信息披露质量、银行关系和技术创新  

Information Disclosure Quality,Bank Connections and Technological Innovation

作　　者：韩美妮 王福胜[2] HAN Meini;WANG Fusheng(School of Accounting, Nanjing Audit University, Nanjing 211515, China;School of Management, Harbin Institute of Technology, Harbin 150001, China)

机构地区：[1]南京审计大学会计学院,南京211815 [2]哈尔滨工业大学管理学院,哈尔滨150001

出　　处：《管理科学》2017年第5期136-146,共11页Journal of Management Science

基　　金：江苏高校哲学社会科学研究项目(2017SJB0333);国家自然科学基金(71672046;71471091)~~

摘　　要：信息不对称会严重阻碍技术创新,较高的信息披露质量能够显著降低信息不对称,因而可能会对技术创新产生正向影响。中国企业普遍构建了银行关系,这会弱化信息披露质量对信息不对称的降低作用,因而银行关系可能会对信息披露质量与技术创新的关系产生负向影响。同时,在中国多种产权性质企业并存的条件下,信息披露质量、银行关系和技术创新之间的关系会因为产权性质不同而有所差异。基于信息不对称理论和委托代理理论,从融资视角和治理视角,分析信息披露质量、银行关系和技术创新三者之间的关系以及产权性质的调节作用。探讨信息披露质量对技术创新的影响、银行关系作用于信息披露质量进而对技术创新产生影响,研究产权性质调节信息披露质量对技术创新的影响,以及产权性质影响银行关系、信息披露质量和技术创新之间的关系。通过手工收集银行关系和技术创新数据,运用多元回归分析验证假设。研究结果表明,信息披露质量正向影响技术创新,银行关系会降低信息披露质量对技术创新的正向影响。进一步将银行关系区分为高管关系和持股关系,研究发现两种性质的银行关系均降低信息披露质量对技术创新的正向影响,且持股关系的降低作用强于高管关系。此外,在非国有企业中,信息披露质量对技术创新的促进作用要低于国有企业,银行关系对该促进作用的降低程度也低于国有企业。研究结果为技术创新影响因素的理论研究提供了新思路,丰富了银行关系经济后果的相关研究,深化了银行关系与信息披露质量相互关系的研究,拓展了对产权性质经济影响的认识,对中国企业实现技术创新具有一定的理论意义和实践意义。Prior research shows that information asymmetry will seriously stifle technological innovation, while greater corporate information disclosure is an efficient way to reduce information asymmetry. Therefore, it can he predicted that better information disclosure facilitates technological innovation. Further, bank connections are generally established by Chinese enterprises, which can help banks obtain firms＇ inner information and hence substitute information disclosure in reducing information asymmetry, and thereby it can be inferred that information disclosure promotes technological innovation less for the firms with bank connec- tions than for those without. In the meanwhile, Chinese enterprises, with multiple ownership n^atures, provide a distinctive setting for this study, because the relationships among information disclosure, bank connections and technological innovation vary with the types of ownership natures. Based on information asymmetric theory and principal-agent theory, the relationship among information disclosure, bank connections and technological innovation, and the moderating effect of the ownership natures are investigated, from the perspec- tive of financing and governance. First of all, this paper aims to explore how technological innovation changes with information disclosure quality. Secondly, the role of bank connections, in transforming the influence of information disclosure on technologi- cal innovation, is explored. Thirdly, the moderating effect of the ownership natures is examined, both in the influence of infor- mation disclosure on technological innovation, and in the relations among information disclosure, bank connections and techno- logical innovation. In this paper, both the data of bank connections and of technology innovation are manually collected, and multiple regression analysis is applied to test the hypotheses. The results indicate that information disclosure quality is positively related to technological innovation, which would be re- duced by bank connections. Furt

关 键 词：信息披露质量 银行关系 技术创新 正式制度 非正式制度 

分 类 号：F275[经济管理—企业管理]