing enterprise's risk-taking ability,that is,accounting information transparency is positively correlated with risk-taking ability;enterprise's risk-taking ability will affect enterprise's risk preference selection and improve capital allocation.Efficiency,therefore,stimulates the innovation investment intensity of enterprises,that is,there is a significant positive correlation between risk-taking and innovation investment of enterprises.Therefore,risk-taking ability is an intermediary variable between accounting information transparency and enterprise innovation investment,and there is a significant local intermediary effect.Starting from the transparency of accounting information,this paper studies the impact of enterprise innovation investment from the perspective of risk-taking,makes theoretical and Empirical Analysis on this research path,provides theoretical support for enterprises to stimulate enterprise innovation investment by improving the transparency of accounting information and thereby enhancing the ability of risk-taking,and provides a certain new path to promote enterprise innovation investment.Theoretic guidance and reference function,that is,the conclusion of this study has enlightenment significance for improving the transparency of accounting information,enhancing the enterprise's risk-taking ability,and enhancing the enterprise's innovation investment.