摘要
利用深圳证券交易所网站披露的深市上市公司投资者实地调研数据,检验了实地调研活动对企业创新的影响。研究发现,投资者对企业的实地调研活动会显著提升其创新水平,表现在投资者对企业的实地调研频度、广度及深度越高,企业创新水平越高。进一步研究证实,投资者实地调研能够有效抑制较差的信息环境和较高的融资约束程度对企业创新的负面影响,即投资者对上市公司的实地调研频度、广度及深度越高,较差的信息环境和较高的融资约束程度对企业创新的负面影响越小。
Based on the dataset of investor site visits disclosed by Shenzhen Stock Exchange website, this paper examines the effects of investors＇ site visits on firm innovation. It finds that investors＇ site visits can significantly promote the level of firm innovation,that is, the higher the frequency, breadth and depth of investors＇ site visits are, the higher the level of firm innovation is. Further research shows that investors＇ site visits can effectively restrain the negative effect of poorer information environment and higher financing constraint on firm innovation, that is, the higher the frequency, breadth and depth of investors＇ site visits are, the lower the effect of poorer information environment and higher financing constraint on firm innovation is.
作者
张勇
殷俊明
ZHANG Yong;YIN Jun-ming(School of Accounting,Nanjing Audit University,Nanjing 211815,China)
出处
《山西财经大学学报》
CSSCI
北大核心
2018年第9期94-109,共16页
Journal of Shanxi University of Finance and Economics
基金
国家社科基金项目(14BGL193)
江苏省“333工程”
江苏高校优势学科工程(现代审计学)
