描述性创新信息披露能够促进企业研发投入吗?--基于A股上市公司的经验证据  

Can Narrative Innovation Information Disclosure Boost R&D Investment?Empirical Evidence from A-share Listed Companies

作　　者：周明[1] 许言 徐国庆 ZHOU Ming;XU Yan;XU Guoqing(School of Economics and Management,East China University of Technology,Nanchang 330313,China)

机构地区：[1]东华理工大学经济与管理学院,江西南昌330313

出　　处：《华东经济管理》2023年第10期104-115,共12页East China Economic Management

基　　金：国家自然科学基金项目“描述性创新信息披露与企业创新:作用机制及经济后果”(72064001);国家社会科学基金项目“美国新一轮科技创新战略对中国实体产业发展的影响机理及应对策略”(21XGJ013)。

摘　　要：描述性创新信息披露是在资本市场中获得投资者认同的重要途径。文章以2007—2021年A股上市公司为样本,研究了描述性创新信息披露对企业研发投入的影响及其作用机制。结果发现:描述性创新信息披露与企业研发投入具有显著的正相关关系,且通过工具变量法、熵平衡法等方法弱化内生性问题及其他一系列稳健性检验后,结论仍成立;机制检验得出,描述性创新信息披露能缓解融资约束与第一类、第二类代理成本对研发投入的抑制作用;进一步研究发现,在非国有企业、中小企业样本中描述性创新信息披露的激励效应更强;市场竞争程度和股权激励能够正向调节描述性创新信息披露与企业研发投入的关系,但薪酬激励的调节作用不显著。Narrative innovation information disclosure is an important way to gain investor recognition in the capital market.Taking A-share listed companies from 2007 to 2021 as a sample,this paper studies the impact and mechanism of narrative innovation information disclosure on enterprise R&D investment.The results show that there is a significant positive correlation between narrative innovation information disclosure and enterprise R&D investment,and the con clusion is still valid after weakening endogeneity issues and a series of robustness tests,such as instrumental variable method and entropy balance method;mechanism testing shows that narrative innovation information disclosure can alle viate financing constraints and the inhibitory effect of agency costs in the first and second categories on R&D invest ment;further research has found that the incentive effect of narrative innovation information disclosure is stronger in the sample of non-state-owned enterprises and small and medium-sized enterprises;the degree of market competition and equity incentives can positively moderate the relationship between narrative innovation information disclosure and enterprise R&D investment,but the moderating effect of salary incentives is not significant.

关 键 词：描述性创新信息披露 研发投入 融资约束 代理成本 

分 类 号：F275[经济管理—企业管理] F832.51[经济管理—国民经济] F273.1