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Published in last 1 year |  In last 2 years |  In last 3 years |  All Please wait a minute... For Selected: Download Citations EndNote Ris BibTeX Toggle Thumbnails Select Information Transparency and Corporate Technology Innovation: Evidences from China’s Listed Companies WANG Ke-di Contemporary Finance & Economics    2021, 0 (7): 77-89.   Abstract （518）            Knowledge map    Save 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. Reference | Related Articles | Metrics | Comments（0） Select State-Owned Equity and Strategic Risk-Taking of Private Enterprises: From the Dual Perspective of“Ability”and“Willingness” CHEN Ming, XIONG Xian-cheng Contemporary Finance & Economics    2021, 0 (7): 90-102.   Abstract （555）            Knowledge map    Save From the dual perspectives of“ability”and“willingness”, this paper conducts an empirical study by making use of the data of Chinese private listed companies from 2012 to 2018. The findings show that with the increasing number of state-owned shares, the level of strategic risk-taking of private companies presents a tendency of first increasing then decreasing. After a series of robustness and endogeneity tests, the conclusion is still stable. When the multiple mediating effect model is used to test, the results show that the state-owned equity not only can make private enterprises possess the“ability”of taking strategic risks by alleviating financing constraints, but also can improve their“willingness”to take strategic risks by reducing the principal-agent level. The results of further research show that although reducing the principal-agent level can play a certain role in promoting the level of risk-taking, it is mainly through relieving financing constraints that the state-owned equity can improve the level of strategic risk-taking of private enterprises. Moreover, this promoting effect is much more significant in the industries with high potentials or stronger background of state-owned shareholders’ control. In the provinces with lower marketization level, the state-owned equity can be seen as an alternative to the market mechanism, and it can play a more significant role in improving the level of strategic risk-taking of private enterprises. Reference | Related Articles | Metrics | Comments（0）