摘要
利用2012—2019年沪深A股高新技术上市公司的数据,实证检验了企业创新与创新行为信息披露之间的关系。研究发现:对于实质性创新,企业采取模糊表达的信息披露策略,在降低文本相似度的同时降低文本可读性,以防止创新"溢出";对于策略性创新,企业则采取清晰表达的信息披露策略,在降低文本相似度的同时提高文本可读性,以营造创新"假象"。进一步分析表明,企业融资约束程度会显著影响管理层向投资者传递更多创新信息的意愿,而行业竞争程度则会显著影响管理层模糊表达创新信息的意愿。
This article used the data of A-share high-tech listed companies in Shanghai and Shenzhen from 2012 to 2019 to empirically test the relationship between corporate innovation and the disclosure of relevant innovative behavior.The study found that,for substantial innovation,companies tended to adopt vague expressions to reduce text similarity and text readability in case of innovative information leakage.But for strategic innovation,companies tended to adopt clear expressions to reduce text similarity and boost text readability with the purpose of the creation of innovation illusion.Further analysis showed that the degree of corporate financing constraints had significantly affected management’s willingness to convey more innovative information to investors,and the degree of industry competition had significantly affected management’s willingness to vaguely express innovative information.
作者
何雨晴
丁红燕
HE Yu-qing;DING Hong-yan(School of Accounting,Zhongnan University of Economics and Law,Wuhan 430073;School of Economics and Management,China University of Petroleum,Qingdao 266000,China)
出处
《山西财经大学学报》
CSSCI
北大核心
2021年第4期63-75,共13页
Journal of Shanxi University of Finance and Economics
基金
国家自然科学基金面上项目(71602191)
关键词
实质性创新
策略性创新
信息披露策略
融资约束程度
行业竞争程度
substantial innovation
strategic innovation
information disclosure strategy
financing constraint degree
industry competition degree
