企业创新信息披露与耐心资本认同——基于机构投资者结构的经验证据  

Enterprise Innovation Information Disclosure and Patient Capital Recognition:Empirical Evidence Based on Institutional Investor Structure

作　　者：张悦 汪顺 周泽将[1] Zhang Yue;Wang Shun;Zhou Zejiang(School of Business,Anhui University,Anhui Hefei 230601,China)

机构地区：[1]安徽大学商学院,安徽合肥230601

出　　处：《上海财经大学学报(哲学社会科学版)》2025年第1期31-46,共16页Journal of Shanghai University of Finance and Economics

基　　金：国家自然科学基金面上项目“组织权威、经济独立性与监事会治理研究:理论框架与实证检验”(72172001)。

摘　　要：基于长期价值投资原则,耐心资本往往更注重企业的创新能力和长期发展潜力。然而创新是一项周期长、风险大的投资活动,信息不对称程度极高,难以准确反映企业的投资价值。因此,探究如何有效缓解创新信息不对称,进而吸引更多的耐心资本投资对企业可持续发展具有重要意义。为此,文章基于上市公司创新文本信息数据,从机构投资者结构的视角,考察了企业创新信息披露对耐心资本认同的影响。研究发现,创新信息披露能够通过优化信息环境效应和提升风险共担效应获取耐心资本认同,表现为长期机构投资者持股比例明显上升。在外部信息环境更好、内部治理水平更高以及管理层决策视阈更长期、自身创新禀赋更丰裕的企业组中,创新信息披露提升耐心资本认同的作用更为显著。此外,相对于交易型和压力敏感型机构投资者而言,创新信息披露更利于获取稳定型和压力抵抗型机构投资者的认同。文章有助于理解企业信息披露与机构投资者结构之间的内在关联,为公司合理制定创新信息披露策略、引入更多的长期耐心资本提供理论参考。Patient capital is an investment approach that emphasizes long-term holdings and sustained returns.Its core philosophy is to maintain patience,adhere to long-term investments,and anticipate continuous growth in corporate value.The innovation capability of an enterprise is a crucial indicator of its sustainable development.However,innovation is a long-term and risky investment activity with high information asymmetry,and it is difficult to accurately reflect the investment value of enterprises.Therefore,it is of great significance to explore how to effectively mitigate the information asymmetry of innovation and thus attract more patient capital investment for the sustainable development of enterprises.The long-termism advocated by patient capital complements the investment philosophy of long-term institutional investors.Based on the data of listed companies' innovation text information,this paper examines the impact of enterprise innovation information disclosure on patient capital recognition from the perspective of institutional investor structure.It is found that innovation information disclosure can gain patient capital recognition by optimizing the information environment effect and enhancing the risksharing effect,which shows that the proportion of long-term institutional investors' holdings increases significantly.In enterprise groups with a better external information environment,a higher internal governance level,a longer-term decision-making perspective of management,and more abundant innovation endowment,the role of innovation information disclosure in patient capital recognition is more significant.In addition,compared with the trading and pressuresensitive institutional investors,innovation information disclosure is more conducive to the recognition of stable and pressure-resistant institutional investors.This paper is helpful to understand the internal relationship between enterprise information disclosure and institutional investor structure,and provides theoretical reference for enterprises to for

关 键 词：创新信息披露 创新文本信息 耐心资本 机构投资者结构 长期机构投资者 

分 类 号：F275[经济管理—企业管理]