企业透明度与科技创新——基于高新技术企业的实证检验

Corporate Transparency and Technological Innovation ——Empirically based on a High and New Technology Enterprise

企业透明度是市场经济中企业诚信程度的标尺,是经济健康运行乃至社会良性运行的前提。已有研究表明,企业透明度对技术创新存在正向影响。从财务透明度、治理透明度和组织透明度3个角度选取6个指标构建企业透明度评价模型,以2012-2016年深圳证券市场高新技术企业为样本,实证检验企业透明度对企业科技创新的影响。结果表明,企业透明度对技术创新存在正向影响。影响路径方面,企业透明度一方面通过缓解融资约束促进企业科技创新,另一方面通过缓解代理问题促进企业科技创新。相对于国有企业,非国有企业透明度提升能更好地促进企业科技创新。

Enterprise transparency is a yardstick of enterprise integrity in the market economy and a prerequisite for the healthy operation of economy and even the benign operation of society. Studies have shown that enterprise transparency has a positive impact on technological innovation. This article from the financial transparency, governance transparency and the perspective of organization transparency three building the appraisal model of corporate transparency, six indexes selected by 2012 to 2016, the Shenzhen securities market of high-tech enterprises as samples, empirically transparency to the role of enterprise technology innovation. The results show that enterprise transparency has positive influence on technological innovation. On the path of influence, enterprise transparency promotes enterprise scientific and technological innovation by alleviating financing constraints, and on the other hand by alleviating agency problems. Compared with state-owned enterprises, the improvement of the transparency of non-state-owned enterprises can better promote the scientific and technological innovation of enterprises.