摘要
以2013—2020年我国上市公司为研究对象,实证检验自愿性信息披露对企业技术创新的影响效应及作用机制,并考察公司内外部治理因素对这一关系的调节作用。结果发现:①自愿性信息披露显著提升企业技术创新水平;②公司外部治理环境和内部治理机制影响自愿性信息披露与企业技术创新的正向关系,具体而言,市场化进程、非国有产权性质、高管股票激励能够强化自愿性信息披露对企业技术创新的促进作用,而控股股东持股、董事会结构、董事会行为、高管薪酬激励的调节作用不显著;③影响机制实证结果表明,自愿性信息披露能够缓解第一类代理问题和外部融资约束对企业技术创新的抑制作用,从而促进企业技术创新。
Information disclosure is an important institutional arrangement to protect investors'rights and interests by solving information asymmetry.Information disclosure is not only to reduce the investment risk of investors,but also to help investors focus on and support the technological innovation of enterprises.Technological innovation is an important factor for the sustainable development of enterprises.Compared with other investments,innovation projects are characterized by high investment risk,high degree of uncertainty and long lag period of returns,which makes enterprises vulnerable to external financing constraints and internal agency problems in innovation activities.Information asymmetry is the root cause of the above problems.Therefore,how to alleviate information asymmetry,reduce financing constraints and agency conflicts is very important to effectively improve the level of enterprise technological innovation.Based on the theory of information economics,enterprises can improve their transparency by disclosing more information about their current business strength and future development potential to investors.The existing research on the relationship between information disclosure and enterprise technological innovation is still in its infancy,there is little relevant literature,and most of them regard information disclosure as a whole,or analyze the impact of mandatory information disclosure on innovation separately,while few scholars pay attention to the research on the relationship between voluntary information disclosure and technological innovation.In practice,mandatory information disclosure can hardly meet the rational investment needs of investors,while voluntary information disclosure can make up for this defect.This paper focuses on the impact of voluntary information disclosure on the technological innovation of listed companies in China,and discusses its mechanism from two perspectives of financing and governance,so as to make up for the shortcomings of existing research.This paper takes China'
作者
高明华
刘波波
Gao Minghua;Liu Bobo(School of Business and Administration, Beijing Normal University, Beijing 100875, China)
出处
《科技进步与对策》
CSSCI
北大核心
2022年第4期69-79,共11页
Science & Technology Progress and Policy
关键词
自愿性信息披露
企业技术创新
外部治理环境
内部治理机制
Voluntary Information Disclosure
Enterprise Technological Innovation
External Governance Environment
Internal Governance Mechanism
