企业创新行为信息披露的经济后果研究——来自创业板的经验证据  

Economic Consequences of Information Disclosure of Enterprise Innovation——Evidence from China' s Growth Enterprise Markets

作　　者：韩鹏[1] 岳园园[1] 

机构地区：[1]河南理工大学能源经济研究中心/经济管理学院,454000

出　　处：《会计研究》2016年第1期49-55,95,共7页Accounting Research

基　　金：河南省高校基本科研业务费专项项目(SKJZD2015-02)的研究成果;河南省哲学社科规划基金项目(2015BJJ057);河南省软科学项目(152400410511)的资助

摘　　要：随着封闭式创新向开放式创新过渡,信息悖论已经被打破,但创新行为信息披露对开放式创新影响研究缺失。本文以我国创业板2012年至2014年上市公司为对象,首次检验了创新行为信息披露的经济后果,研究发现,在提升企业价值方面,创新行为自愿性信息披露水平贡献度普遍大于强制性信息披露水平,在资本市场上投资者认同方面,结论相反,在提升外部融资能力与降低代理成本方面,创新行为信息披露水平没有通过显著性检验。研究结果表明我国创新行为信息披露有效性有待提高,基于累积创新链与降低创新隐性成本需要,应加强创新行为的中间信息披露制度建设,基于创新行为的行业特征,应加强以投资者需求为导向的分行业信息披露制度建设。It is proved that information paradox has been broken in the transition from closed innovation to open innovation,but researchers ignored the influence of information disclosure to open innovation. With the data during 2012 to 2014 of China's listed companies,this study examines the economic consequences of innovation information disclosure. Our results show that voluntary innovation information disclosure takes a more important role than mandatory disclosure in improving enterprises' value,but the conclusion is completely opposite in capital market acceptance,innovation information disclosure have no obvious effect on improving external financing capacity and reducing agency cost. The conclusions suggest that the validity of innovation information disclosure should be improved,and give some reasons for the reform of intermediate information disclosure system and sub-industry information disclosure system at the end of paper.

关 键 词：创新行为 强制性信息披露 自愿性信息披露 开放式创新 

分 类 号：F275[经济管理—企业管理] F832.51[经济管理—国民经济]