统计研究 ›› 2020, Vol. 37 ›› Issue (7): 80-92.doi: 10.19343/ j.cnki.11-1302/c.2020.07.007

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产品市场竞争视角下信息披露与企业创新

李慧云 刘倩颖 欧倩 符少燕   

  • 出版日期:2020-07-25 发布日期:2020-07-15

Research on the Relationship between Information Disclosure and Corporate Innovation from the Perspective of Product Market Competition

Li Huiyun Liu Qianying Ou Qian Fu Shaoyan   

  • Online:2020-07-25 Published:2020-07-15

摘要: 基于不同产品市场竞争程度的条件下信息披露对企业创新影响的差异,本文以2013-2017年我国深交所上市公司为样本,研究信息披露与企业创新的关系,实证检验了产品市场竞争在两者关系中的作用。研究发现,信息披露质量与企业创新正相关,信息披露对企业创新的信息效应和治理效应大于披露专有成本;产品市场竞争在信息披露与企业创新之间起调节作用,产品市场竞争越激烈,信息披露所带来的信息效应和治理效应越大,企业越有动力提高信息披露质量以促进企业创新;进一步研究发现产品市场竞争对自愿性信息披露与企业创新关系的调节作用更为显著。本研究为企业在不同产品市场竞争程度下提升信息披露质量与企业创新水平、促进创新驱动型经济发展提供参考。

关键词: 信息披露, 企业创新, 产品市场竞争

Abstract: Different degrees of product market competition have different effects on the relationship between information disclosure and corporate innovation. Using the listed companies on the Shenzhen Stock Exchange from 2013 to 2017 as a research sample,this paper discusses the relationship between information disclosure and corporate innovation,and empirically examines the moderating role of product market competition in the relationship between them.This study reveals that the informative effect and the governance effect of disclosure are greater than the cost of it,which means that increased quality of information disclosure would improve corporate innovation;product market competition has a moderating effect on the relationship between disclosure and corporate innovation.The more intense the product market competition,the greater the informative and governance effects brought by information disclosure,and the more motivated the company is to improve the quality of information disclosure to promote corporate innovation.We further observe that the moderating effect of product market competition on voluntary disclosure and corporate innovation is more significant.The research provides useful references not only for companies to improve the level of information disclosure and their innovation level in different degrees of product market competition,but also for governments to promote the development of innovation-driven economy.

Key words: Information Disclosure, Corporate Innovation, Product Market Competition