创新信息披露、融资约束与企业创新

Innovation Information Disclosure,Financing Constraints and Enterprise Innovation

在我国资本市场制度不完善的背景下,创新信息披露已成为缓解内外部信息不对称的重要途径。基于这一背景,文章选取2015—2019年创业板470家上市公司的数据,基于信息不对称理论和信号传递理论,探讨了创新信息披露对企业创新的影响以及融资约束的中介传导作用。结果发现,创新信息披露对企业创新存在显著的促进作用,且融资约束在这一影响关系中发挥了显著的中介传导作用,高水平的创新信息披露能够缓解企业面临的融资约束,进而通过发挥资本对创新的支持作用促进企业创新。异质性分析发现,这一中介机制在创新优势信息中成立,而在创新风险信息中不成立;针对实质性创新成立,而针对策略性创新不成立。基于以上研究结论,文章提出了相应对策建议。

Under the background of imperfect capital market system in China, innovative information disclosure has become an important way to alleviate internal and external information asymmetry. Based on this background, the data of 470 listed companies on the Growth Enterprise Market from 2015 to 2019 were selected, and based on the theory of information asymmetry and the theory of signal transmission, the impact of innovation information disclosure on corporate innovation and the mediating role of financing constraints were discussed. The results show that innovation information disclosure has a significant role in promoting enterprise innovation, and financing constraints play a significant mediating role in this relationship. High-level innovation information disclosure can ease the financing constraints faced by enterprises, and then promote enterprise innovation by giving play to the supporting role of capital to innovation. Furthermore, the heterogeneity analysis shows that this intermediary mechanism is established in innovation advantage information, but not in innovation risk information;it is established for substantive innovation, but not for strategic innovation.Based on the above conclusions, corresponding countermeasures and suggestions are put forward.