风投背景与公司创新信息:说得好还是做得好

Venture capital backed companies and innovation information:Words or actions

基于A股上市公司披露的创新活动相关文本信息,研究了风险投资机构的参与如何影响公司创新信息披露语调的积极程度.研究发现:有风险投资背景的公司年报中关于创新信息披露语调的积极程度高于没有风险投资背景的公司,并且该种积极程度与研发投入呈显著负相关,说得好的公司做得并不好;在信息披露透明度低的公司中这种不一致表现更为显著;国有股权可以约束风险投资机构影响创新信息披露语调积极程度的行为,有助于督促公司“言行一致”;从公司治理角度而言,有效发挥董事会机制,扩大规模,提高独立性,同样可以约束风险投资机构影响创新信息披露语调积极程度的行为,避免存在“口是心非”的嫌疑.

Based on the relevant text information disclosed in the annual reports of A-share listed companies regarding innovation activities,this paper examines how the involvement of VC influences the extent of positive tones in companies’innovation information.This study shows that compared to companies without a VC back ground,those with such a background demonstrate a more positive tone in innovation information in their annual reports.Moreover,there is a significant negative correlation between the extent of positive tone and companies 1 R&D input.More specifically,those who disclosed positive contents in the annual reports did not perform well,and this inconsistency was more pronounced in companies with low transparency in information disclosure.This paper further indicates that state-owned equity participation could restrain the VC from exerting their influence on the extent of positive tone in the innovation information,helping companies realize consistency between words and actions.From the perspective of corporate governance,the risk of positive tone in innovation information disclosure being influenced by VC could be mitigated by taking advantage of effective board mechanism,expanding the scale of the board of directors and improving the independency of the board of directors,so as to avoid“duplicity”.