Relevance Of Accounting Information And Enterprise Innovation

Relevance of accounting information is an important quality feature of accounting information.The stronger the relevance of accounting information,the more correctly it can allocate capital to the enterprise and eventually allocate it to valuable investment projects,thereby improving the efficiency of resource allocation and the company's governance level.To promote the long-term healthy development of enterprises.Relevance of accounting information plays an important role in optimizing the allocation of resources and reducing the agency costs of enterprises.However,the existing literature on the relevance of accounting information has mostly focused on its influencing factors.However,the economic consequences of the relevance of accounting information Relatively lagging.This thesis studies the impact of accounting information correlation on innovation,further studies the mechanism of accounting information correlation affecting corporate innovation,and builds a theoretical analysis framework and mechanism analysis model for accounting information correlation affecting corporate innovation.The research in this thesis will expand the literature on the economic consequences of the relevance of accounting information,and will help deepen the understanding of the relevance of accounting information between government and enterprises.This thesis uses the "company-annual" data of all A-share listed companies in Shanghai and Shenzhen from 2004 to 2016 to study the impact of accounting information correlation on corporate innovation and the mechanism of accounting information correlation on corporate innovation.The research shows that: first,the increase in the relevance of accounting information can significantly promote corporate innovation;second,the relevance of accounting information can reduce the level of financing constraints and promote corporate innovation by improving the equity financing capabilities of enterprises,but the relevance of accounting information to debt The promotion effect of financing ability is not significant.Third,the relevance of accounting information can reduce the cost of the first type of agency and promote corporate innovation,but the relevance of the relevance of accounting information to the governance of the second type of agency problems is not significant.The robustness test results of this thesis show that the above conclusions are reliable.The research in this thesis expands the literature on the economic consequences of the relevance of accounting information,strengthens the government's motivation to formulate relevant policies to improve the relevance of accounting information,and also proposes ways to improve the innovation level of Chinese enterprises from the perspective of the relevance of accounting information,which is helpful To improve the innovation level of Chinese enterprises.