创新文本信息披露是公司一厢情愿的行为吗  

Is the Disclosure of Innovation Textual Information an Unilateral Act by the Company

作　　者：鲁惠中 周铭山 林靖[4] Lu Huizhong;Zhou Mingshan;Lin Jing(Academy of Hinterland Development,Henan University;School of Finance,Zhongnan University of Economics and Law;School of Finance,Xinjiang University of Finance&Economics;School of Finance,Southwestern University of Finance and Economics)

机构地区：[1]河南大学中原发展研究院 [2]中南财经政法大学金融学院 [3]新疆财经大学金融学院 [4]西南财经大学金融学院

出　　处：《南开管理评论》2024年第6期124-135,159,共13页Nankai Business Review

基　　金：国家社会科学基金重大项目(22&ZD116);国家自然科学基金项目(72102193);河南省软科学项目(242400410308)资助。

摘　　要：创新文本信息语调积极性向市场传递了公司对创新活动所持有的态度,市场对此做出的正向反馈是公司持续创新的动力。基于市场投资者角度,本文探究了公司创新文本信息语调积极性与公司价值之间的关系。研究表明,公司创新文本信息语调积极性并未得到市场的正向反馈,具体表现为与公司价值显著负相关。从市场信任与解读角度,本文的实证结果表明市场对公司创新文本信息语调积极性的不信任和不理解是导致该现象发生的重要原因。随后,本文进一步探究了应如何提升市场对创新文本信息语调积极性的信任与解读。本文的结论有助于提升市场对公司创新文本信息的识别水平,使创新文本信息披露不再是公司一厢情愿的行为。The importance of innovation activities is self-evident,but there exists a considerable level of information asymmetry both internally and externally within companies regarding innovation activities,necessitating effective disclosure of innovation information by companies.Textual information related to innovation activities not only provides a detailed reflection of the progress of such activities but also elucidates a company's future plans for innovation,thereby reducing the information asymmetry between internal and external stakeholders concerning innovation activities and enhancing market pricing efficiency with regard to a company's innovation activities.Only when the value of innovation activities is accurately reflected in the company's overall value can it incentivize companies to continue engaging in innovation activities and enhance their innovation capabilities.The positivity of tone,as a crucial characteristic of textual information,has been empirically proven to serve as a signaling mechanism,reflecting a company's attitude towards its operational activities.Nonetheless,isolated incidents of problematic disclosure of innovation textual information in recent years have diminished investors'trust levels.Furthermore,the presence of various professional terminologies within innovation textual information has reduced investors'ability to interpret information within the market effectively.In light of these circumstances,this study explores whether the market can provide positive feedback to companies based on the positivity of tone in their innovation textual information,thereby enhancing company value.This paper examines the impact of the positivity of tone in innovation textual information on company value from the perspective of investors,using Chinese A-share listed companies from 2009 to 2019 as the research sample.The study reveals that although the positivity of tone in innovation textual information tends to accurately reflect a company's innovation activities,it does not receive positive feedbac

关 键 词：创新文本信息 解读能力 信任程度 公司价值 

分 类 号：F273.1[经济管理—企业管理]