创新信息披露对创新绩效的影响研究——基于电子信息制造企业的面板数据

Research on the Impact of Innovation Information Disclosure on Innovation Performance:Based on the Panel Data of Electronic Information Manufacturing Industry

文章基于2015—2019年63家创业板电子信息制造业面板数据,运用系统GMM模型研究创新信息披露对创新绩效的影响。结果表明,电子信息制造业创新信息披露会对创新绩效产生负向影响,即企业“说”得多会导致最后“做”得少,“说”得少反而最后“做”得多;进一步研究发现,盈利能力和偿债能力均能削弱创新信息披露对创新绩效的负向影响,而成长能力和营运能力对二者关系则无显著的调节作用;与此同时,企业的表述态度不会对上述结论产生影响,不管是信息的乐观描述还是客观表述均支持该结论。

By collecting the panel data from 63 electronic information manufacturing enterprises which are listed in China Second-Board Market in 2015—2019,we use GMM model to analyze the impact of promises about enterprise innovation on performance of ente-rprise innovation.The results show that the promises of enterprises'innovation have the negative impacts on performance of innovation and so on the more the enterprises promise,the less the enterprises will carry out.While the less the enterprises promise,the more the enterprises will carry out.Furtherly,the studies also show that both of enterprise's profitability and solvency weaken the effects which we proposed above,but both of the enterprise's growth capacity and operational capacity have no significant moderating effect on effects which we proposed above.Additionally,the enterprise's different promises,radical promise and realistic promise,will not influence on the conclusions above.