企业创新对会计业绩的影响——基于方言视角的实证研究
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摘要
在方言"壁垒"论和方言"促进"论的分析基础上,研究了方言多样化和一体化对企业创新与会计业绩的影响,进而探讨这种影响的宏观和微观机制以及阶段性特征。研究发现:方言一体化下的企业创新会显著提升会计业绩,这一促进效应在低外商投资、高市场竞争和低人力资本外部性的城市环境下,以及在民营企业,在现金持有占比大和机构持股比例高特征的企业中更为显著。
Based on the analysis of the entrenchment and the promotion effect of dialect,this paper studies the impact of dialect diversification and integration on enterprise innovation and accounting performance,and then discusses the macro and micro mechanism and the stage characteristics of the impact.It finds that the enterprise innovation in the context of dialect integration improve the accounting performance significantly.In addition,this promotion effect achieves more prominence in the urban environment with little foreign investment,much market competition and weak human capital externality,and in private enterprises and in the enterprises with the characteristics of high proportion of cash holdings and institutional ownership.
Based on the analysis of the entrenchment and the promotion effect of dialect,this paper studies the impact of dialect diversification and integration on enterprise innovation and accounting performance,and then discusses the macro and micro mechanism and the stage characteristics of the impact.It finds that the enterprise innovation in the context of dialect integration improve the accounting performance significantly.In addition,this promotion effect achieves more prominence in the urban environment with little foreign investment,much market competition and weak human capital externality,and in private enterprises and in the enterprises with the characteristics of high proportion of cash holdings and institutional ownership.
引文
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[25]陈墨.浅谈中国的方言多样性[J].语文学刊,2011(4):29-29.
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[29]卢荻.外商投资与中国经济发展——产业和区域分析证据[J].经济研究,2003(9):40-48.
[30]文东华,潘飞,杨玉龙,等.市场竞争强度、管理控制系统与企业业绩[J].财经研究,2012(6):80-90.
[31]韩奉容.论人力资本与企业创新[J].工业技术经济,2000(5):26-27.
[32]高磊.产权性质还是市场竞争有利于企业绩效?——基于风险承担视角的检验[J].经济与管理研究,2018(1):136-144.
[33]蒲文燕,张洪辉.基于融资风险的现金持有与企业技术创新投入的关系研究[J].中国管理科学,2016,24(5):38-45.
[34]曾德明,龙淼,龚红.机构投资者持股对公司绩效的影响研究[J].软科学,2006,20(1):37-39.
[35]HE J,TIAN X.Finance and corporate innovation:a survey[J].Asia-Pacific Journal of Financial Studies,2018,47(2):165-212.
[36]CORNAGGIA J,MAO Y,TIAN X,et al.Does banking competition affect innovation?[J].Journal of Financial Economics,2015,115(1):189-209.
[37]CICCONE,ANTONIO,PERI,et al.Identifying human capital externalities:theory with applications[J].Review of Economic Studies,2010,73(2):381-412.
[38]MORETTI E.Estimating the social return to higher education:evidence from longitudinal and repeated cross-sectional data[J].Journal of Econometrics,2004,121(1):175-212.
[39]梁文泉,陆铭.后工业化时代的城市:城市规模影响服务业人力资本外部性的微观证据[J].经济研究,2016(12):92-105.
[2]田有兰.论保护语言多样性的意义[J].思想战线,2012,38(5):147-148.
[3]徐岩,李梦依.创新指标对企业业绩影响的实证研究——基于北京地区上市公司A股数据[J].财会通讯,2011(15):139-141.
[4]陈昆玉.创新型企业的创新活动、股权结构与经营业绩——来自中国A股市场的经验证据[J].产业经济研究,2010(4):49-57.
[5]SCHERER F M.Corporate inventive output,profits,and growth[J].Journal of Political Economy,1965,73(3):290-297.
[6]NOLAN M P,OPPENHEIM C,WITHERS K A.Patenting,profitability and marketing characteristics of the pharmaceutical industry[J].World Patent Information,1980,2(4):169-176.
[7]ERNST H.Patent applications and subsequent changes of performance:evidence from time-series cross-section analyses on the firm level[J].Research Policy,2001,30(1):143-157.
[8]徐欣,唐清泉.R&D活动、创新专利对企业价值的影响——来自中国上市公司的研究[J].研究与发展管理,2010,22(4):20-29.
[9]钟海富,邹楚帆,王芳,等.技术创新、核心竞争力与公司业绩——来自广西区上市公司的经验证据[J].会计之友,2017(5):57-61.
[10]BURRUS R T,EDWARD G J,JONES A T.Regional innovation and firm performance[J].Journal of Business Research.2018,88:357-362.
[11]王化成,卢闯,李春玲.企业无形资产与未来业绩相关性研究——基于中国资本市场的经验证据[J].中国软科学,2005(10):120-124.
[12]GARNER J L,NAM J,OTTOO R E.Determinants of corporate growth opportunities of emerging firms[J].Journal of Economics&Business,2002,54(1):73-93.
[13]LOS B,VERSPAGEN B.R&D spillovers and productivity:evidence from U.S.manufacturing microdata[J].Empirical Economics,2000,25(1):127-148.
[14]尹美群,盛磊,李文博.高管激励、创新投入与公司绩效——基于内生性视角的分行业实证研究[J].南开管理评论,2018(1):109-117.
[15]王君彩,王淑芳.企业研发投入与业绩的相关性——基于电子信息行业的实证分析[J].中央财经大学学报,2008(12):57-62.
[16]舒谦,陈治亚.股权结构对研发投入与经营绩效关系的调节效应分析[J].统计与决策,2018(4):182-184.
[17]丁从明,吉振霖,雷雨,等.方言多样性与市场一体化:基于城市圈的视角[J].经济研究,2018,53(11):150-166.
[18]孔东民,李迪迪.文化多样性与企业全要素生产率[J].金融科学,2017(2):36-57.
[19]PARROTTA P,POZZOLI D,PYTLIKOVA M.Does labor diversity affect firm productivity?[J].Iza Discussion Papers,2012:69-73.
[20]RATNA N N,GRAFTON R Q,KOMPAS T.Is diversity bad for economic growth?Evidence from state-level data in the US[J].Journal of Socio-Economics,2009,38(6):859-870.
[21]魏下海,陈思宇,黎嘉辉.方言技能与流动人口的创业选择[J].中国人口科学,2016(6):36-46.
[22]徐现祥,刘毓芸,肖泽凯.方言与经济增长[J].经济学报,2015(2):1-32.
[23]刘毓芸,戴天仕,徐现祥.汉语方言、市场分割与资源错配[J].经济学(季刊),2017,16(4):1583-1600.
[24]ALESINA A,FERRARA E L.Ethnic diversity and economic performance[J].Journal of Economic Literature,2005,43(3):762-800.
[25]陈墨.浅谈中国的方言多样性[J].语文学刊,2011(4):29-29.
[26]EASTERLY W,LEVINE R.Africa's growth tragedy:policies and ethnic divisions[J].Quarterly Journal of E-conomics,1997,112(4):1203-1250.
[27]AGER P,BRUCKNER M.Cultural diversity and economic growth:evidence from the US during the age of mass migration[J].European Economic Review,2013,64:76-97.
[28]潘越,肖金利,戴亦一.文化多样性与企业创新:基于方言视角的研究[J].金融研究,2017(10):146-161.
[29]卢荻.外商投资与中国经济发展——产业和区域分析证据[J].经济研究,2003(9):40-48.
[30]文东华,潘飞,杨玉龙,等.市场竞争强度、管理控制系统与企业业绩[J].财经研究,2012(6):80-90.
[31]韩奉容.论人力资本与企业创新[J].工业技术经济,2000(5):26-27.
[32]高磊.产权性质还是市场竞争有利于企业绩效?——基于风险承担视角的检验[J].经济与管理研究,2018(1):136-144.
[33]蒲文燕,张洪辉.基于融资风险的现金持有与企业技术创新投入的关系研究[J].中国管理科学,2016,24(5):38-45.
[34]曾德明,龙淼,龚红.机构投资者持股对公司绩效的影响研究[J].软科学,2006,20(1):37-39.
[35]HE J,TIAN X.Finance and corporate innovation:a survey[J].Asia-Pacific Journal of Financial Studies,2018,47(2):165-212.
[36]CORNAGGIA J,MAO Y,TIAN X,et al.Does banking competition affect innovation?[J].Journal of Financial Economics,2015,115(1):189-209.
[37]CICCONE,ANTONIO,PERI,et al.Identifying human capital externalities:theory with applications[J].Review of Economic Studies,2010,73(2):381-412.
[38]MORETTI E.Estimating the social return to higher education:evidence from longitudinal and repeated cross-sectional data[J].Journal of Econometrics,2004,121(1):175-212.
[39]梁文泉,陆铭.后工业化时代的城市:城市规模影响服务业人力资本外部性的微观证据[J].经济研究,2016(12):92-105.