同行企业描述性创新信息披露的溢出效应——基于机器学习与文本分析法  

The Spillover Effect of Peers' Narrative Innovation Information DisclosureBased on Machine Learning and Textual Analysis

作　　者：陈怡欣 张婷 马晨[1] Chen Yixin;Zhang Ting;Ma Chen(School of Economics and Management,Northwest University,Xi'an 710127,China;School of Business,Nanjing University of Information Science and Technology,Nanjing 210044,China)

机构地区：[1]西北大学经济管理学院,陕西西安710127 [2]南京信息工程大学商学院,江苏南京210044

出　　处：《科技进步与对策》2024年第15期22-32,共11页Science & Technology Progress and Policy

基　　金：国家自然科学基金青年项目(72102181)。

摘　　要：探讨同行企业描述性创新信息披露能否通过改善目标企业信息环境,产生促进目标企业创新绩效的溢出效应。基于机器学习和文本分析方法构建披露指标,结果发现,同行描述性创新信息披露水平提高能够显著促进目标企业创新产出“数量”与“质量”提升。信息披露语调越积极、可读性和前瞻性越强,信息披露溢出效应越显著。机制检验发现,拓展目标企业信息获取渠道、加强管理层机会主义行为治理是信息披露溢出效应产生的主要机制。进一步研究发现,相较于“言行不符”的信息披露,“言行一致”的信息披露更能促进目标企业创新绩效提升。通过提高企业创新绩效,同行描述性创新信息披露有助于目标企业长期经营业绩提升。Adequate information acquisition is beneficial for firms to identify innovation projects,acquire innovation knowledge,and evaluate innovation value.A rich information environment is necessary for promoting corporate innovation performance.Previous studies have shown that,due to similar economic conditions and market environments,peer firms'information disclosure is an important channel for target firms to obtain decision-making information.Firms can conduct research to formulate financial decisions suitable for their own development according to the collected peers'annual report information.Therefore,peers'information disclosure has an economic spillover effect.Will the information disclosure of peer firms affect the target firm's innovation decisions by improving the information environment?The answer to this question can not only help advance the understanding of the spillover effects of information disclosure,but is also of great significance for building an information environment conducive to corporate innovation.To this end,this paper studies whether peer firms'narrative innovation information disclosure affects target firms'innovation performance.It takes Chinese A-share listed companies from 2006 to 2022 as the sample,covering a total of 80 industries.The data on firms'patent applications and citation frequency in this study are from the CNRDS and WinGo databases,respectively.The annual report text of listed companies is from Juchao,an information disclosure website designated by the China Securities Regulatory Commission for listed companies,and the text corpus is preprocessed using WinGo data platform tools.Other data are from the CSMAR database.The study employs machine learning and textual analysis to construct the variables of narrative innovation information disclosure and finds that the increase in the level of peers'narrative innovation information disclosure significantly promotes the quantity and quality of target firms'innovation output.Specifically,for each increase in the level of peers'narra

关 键 词：同行企业 描述性创新信息 溢出效应 企业创新 机器学习 

分 类 号：F271.5[经济管理—企业管理]