摘要
上市公司的创新活动披露一直以来都是投资者关注的重点。结合行为财务理论和信号均衡理论,本文探讨了公司创新活动与年报文本信息之间的关系。样本选取2007—2019年高新技术上市公司,研究发现:(1)上市公司的创新强度越大,年报文本信息就越保守。(2)企业高新资质授予等外部因素将影响这种关系。(3)2014年颁行的《公开发行证券的公司信息披露编报规则第15号》对规范创新信息披露取得了较好的效果。本文拓展了技术创新、信息披露的相关研究,并为进一步规范创新活动披露提供了启示。
Enterprises are the major force of national innovation strategy, and innovation can also help enterprises obtain lasting vitality. For listed companies, an active commitment to innovation should be great news, boosting investor confidence and company valuations. However, from the actual situation of the securities market, high-tech companies do not have a high willingness to disclose innovative activities, which leads to the information asymmetry between listed companies and investors. Some scholars point out that this phenomenon is due to the company′s awareness of intellectual property protection. High-tech company, compared to the general companies, has more intangible assets, intangible assets and core of trade secrets, intellectual property rights related laws and regulations in our country still are not perfected, the cases of infringement of intellectual property law enforcement under the background of the reality of the weaker, company managers in order to ensure the safety of the intangible assets, tend to hide information related to innovation activities. The more common means are vague disclosure and delayed capitalization. As the CSRC continues to strengthen relevant disclosure standards, companies are forced to increase the disclosure of innovative activities in annual reports. However, for the general investors, the professional digital information of innovation activities cannot play a good role in explaining, they need to help understand with the text information matched with the numbers. This creates a paradox: digital information is highly reliable due to the dual constraints of regulation and audit. Moreover, the intelligibility is low due to specialization and text information is less supervised, so the reliability is low and the intelligibility of language is relatively high. Under such circumstances, do company executives use text messages to interfere with outside interpretation of their innovation activities after being forced to publish relevant data? Taking the high-tech listed compani
作者
许文瀚
朱朝晖
万源星
Xu Wenhan;Zhu Zhaohui;Wan Yuanxing(School of Accounting,Nanjing Audit University,Nanjing 211815,Jiangsu,China;School of Accounting,Zhejiang Gongshang University,Hangzhou 310018,Zhejiang,China)
出处
《科研管理》
CSSCI
CSCD
北大核心
2020年第11期124-132,共9页
Science Research Management
基金
国家社会科学基金重点项目:“股票误定价的产生机制及对上市公司投资行为作用的机理研究”(13AGL002,2013.06—2018.06)
浙江省自然科学基金项目:“上市公司业绩预告文本信息:动机、策略及市场效应”(LY18G020007,2018.06—2020.06)。
关键词
创新活动
年报
文本信息
政策效果
R&D activities
annual report
textual information
policy effect
