信息透明度对创新投入与创新成果的促进机理——来自上市公司的经验证据  

The Promotion Mechanism of Information Transparency on Innovation Investment and Innovation Achievements:Empirical Evidence of Listed Companies

作　　者：雷新途[1] 温卿云 LEI Xintu;WEN Qingyun(School of Management,Zhejiang University of Technology,Hangzhou 310023,China)

机构地区：[1]浙江工业大学管理学院,浙江杭州310023

出　　处：《华东经济管理》2021年第6期53-68,共16页East China Economic Management

基　　金：国家社会科学基金项目“民营企业短贷长投财务异化行为及其治理研究”(12BGL036);浙江省社会科学基金项目“基于金融外生冲击的企业实体投资效率研究”(18NDJC203YB);浙江省自然科学基金项目“金融外生冲击与企业实体投资效率”(LY18G020019)。

摘　　要：文章利用2009—2018年沪深上市公司非平衡面板数据,基于固定效应模型实证检验了信息透明度对创新投入与成果的促进机理与影响因素。结果发现:信息透明度的提高明显刺激了管理者的研发投资,一方面信息透明度可以通过缓解融资约束增加企业研发投入资金,另一方面信息透明度可以保护处于高职业风险中的管理者,使其不因非自身因素导致的研发失败承担职业危机,从而加大管理者对创新活动的投资意愿;增强信息透明度亦可显著提高创新成果,究其原因该作用得益于研发投资对投资机会的敏感性,即资源的有效配置;在信息专有成本相对较大的企业中这种促进效应将受抑制,表明信息透明度对创新成果的激励作用确实受专有成本的影响。采用倾向得分匹配法(PSM)、工具变量法和Heckman两阶段法缓解内生性问题以及进行其他稳健性检验,上述检验结果均成立。Using the unbalanced panel data of Shanghai and Shenzhen listed companies from 2009 to 2018,this paper empirically tests the promotion mechanism and influencing factors of information transparency on innovation investment and results based on the fixed effect model.The results show that the improvement of information transparency significantly stimulates managers’R&D investment.On the one hand,information transparency can increase R&D investment by easing financing constraints.On the other hand,information transparency can protect managers who are in high occupational risk from undertaking occupational crisis due to R&D failure not caused by their own factors,so as to increase managers’willingness to invest in innovation activities;enhancing information transparency can also significantly improve innovation results,which is due to the sensitivity of R&D investment to investment opportunities,that is,the effective allocation of resources;in the enterprises with relatively large information exclusive cost,the promotion effect will be restrained,which indicates that the incentive effect of information transparency on innovation achievements is indeed affected by the exclusive cost.The propensity score matching method(PSM),instrumental variable method,and Heckman two-stage method are used to alleviate the endogenous problems,and other robustness tests are carried out.The above test results are all valid.

关 键 词：信息透明度 创新投入 创新成果 职业风险 专有成本 

分 类 号：F273.1[经济管理—企业管理] F276.6[经济管理—国民经济]