信息透明度与企业技术创新——来自中国上市公司的证据

当代财经 ›› 2021, Vol. 0 ›› Issue (7): 77-89.

信息透明度与企业技术创新——来自中国上市公司的证据

王可第

北京大学新结构经济学研究院,北京 100871

收稿日期:2020-11-24 修回日期:2021-05-17 出版日期:2021-07-15 发布日期:2021-07-26
作者简介:王可第,北京大学新结构经济学研究院助理研究员、博士后,主要从事公司金融与资本市场研究,联系方式kediwang@nsd.pku.edu.cn。
基金资助:
中国博士后科学基金面上项目“基于市场培育视角下的开发性金融机构在经济中的示范效应研究”（2020M670003）

Information Transparency and Corporate Technology Innovation: Evidences from China’s Listed Companies

WANG Ke-di

Peking University, Beijing 100871, China

Received:2020-11-24 Revised:2021-05-17 Online:2021-07-15 Published:2021-07-26

摘要/Abstract

摘要： 利用上市公司专利引用数据,实证检验信息透明度对企业创新的影响。研究发现,信息透明度促进了中国企业创新。在使用工具变量法控制内生性等稳健性检验之后,这一结论依然成立。进一步分析发现,信息透明度的创新促进效应主要是通过缓解创新融资约束,而不是通过发挥治理作用实现的。可见,缓解企业创新融资约束是信息透明度促进创新的主要渠道。同时,信息透明度的提高加重了管理层对短期业绩的关注并会带来信息泄露风险,在一定程度上削弱了信息透明度对企业创新的促进作用。

关键词: 信息透明度, 专利引用, 融资约束, 管理层短视, 信息泄露风险

Abstract: By making use of the patent citation data of listed companies, this paper empirically test the impact of information transparency on corporate innovation. The findings show that information transparency can boost corporate innovation in China. And this conclusion remains valid when instrumental variables are used to control the endogeneity. The findings of further analysis show that the innovation promotion effect of information transparency is achieved mainly through easing the constraints on innovative financing, rather than through giving full play to the governance. It can be seen that to relieve the restriction on corporate innovation financing is the main channel for information transparency to promote innovation. Meanwhile, the improvement of information transparency has increased the management’s attention to the short-term performance and brought about information leakage risks, which has weakened the promotion effect of information transparency on corporate innovation to some extent.

Key words: information transparency, patent citation, financing constrains, management myopia, information leakage risk

中图分类号:

F273.1

王可第. 信息透明度与企业技术创新——来自中国上市公司的证据[J]. 当代财经, 2021, 0(7): 77-89.

WANG Ke-di. Information Transparency and Corporate Technology Innovation: Evidences from China’s Listed Companies[J]. Contemporary Finance & Economics, 2021, 0(7): 77-89.

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