透明抑或模糊：创新视角下的信息披露策略
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| Title | Transparency or Opacity? Information Disclosure Strategy from the Innovation Perspective
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| 作者 | 于李胜 王泽豪 王艳艳 李文涛 |
| Author | Yu Lisheng,Wang Zehao,Wang Yanyan and Li Wentao |
| 作者单位 | 厦门大学 |
| Organization | Xiamen University |
| 作者Email | yulisheng@xmu.edu.cn；zehaowang@stu.xmu.edu.cn；yanyanwang@xmu.edu.cn；wentaoli@stu.xmu.edu.cn |
| 中文关键词 | 企业创新 信号理论 专有成本 相似度 可读性 |
| Key Words | Firm innovation; Signaling Theory; Proprietary Cost; Similarity; Readability |
| 内容提要 | 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，防止信息不对称而导致的价值低估，企业有动机针对创新行为提供更加透明的信息；另一方面创新所伴有的专有成本，又使得企业存在创新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2011-2016年A股上市公司数据，检验了企业创新对MD&A信息披露策略的影响。研究结果表明，随着企业创新的增加，企业披露的创新行为的信息数量上升（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创新信号并模糊表达。此外，上述结果存在于知识产权保护力度较高、行业竞争更激烈、融资约束程度较高和非高科技行业的情况下。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。 |
| Abstract | Innovation and R&D have the characteristics of high investment, long cycle and high uncertainty, which make the high-innovation enterprises face low transparency and high proprietary cost. On the one hand, in order to satisfy investors and prevent undervaluation caused by information asymmetry, enterprises have the motivation to disclose information. On the other hand, innovation comes with the proprietary cost, which makes the enterprise have the worry of information disclosure being acquired by existing and potential competitors. Using the data of A-share listed companies from 2011 to 2016, we find that the more firm’s innovations, the lower similarity and readability of its MD&A texts. The results show that the management will take into consideration both the value of the enterprise and the competitor's imitative. In further research, we also find that the above results mainly exist in the higher protection of intellectual property rights, fierce competition in the industry and higher degree of financing constraints. |
| 文章编号 | WP1465 |
| 登载时间 | 2020-01-16 |
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