Comparability of Accounting Information and Improvement of Total Factor Productivity of Enterprises:The Mechanism of Information Governance and Peer Learning Effects
Under the new development pattern,total factor productivity,as the core element of characterizing new quality productivity and high-quality economic development,has been entrusted with an important historical mission.Based on the theory of information economics and knowledge spillover,this paper takes the A-share listed companies in Shanghai and Shenzhen from 2007 to 2021 as a sample to explore the impact and mechanism of accounting comparability on the total factor productivity of enterprises.It is found that accounting comparability can significantly improve the total factor productivity of enterprises.The mechanism analysis shows that there are two main types of promotion channels:one is to reduce financing constraints and inhibit the opportunistic behavior of executives through the"information governance"effect;the other is to optimize the inventory management practice of enterprises and expand the breadth of enterprise R&D knowledge through the"peer learning"effect.Heterogeneity analysis shows that the improvement effect is more significant when the annual reports of peer firms are more readable and the level of innovation information disclosure is higher,or when the management education level of the target firms is higher and they are in a highly competitive industry.This paper not only broadens the research boundaries of information economics theory and knowledge spillover theory,but also provides empirical evidence for the comparability of accounting information to drive the high-quality development of enterprises,which can provide decision-making inspiration and basis for regulators,enterprises and capital suppliers.
comparability of accounting informationtotal factor productivitypeer learning effectinformation governance effect
万方数据
维普
