公司两类创新信息披露及其股市表现

Innovative Information Disclosure and Stock Market Performance

公司披露的文本类创新信息和数字类创新信息有什么联系,是否会在股市有不同表现。结合A股3043个公司近5年的样本,研究公司两类技术创新信息在各自股市的反应。实证研究发现:文本类创新信息能够反映近三期的数字类创新信息,具有一定前瞻性。文本类创新和专利可以各自显著影响股市换手率、交易量和收益率。与已有研究不同,文本创新信息更多的是影响股市成交量和换手率;数字类创新信息对收益率影响显著;文本创新信息质量越高,对股市影响越大。文本型和数字型创新两类信息的交互作用反而减低了股市表现,人才质量、企业资金对于创新信息的交互影响也同样不显著。研究表明两类创新信息被关注程度不同,存在不同步问题,建议企业未来信息披露多注重文本和数字类创新信息的一致性。

The paper focuses on the disclosure of corporate innovation information and studies the relationship between innovation information and stock market performance.Through empirical research on the A-share market,the following conclusions are reached:The text-based innovation information can reflect the digital innovation information for about three time periods.Text-based innovative information disclosure has a significant positive impact on the performance of a company's performance.Text-based innovation information interacts with digital innovation information,which has negative significance impact on the stock performance.High quality of text-based innovation information shows better performance of stock market.So the information disclosure needs to focus on the text-innovation and digital-innovation,and the consistency between two kinds of information.