基于企业绩效视角的知识产权文本信息披露有效性研究  

Research on the Effectiveness of Intellectual Property Text Disclosure Based on the Perspective of Enterprise Performance

作　　者：肖翔[1] 陈柏彤 鲍新中[2] 葛格 XIAO Xiang;CHEN Baitong;BAO Xinzhong;GE Ge(School of Economics and Management,Beijing Jiaotong University,Beijing 100044,China;Management College,Beijing Union University,Beijing 100101,China)

机构地区：[1]北京交通大学经济管理学院,北京100044 [2]北京联合大学管理学院,北京100101

出　　处：《北京联合大学学报（人文社会科学版）》2024年第4期93-108,共16页Journal of Beijing Union University(Humanities and Social Sciences)

基　　金：国家社会科学基金“‘一带一路’铁路项目的效应评价与债务可持续性”(项目编号:19BGJ001);中央高校基本科研业务费专项资金资助“‘一带一路’背景下中国铁路国际化问题研究”(项目编号:2023JBW7001)。

摘　　要：本文基于《知识产权相关信息披露规定》颁布这一外生冲击构建连续型DID模型,基于企业绩效视角考察知识产权文本信息披露的有效性。结果表明:在信息披露的信息效应和内损效应的影响下,《规定》颁布后企业披露的知识产权文本信息对企业绩效存在异质性影响。知识产权信息披露短期内并未给企业带来盈利能力的提升,而从长期看知识产权信息披露反映了市场对公司的良好预期。债权融资水平的降低是知识产权信息披露降低企业短期绩效的潜在机制,权益资本成本的降低是知识产权信息披露提升企业长期绩效的潜在机制。按信息类型分类分析发现,优势信息和内容信息与短期绩效的负向关系更显著,内容信息、优势信息和风险信息对长期绩效的正向影响程度依次减弱。截面分组发现,成长期和衰退期企业知识产权信息披露与短期绩效的负向关系更显著,成长期和成熟期企业知识产权信息披露与长期绩效的正向关系更显著。研究不仅证明了知识产权信息披露对企业绩效存在的差异性影响,也对政府逐步完善知识产权信息披露政策,企业更好地开展知识产权信息披露的实践活动均具有借鉴意义。This paper constructs a continuum DID model based on the exogenous shock of promulgating the“Provisions on Disclosure of Intellectual Property-Related Information.”It examines the effectiveness of disclosure of intellectual property textual information based on the perspective of firm performance.The results show that the IP text information disclosed by enterprises after promulgating the regulations has heterogeneous effects on corporate performance.This suggests that IP disclosure did not improve profitability to enterprises in the short term,while it reflected the market’s favorable expectations of the company in the long term.The reduction in the level of debt financing is a potential mechanism by which IP disclosure reduces firms’short-term performance,and the decrease in the cost of equity capital is a potential mechanism by which IP disclosure enhances firms’long-term performance.According to the classification analysis of information types,a more significant negative relationship exists between advantageous and content information and short-term performance.In contrast,the positive impact of content,advantage,and risk information on long-term performance weakens in sequence.Cross-sectional grouping found that the negative relationship between IP disclosure and short-term performance is more significant in growing and declining enterprises,and the positive relationship between IP disclosure and long-term performance is more significant in growing and maturing enterprises.The study proves the differential impact of IP disclosure on enterprise performance.It has implications for the government to improve IP disclosure policies gradually and for enterprises to carry out IP disclosure practices better.

关 键 词：知识产权文本信息 信息披露有效性 短期绩效 长期绩效 

分 类 号：F272.5[经济管理—企业管理] F273.1[经济管理—国民经济] F204