Transparency And Innovation?

As the growth rate of our economy slows down gradually,how to make further stimulating growth has undoubtedly become a more important issue.In order to achieve this goal,the party and the Government have made many efforts,one of the important measures is to encourage innovation.However,in the process of policy formulation,we tend to focus only on direct subsidies and concessions to companies,but ignore whether these policies can really encourage enterprise innovation.In fact,enterprises are not only completely independent and transparent individuals,but also have very complex intermal governance mechanisms.The pursuit of enterprise innovation efficiency will also increase the cost of enterprises,reduce the profits of enterprises,increase the risk of bankruptcy of enterprises.This increase in risk will,to some extent,discourage management from carrying out enterprise R&D activities.In recent years,with the gradual convergence of accounting standards and international accounting standards in China,accounting information is becoming more and more transparent,can this have a catalytic effect on enterprises?In order to answer this question,this paper adopts the data of manufacturing industry of listed companies in China,and empirically examines the influence of accounting information transparency on enterprise innovation.The research finds that the higher the transparency of enterprise accounting information,the higher the innovation level of the enterprise.The influence of accounting information transparency on enterprise innovation is separated from the two positions of Chairman and general manager,and more prominent in non-state-owned enterprises.Finally,this paper further finds that the enhancement of accounting information transparency promotes enterprise innovation by easing the non-complete intermediary of financing constraints.The full text is mainly divided into seven parts to elaborate:The first part is the introduction.This part mainly expounds the research background,research significance,research content,research methods and innovation points of this paper.The second part is literature review.This part mainly from the accounting information transparency economic consequences,enterprise innovation influencing factors and accounting information disclosure of the impact factors of these three aspects of the current research combing,and on this basis to comment.The third part is the theoretical analysis and hypothesis put forward.This part mainly makes the theoretical analysis of why the improvement of accounting information transparency affects enterprise innovation,and puts forward the research hypothesis of this paper on this basis.The fourth part is the research design.This part mainly introduces the empirical model,variable definition,sample selection and data source of this paper.The fifth part is the empirical results and analysis.This part first introduces the descriptive statistics of this paper,secondly,details the empirical results obtained through the empirical model,and makes a concrete analysis of the empirical results,and finally shows the robustness test of the empirical results in this paper.The robustness test includes the measurement index of replacing enterprise innovation,the regression of model by using balanced panel data,and the consideration of endogenous problems.The sixth part is further examination.This part mainly carries on the test from two aspects.Firstly,carrying on the grouping to the enterprise to test the accounting information transparency has the influence to the enterprise innovation difference among different types of enterprises;Secondly,the mechanism of intermediary effect test is used to further test the effect of accounting information transparency on innovation.The last part is the research conclusion,policy suggestion and deficiency.This part mainly summarizes the research conclusion of this paper,puts forward the corresponding policy suggestions and points out the shortcomings of this paper.The research in this paper enriches the existing academic literature on the influencing factors of enterprise innovation,which has important theoretical significance.In addition to the theoretical significance,the conclusion of this paper can make the regulator more deeply aware of the multiple effects of improving the transparency of accounting information,and thus has important practical value.The conclusion of this paper also has important policy enlightenment meaning:After the implementation of incentive and innovation related policies,the State can appropriately strengthen the information communication between management and investors,which can avoid manager from not engaging in quality R&D activities.To ensure that the Government encourages innovation at the same time,will not be due to the principal agent problem in the enterprise to weaken the policy effect.