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论文编号：	11946
作者编号：	1120140792
上传时间：	2020/9/15 15:50:25
中文题目：	企业创新信息披露与市场反应研究
英文题目：	Research on Enterprise’s Innovation Information Disclosure and Market Reaction
指导老师：	程新生
中文关键字：	创新信息披露；资本市场反应；同行公司反应；企业创新活跃度
英文关键字：	Innovation-information disclosure; Capital market response; Peer company response; Enterprise innovation activity
中文摘要：	持续不断的创新是企业核心竞争力及长期价值培育的重要动力，也是国家或地区经济保持可持续增长优势的重要源泉。然而，创新活动具有投入高、周期长以及结果的极大不确定性等风险特征。企业一方面要满足资本市场中投资者的信息需求而披露更多详尽的创新信息，另一方面要防止产品竞争市场中竞争者模仿可能引发的专有成本而减少披露。那么，面对“两难”情境，制定及实施创新战略的管理层会选择何种创新信息披露方式，是倾向于披露更多表示企业创新成果和能力的创新优势信息，还是披露更具体直观的创新进程信息，抑或提高披露的创新信息的文本复杂性？不同的企业创新信息披露方式在资本市场上将会引发何种反应，长短期市场反应是否保持一致？证券分析师在不同的企业创新信息披露引发不同市场反应过程中是否存在调节作用以及发挥何种调节作用？企业创新信息披露是否对产品竞争市场上同行业公司的创新活动存在影响，将会产生何种影响？当前，这些问题在我国尚待解答。基于此，本论文以2012-2018年中国A股上市公司为样本，在对创新信息披露的详尽程度和文本复杂程度进行研究的基础上，进一步探讨资本市场和产品竞争市场对企业创新信息披露的反应情况。 本文共分为七章。第一章为绪论，依次阐述了论文选题背景、研究意义、研究问题、研究思路、研究框架、研究方法及本文可能的创新之处。第二章为理论基础和文献综述。在充分的理论分析基础上，从创新信息披露的影响因素、经济后果及度量方法三个方面对现有研究进行梳理并作了系统性述评。第三章为企业创新信息披露度量研究。在分析创新信息披露制度的基础上构建了创新信息披露的三个度量指标，从而为论文后续实证检验作好铺垫。第四章为企业创新活跃度与创新信息披露。基于“资本市场信息需求”和“产品市场竞争防御”两条路径，对不同创新活跃度的企业的创新信息披露进行实证分析与检验。第五章为企业创新信息披露与资本市场反应，主要从资本市场视角研究企业创新信息披露的投资者反应与分析师识别。第六章为创新信息披露与同行公司反应，主要从产品市场视角研究企业创新信息披露对同行公司创新活动的影响。第七章为研究结论与展望。 通过理论分析及实证检验，本文主要研究结论如下： 第一，创新活跃度高的企业倾向于披露更多有关企业创新优势的信息，同时信息的文本复杂性会更高。这种披露方式在以探索式创新为主、融资约束程度较高、行业竞争更加激烈以及知识产权保护程度较低的企业中更明显。表明企业在为满足资本市场信息需求的同时，又为防御竞争对手的威胁做出了策略性“模糊”披露。 第二，企业创新优势信息和创新进程信息披露，能获得资本市场的认同。投资者并不会对文本复杂性高的创新信息给予更差的评价。这表明对企业创新信息披露而言，资本市场更偏好具体直观的创新进程信息，而对信息的复杂性并不敏感。 第三，分析师跟踪对不同创新信息披露所引发资本市场反应的调节作用，短期内主要体现在创新优势信息披露上，长期上只会对详尽的创新进程信息进行更好地识别。同时，分析师跟踪的调节效应在投资信息解读能力较差、企业信息环境较差时产生作用。表明面对不同解读难度的信息，分析师跟踪的解读呈现出差异，资本市场中的投资者亦会根据分析师跟踪的解读差异做出不同反应。 第四，企业创新进程信息披露会促进同行业公司的创新，但创新优势信息披露和文本复杂性会抑制同行业公司的创新，且这一效应在同行业公司竞争地位高和领先公司进行探索性创新时更为明显。综合检验创新信息披露的总体效应发现，增加创新优势信息披露以及提高创新信息的文本复杂性，能削弱创新进程信息披露所产生的“溢出”效应。结果说明企业创新优势信息披露和文本复杂性对产品竞争市场同行公司起了一定的信息威慑和壁垒作用。 本文通过构建度量创新信息披露方法的三个指标，在综合考虑研究企业创新信息披露的基础上，对创新信息披露的市场反应提供了来自中国的实证证据，为我国在企业创新信息披露制度的完善提供了理论支持，具有重要的理论及现实意义。
英文摘要：	Continuous innovation is an important driving force for the cultivation of core competitiveness and long-term value of the corporation, as well as an important source for national or regional economy to maintain sustainable growth advantages. However, innovation activities are characterized by high investment, long cycle and great uncertainty of the outcome. On the one hand, enterprises should meet the information needs of investors in the capital market, disclosing more and higher quality information; on the other hand, they should prevent the reduction of proprietary costs caused by imitation of competitors in the product competition market. Then, faced with such a "dilemma", which innovation-information disclosure will the management choose to formulate and implement the innovation? Inclined to disclose more innovative information or more specific and intuitive innovation-information? What kind of reaction will the different disclosure strategies of innovation-information cause in the capital market? Is the market reaction consistent in the long and short term? Is there a regulatory role for securities analysts in the process of innovation-information disclosure causing market reactions and what kind of regulatory role they play? Does the innovation-information disclosure affect the innovation activities of the same industry companies under the product competition and what kind of influence will it have? At present, these questions remain unanswered in China. Taking Chinese A-share listed companies from 2012 to 2018 as samples, on the basis of defining the innovation information disclosure of enterprises from the two dimensions of disclosure quantity and quality, this dissertation discusses the interpretation of different innovation-information disclosure from the capital market and product competition market. The dissertation is divided into seven chapters. The first chapter is the introduction. The background of topic selection, research significance, research problems, research ideas, research framework, research methods and possible innovations of this paper are described successively. The second chapter is the theory and literature review. On the basis of sufficient theoretical analysis, this paper makes a systematic review of the existing researches from three aspects: influencing factors, economic consequences and measurement methods of innovative information disclosure. The third chapter is the measurement of innovation-information disclosure. Based on the analysis of the innovation-information disclosure system, three indicators are constructed to measure the innovation information disclosure, paving the way for the follow-up empirical test of the dissertation. The fourth chapter is the corporate innovation activity and innovation information disclosure. Based on the two paths of "capital market information demand" and "product market competition defense", this paper analysis and test the innovation-information disclosure strategies of the corporate with different innovation activity levels. The fifth chapter is innovation-information disclosure and capital market reaction. It mainly studies investors' reaction and analysts' identification of the innovation-information disclosure from the perspective of capital market. The sixth chapter is the innovative-information disclosure and the response of peer companies. From the perspective of product market, this paper mainly studies the influence of innovation-information disclosure on the innovation activities of peer companies. Chapter seven is the conclusion and prospect. Through theoretical analysis and empirical test, the main research findings are as follows: First, enterprises with high innovation activity tend to disclose a large quantity, more detailed and specific innovation information, but at the same time, the text complexity of the information will be higher. This kind of disclosure is more obvious in the corporate with exploratory innovation, more intense industry competition, higher degree of financing constraints and lower degree of intellectual property protection. It indicates that the enterprise may make strategic "vague" disclosure to meet the capital market information needs and to protect against the threat of competitors. Second, the disclosure of innovation-information with more quantity and higher quality is easier recognized by the capital market. At the same time, investors will not give bad evaluation to low-quality innovation information with high text complexity. The empirical results show that the capital market prefers the specific and intuitive information of the innovation process to the information complexity. Third, the regulatory effect of analyst tracking on the response of capital market caused by different innovation-information disclosure strategies is mainly reflected in the quantity of innovation-information disclosure in the short term, while in the long term, it can only better identify high-quality innovation process information. The empirical results show that in the face of information with different interpretation difficulties, the analysts' interpretation is different, and investors in the capital market will make different responses according to the different analysts' interpretation. Fourth, information disclosure in the process of corporate innovation will promote the innovation of companies in the same industry, but the amount and complexity of innovative information disclosure will inhibit the innovation of companies in the same industry, and this effect is more obvious when the corporate's competitive position is high in the same industry and its innovation imitation is difficult. The empirical results of the dissertation show that the innovative information disclosure has certain information deterrence and barriers in the product competition market. By constructing four indicators measuring approach to the innovation of information disclosure, and in consideration of the corporate's innovation-information, this dissertation provides empirical evidence for the market interpretation of the innovation-information disclosure from China, also provides the theoretical support for the improvement of the information disclosure system, bringing important theoretical and practical significance.
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