摘要
本文研究企业突破式创新对管理层自愿性披露业绩预告的影响。利用专利分类和引证数据,本文构造上市公司突破式创新的度量指标,发现进行突破式创新的企业增加了自愿性业绩预告的频率和乐观业绩预告的次数,但业绩预测的准确度却不高。进一步研究发现,进行突破式创新的企业发布业绩预告的动机在于以较低的信息违规成本获得外部融资。证券分析师增强了突破式创新对业绩预告频率的影响,削弱了对业绩预测准确度的影响。业务和财务信息融合抑制了突破式创新对业绩预告乐观性和准确度的影响。本研究为企业创新策略对信息披露的影响提供了证据,丰富了自愿性披露影响因素的研究,对投资者和监管部门理解创新策略,促进资本市场配置效率,助力我国经济高质量发展具有参考价值。
This paper studies the influence of disruptive innovation on voluntary management earnings forecast.We construct measures of disruptive innovations based on patent technological classifications and citations from Chinese listed firm.Firms that conduct disruptive innovations issue voluntary management earnings forecast more frequently compared with those conducting incremental innovations.This paper also finds that firms conducting disruptive innovations issue more optimistic but less accurate voluntary management forecasts.Voluntary management earnings forecast is an effective way to raise external funding without violating information disclosure regulations.Also,equity analysts strengthen the effects of disruptive innovations on voluntary management forecasts frequency but weaken effects on forecast accuracy.Business and financial information integration reduces the effect on management forecast optimism and accuracy.The results remain robust after test with instrumental variables,Heckman two-stage model and alternative measurements of disruptive innovations.This paper contributes to the understanding of how firm’s information disclosure is influenced by innovation strategy.
作者
李哲
黄静
简泽
LI Zhe;HUANG Jing;JIAN Ze(School of Accountancy,Central University of Finance and Economics,Beijing,100081,China;School of Business Administration,Guangdong University of Finance,Guangzhou 510521,China)
出处
《金融评论》
CSSCI
北大核心
2021年第3期56-78,M0005,共24页
Chinese Review of Financial Studies
基金
国家社会科学基金“企业创新战略对公司财务决策的影响机理研究”(19BJY019)
国家自然科学基金青年项目“证券交易所信息披露监管的长短期治理效果研究:基于问询回函和后续披露的文本分析”(71902210)
教育部人文社科基金青年项目“中国会计年度起讫日期的国际接轨路经研究”(19YJC630092)
中央高校基本科研业务费专项资金和中央财经大学科研创新团队支持计划“资本市场参与者个体特质与行为研究:基于多学科融合视角”(校20190111)
广东省哲学社会科学规划项目“多集群背景下的天生全球化企业的‘创新困境’研究:以广东省为例”(GD19CGL05)
中央财经大学2018年度研究生科研创新基金“公司创新策略选择的影响因素及经济后果”(20182Y006)的资助。
关键词
突破式创新
渐进式创新
自愿性业绩预告
Disruptive Innovation
Incremental Innovation
Voluntary Management Earnings Forecast
