非正式信息披露质量能否影响企业创新——基于自媒体时代“互动易”和“e互动”平台的证据

Does the Quality of Informal Information Disclosure Affect Corporate Innovation:Evidence from the“Interaction Ease”and“E-Interaction”Online Communication Systems in the“We Media”Era

企业信息披露和创新的关系是一个开放性研究问题。在正式信息披露方式难以满足网络时代信息需求的背景下,基于交易所“互动易”和“e互动”问答平台的数据,探究上市公司非正式信息披露质量对企业创新的影响。研究结果显示,企业在互动平台上的信息答复完成度、及时性和针对性越好,企业创新水平越高,企业非正式信息披露质量能促进企业创新,在一定程度上表明交易所信息披露直通车改革的有效性。进一步地,机制研究发现上市公司非正式信息披露质量可以通过改善信息不对称、缓解融资约束、降低管理者职业忧虑和减少大股东资金占用进而提高企业创新水平。

Given that the formal information disclosure method cannot match the information needs of the Internet age,this paper investigates the influence of the quality of listed companies’informal information disclosure on corporate innovation using data from the exchange’s“Interaction Ease”and“E-Interaction”online communication systems.The research results show that the better the completion,timeliness and pertinence of the information response of enterprises on the interactive platform,the higher the level of enterprise innovation,indicating that the quality of informal information disclosure of enterprises can promote enterprise innovation.This,to some extent,demonstrates the effectiveness of the through train reform of exchange information disclosure.Furthermore,mechanism research suggest that the quality of informal information disclosure of listed companies can raise the level of enterprise innovation by reducing information asymmetry,alleviating financing constraints,easing managers’career concerns,and inhibiting capital occupation by majority shareholders.