上市公司研发活动与风险信息披露——基于文本分析法的实证检验

R&D and Risk: A Study of IP Protection on Textual Information Perspective

公司在是否披露研发活动的问题上面临着两难抉择:一方面如实披露能够缓解融资约束;但另一方面又不利于知识产权保护。近年来证监会的信息披露新规似乎减少了公司在研发信息上的自由裁量权。然而,我们从文本信息的角度,通过研究2010~2017年A股上市公司发现:公司虽然增加了研发信息披露,但出于知识产权保护动机,所披露的信息存在着一定的误导性。其中最主要的手段是通过风险信息披露来减少外界对公司研发活动的关注;但上述关系将因公司“伪研发”、较高的地区知识产权保护力度而减弱。本研究拓展了风险披露、技术研发的研究领域,并提出了更加行之有效的文本信息度量方法,丰富了文本信息量化研究。

Firms face difficulties in R&D information disclosure:On one hand,faithful disclosure can reduce the financial constraint;On the other hand,it also has adverse effect on IP protection.In recent years,the SEC has issued several new rules which may reduce firms discretion over R&D disclosure.However,our study of the listed firms in China s security market from 2010-2017 from the textual information perspective finds that although firms have increased their disclosure R&D information,some of the information is misleading due to their concern for IP protection.A major method is to userisk disclosure to reduce the outside attention on the firm s R&D,but the effect will be weakened as a result of the firm s pseudo-R&D and better regional IP protection.This research expands the research areas of risk disclosure and R&D,and introduces a more viable way to measure textual information,thus enriching the textual information research.