Accounting Comparability,Heterogeneity Of Top Management Team And Enterprise Innovation

Innovation is the endogenous power of economic development.As an active subject to promote innovation,enterprises are the connecting link to transform scientific and technological achievements into economic value.Strengthening the innovation ability construction of enterprises is of great significance to enhance their own competitiveness and realize the high-quality development of the national economy.Compared with production and operation activities and tangible assets investment,innovation is a risky activity with long research and development cycle and high exit cost,and it is often difficult for external investors who are at an information disadvantage to evaluate its true value.According to the existing research,agency problem and financing constraint are important factors that restrict enterprise innovation in the environment of asymmetric information.Accounting information is the main source of public information in the capital market.Based on the usefulness of accounting decision-making,comparability of accounting information can strengthen corporate governance mechanism and reduce the financing cost of enterprises by comparing and analyzing enterprise information.However,due to the late development of comparability measurement,there are few documents to discuss the influence of comparability of accounting information on enterprise innovation.In addition,the top management team is the core decision-maker of the enterprise,and its structure and characteristics profoundly affect the quality of accounting information and innovation behavior of the enterprise.Compared with homogeneity,heterogeneity can better reflect the differences between individuals and explain the relationship between accounting information comparability and enterprise innovation.Based on this,on the basis of consulting previous literature research,combined with the principal-agent theory,information asymmetry theory,high-level echelon theory and technological innovation theory,this paper analyzes the relationship between accounting information comparability and enterprise innovation and the regulatory role played by the heterogeneity of senior management team by using the methods of literature research and induction and deduction,and puts forward research hypotheses,and selects the data of A-share listed companies in Shanghai and Shenzhen from 2014 to 2021 for multiple regression analysis.In addition,considering the endogenous nature and external environment of enterprises,this paper further examines the differences in the influence of comparability of accounting information on enterprise innovation under the circumstances that the degree of competition between enterprise categories(whether they are recognized as high-tech enterprises)and industries is different.The results show that:(1)Comparability of accounting information can significantly improve the R&D investment and innovation output of enterprises.(2)Age heterogeneity of top management team weakens the positive relationship between accounting information comparability and R&D investment and innovation output,gender heterogeneity of top management team weakens the positive relationship between accounting information comparability and innovation output,and professional background heterogeneity of top management team strengthens the positive relationship between accounting information comparability and R&D investment and innovation output.(3)The promotion of accounting information comparability to enterprise innovation is more significant in non-high-tech enterprises and industries with low competition.The above conclusions expand the related research on accounting information comparability and enterprise innovation,and provide reference for improving accounting information comparability and promoting enterprise innovation.