创新对企业MD&A叙述性信息披露策略的影响  

The Effect of Innovation on Narrative Information Disclosure in MD&A

作　　者：于李胜[1] 王泽豪 王艳艳[1] 李文涛 Lisheng Yu;Zehao Wang;Yanyan Wang;Wentao Li(School of Management,Xiamen University;School of Management,Guangdong University of Technology)

机构地区：[1]厦门大学管理学院 [2]广东工业大学管理学院

出　　处：《南开管理评论》2024年第3期150-160,I0027,I0028,共13页Nankai Business Review

基　　金：国家自然科学基金项目(72232008、71972161、71972162)资助。

摘　　要：研发和创新具有投入高、周期长和不确定性高的特征,这使得高创新企业面临较低的透明度和较高的专有成本。一方面为了满足投资者决策需要,防止信息不对称所导致的价值低估,企业有动机提供更多信息;另一方面创新所伴有的专有成本,又使得企业存在专有信息被现有和潜在竞争对手获取的顾虑,从而选择提供模糊信息的披露策略。本文利用2001—2019年A股上市公司数据,检验了企业创新对MD&A叙述性信息披露策略的影响。研究结果表明,随着企业创新的增加,企业叙述性信息披露的信息含量上升(文本相似度显著下降),但是披露的信息质量下降(文本可读性显著降低)。该结果说明管理层既希望向投资者传递更多信息,又担心来自竞争对手的威胁,即管理层会选择释放更多的叙述性信息并模糊表达。上述结果存在于行业竞争更激烈、融资约束程度较高和高管持股比例较高的情况下。本文结论对知识产权信息披露与管理层披露策略选择具有一定的借鉴意义。In recent years,China economic development has shifted towards a new normal,emphasizing innovation-driven industrial restructuring and supply-side reform.However,corporate innovation entails long cycles,high investments,and considerable uncertainty.Current accounting treatment of R&D expenses leads to high information asymmetry for innovative enterprises,potentially undervaluing them in the capital market.To address this problem,firms are inclined to disclose information to the capital market via narrative disclosures.Yet,corporate innovation also poses proprietary costs,incentivizing firms to limit disclosure to safeguard intellectual property.How do firms navigate this trade-off in narrative information disclosure amid increased innovation?Existing research has not thoroughly explored this issue.This study examines Chinese A-share listed companies from 2001 to 2019,revealing that corporate innovation impacts management’s MD&A disclosure strategy.With rising patent numbers,highly innovative firms tend to disclose more relevant yet less similar MD&A content,delivering unique information to investors.Concurrently,to safeguard proprietary information,management reduces MD&A readability,mitigating technology spillover risks.This effect intensifies in industries with fierce competition,higher financing constraints,and greater executive ownership,underscoring firms’strategic considerations in disclosure choices.Additionally,we find that innovative firms’ disclosure strategies convey more innovative information with high information content but hinder acces-sibility through complex expressions, impacting investors and peer firms. Compared to existing literature, this study contributes in two main aspects: First, while scholars explore various factors influencing corporate innovation, few examine its consequences. By analyzing how corporate innovation affects narrative disclosure strategies, we enrich understanding of corporate innovation behavior. Second, we examine the impact of corporate innovation through non-

关 键 词：企业创新 叙述性信息 相似度 可读性 

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