|
|
|
| Analyst Tracking, Internal Control Effectiveness, and |
| Hu Chuan1,Wang Linjiang1,Zhang Guiling2 |
| (1.School of Business Administration, Zhongnan University of Economics and Law, Wuhan 430073; 2. School of Business, Zhengzhou University of Aeronautics, Zhengzhou 450046, China) |
|
|
|
|
Abstract Based on the data of 317 Sci-tech SMEs in China Growth Enterprise Market from 2009 to 2017, this paper explores the relationship between analyst tracking, internal control effectiveness and technological innovation of SMEs from the perspective of invention patent output. The study finds that the number of analysts significantly increases the company's invention patent output, and the effectiveness of internal control plays the mediating role in the influence of analysts' tracking on the company's invention patent output, and the mediating effect is more significant in companies with higher degree of financing constraints. The above research results show that the effective cooperation of internal and external governance mechanisms promotes the technological innovation of Sci-tech SMEs, and this effect is more obvious when corporate financing constraints are higher.
|
|
Received: 06 August 2019
|
|
|
|
|
|
| [1] BELLOC F. Corporate governance and innovation: a survey[J].Journal of Economic Surveys,2012,26(5): 835-864.[2] XU C, YAN M. Radical or incremental innovations: R&D investment around CEO retirement[J].Journal of Accounting, Auditing & Finance, 2014, 29(4):547-576.[3] GILLAN S L . Recent developments in corporate governance: an overview [J].Journal of Corporate Finance, 2006, 12(3):381-402.[4] BUSHMAN R M, PIOTROSKI J D, SMITH A J. What determines corporate transparency[J].Journal of Accounting Research, 2004, 42(2):207-252.[5] 徐欣，唐清泉. 财务分析师跟踪与企业R&D活动——来自中国证券市场的研究[J].金融研究，2010(12): 173-189.[6] HE J , TIAN X . The dark side of analyst coverage: the case of innovation[J].Journal of Financial Economics, 2013, 109(3):856-878.[7] 李万福，林斌，宋璐. 内部控制在公司投资中的角色:效率促进还是抑制[J].管理世界，2011(2):81-99.[8] 王运陈，逯东，宫义飞.企业内部控制提高了R&D效率吗[J].证券市场导报，2015(1):39-45.[9] BALAKRISHNAN K , CORE J E , VERDI R S . The relation between reporting quality and financing and investment: evidence from changes in financing capacity[J].Journal of Accounting Research, 2014, 52(1):1-36.[10] JENSEN M C, MECKLING W H. Theory of the firm:managerial behavior,agency costs and ownership structure[J].Journal of Financial Economics,1976,3(4):305-360.[11] 余明桂，钟慧洁，范蕊.分析师关注与企业创新——来自中国资本市场的经验证据[J].经济管理，2017(3): 175-192.[12] 伊志宏，申丹琳，江轩宇.分析师乐观偏差对企业创新的影响研究[J].管理学报，2018，15(3): 382-391.[13] CHUNG K H , JO H . The impact of security analysts’ monitoring and marketing functions on the market value of firms[J].The Journal of Financial and Quantitative Analysis, 1996, 31(4):493-512.[14] 李春涛，宋敏，张璇.分析师跟踪与企业盈余管理——来自中国上市公司的证据[J].金融研究，2014(7): 124-139.[15] SHUST E. Does research and development activity increase accrual－based earnings management[J]. Journal of Accounting, Auditing&Finance,2015,30(3):373-401.[16] 朱红军，王迪，李挺.真实盈余管理动机下的研发投资决策后果——基于创新和税收的分析视角[J].南开管理评论，2016，19(4): 36-48.[17] 方红星， 金玉娜. 高质量内部控制能抑制盈余管理吗?——基于自愿性内部控制鉴证报告的经验研究[J].会计研究，2011(8):53-60.[18] ZHANG I X . Economic consequences of the sarbanes–Oxley Act of 2002[J].Journal of Accounting and Economics, 2007, 44(1):74-115.[19] KAPLAN R S, NORTON D P. The balanced scorecard: translating strategy into action[M].Harvard Business Press,1996.[20] O"SULLIVAN M. The innovative enterprise and corporate governance[J].Cambridge Journal of Economics, 2000, 24(4):393-416.[21] 邓翔, 李双强, 李德山.政府采购、融资约束与企业创新[J].科技进步与对策,2018,35(12):92-98.[22] 张文菲，金祥义.信息披露如何影响企业创新:事实与机制——基于深交所上市公司微观数据分析[J].世界经济文汇，2018(6): 102-119.[23] 杨国超，刘静，廉鹏，等.减税激励、研发操纵与研发绩效[J].经济研究，2017(8): 110-124.[24] 余明桂，钟慧洁，范蕊.业绩考核制度可以促进央企创新吗?[J].经济研究，2016(12): 104-117.[25] 逯东，王运陈，付鹏. CEO激励提高了内部控制有效性吗——来自国有上市公司的经验证据[J].会计研究，2014(6):66-72.[26] HADLOCK C J , PIERCE J R . New evidence on measuring financial constraints: moving beyond the KZ index[J].Review of Financial Studies, 2010, 23(5):1909-1940.[27] 鞠晓生，卢荻，虞义华.融资约束、营运资本管理与企业创新可持续性[J].经济研究，2013(1): 4-16.[28] 温忠麟，张雷，侯杰泰，等. 中介效应检验程序及其应用[J].心理学报，2004，36(5):614-620.[29] MUKHERJEE A, SINGH M, ALDOKAS A. Do corporate taxes hinder innovation[J].Journal of Financial Economics, 2017,124 (1):195-221.[30] YU F. Analyst coverage and earnings management[J].Journal of Financial Economics,2008, 88(2):245-271. |
|
|
|
