政治关联、信息披露质量与企业创新

Political Connection, Information Disclosure Quality and Enterprise Innovation

基于信息不对称理论和委托代理理论,利用我国创业板上市企业2013-2015年的相关数据,分析政治关联、信息披露质量与企业创新三者之间的关系,实证检验信息披露质量对企业创新绩效的影响,以及政治关联在其中所起的调节作用。结果表明:信息披露质量对企业创新绩效具有显著的正向促进作用,政治关联则加强了信息披露质量对创新的正向影响。

Based on asymmetric information theory and principal-agent theory, this article analyzes the relationship among political connection, information disclosure quality and enterprise innovation by using relevant data of GEM listed enterprises from 2013 to 2015. It empirically tests the influence of information disclosure quality on the enterprise innovation performance and the regulatory role played by political connections. The results show that information disclosure quality has significant positive effect on enterprise innovation performance, while political connection strengthens them.