专利是否影响公司的盈利预测信息披露  

Will Patents Affect Company's Earnings FIorecast Disclosure

作　　者：梅丹[1] MEI Dan(School of Business,Nankai University,Tianjin 300071,China)

机构地区：[1]南开大学商学院,天津300071

出　　处：《现代财经（天津财经大学学报）》2023年第10期90-109,共20页Modern Finance and Economics：Journal of Tianjin University of Finance and Economics

基　　金：国家社会科学基金重点项目(20AGL011);南开大学亚洲研究中心资助研究课题(AS2106)。

摘　　要：基于迎合专利带来的投资者信息需求增长和规避信息披露成本及风险的权衡,选择既受投资者关注又能反映专利转化应用结果的盈利预测信息,考察获得的专利是否影响公司盈利预测信息披露决策。以我国上市公司2012—2021年数据进行的实证检验发现,随着专利数量的增加,公司进行了数量更多、质量更好的自愿盈利预测信息披露;且其中代表实质性创新和探索式创新的高质量专利的数量对自愿盈利预测披露的积极影响更大。此外,在创新型公司、机构投资者持股比例高的公司、面临相对弱的市场竞争的公司,专利数量对自愿盈利预测披露的积极影响作用更强,显示了公司以盈利预测披露去迎合投资者信息需求、传递专利价值信号的作用。Based on the trade-off between meeting the information needs of investors and avoiding the costs and risks of information disclosure,selecting the profit forecast information which is not only concerned by investors but also reflects the application results of patent transformation,this paper examines whether the patents obtained by the company bring about changes in the information disclosure of the company and affect the decision-making of the voluntary earnings forecast information disclosure.Based on the data of Chinese listed companies from 2012 to 2021,the empirical test shows that with the increase of the number of patents,the company has made more voluntary earnings forecast information disclosure with better quality.And the number of high-quality patents representing substantive innovation and exploratory innovation has a greater positive impact on voluntary earnings forecast disclosure.In addition,the positive impact of the number of patents on the disclosure of voluntary earnings forecasts is stronger in innovative companies,companies with a high proportion of institutional investors,and companies facing relatively weak market competition.It shows the function of the mechanisms of meeting investor's information needs and transmitting patent value signal.

关 键 词：专利 盈利预测 信息需求 专有成本 披露风险 

分 类 号：F832.51[经济管理—金融学]