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论文编号：	13040
作者编号：	1120170875
上传时间：	2022/3/8 14:04:37
中文题目：	年报文本信息复杂性对企业创新投资的影响研究
英文题目：	Research on the Influence of Annual Report’s Textual Complexity for Firm’s Innovation Investment
指导老师：	李姝
中文关键字：	年报文本信息复杂性；创新投资；信息不对称；融资约束；大股东掏空；溢出效应
英文关键字：	Annual Report’s Textual Complexity; Innovation Investment; Information Asymmetry; Financial Constraints; Tunneling of Large Shareholders; Spillover Effects
中文摘要：	随着我国供给侧结构性改革等政策措施的持续深化，逐步形成了以高质量发展为导向的经济增长模式，这对经济运行中起基础性作用的微观企业提出了更高的创新要求。在国家创新驱动战略的顶层设计指引下，我国高新技术企业数量以及企业研发投入活动呈现快速增长的势头。据《2020年全国科技经费投入统计公报》数据显示，2020年全国研究与试验发展（R&D）经费投入较2019年增长10.2%，共计24393.1亿元，其中各类企业R&D经费支出18673.8亿元，较上一年增长10.4%，占全部R&D经费支出的比重为76.6%，说明企业创新投资活动对全社会创新发展至关重要，但整体创新活力仍然不强，且主要集中在高技术制造业、装备制造业等少数领域。近年来在中美贸易摩擦升级和疫情冲击等外部环境不确定性的叠加影响下，企业家如何继续秉持创新精神并实现有效创新决策已成为当前企业面临的主要问题。与此同时，信息时代的迅猛发展，使投资者需要投入更多时间与精力处理纷繁复杂的碎片化信息，上市公司自愿信息披露行为在向市场投资者提供重要的额外私有信息的同时也可能对其产生负面的信息过载现象，从而影响投资者的投资决策和公司评价。2021年新实施的《中华人民共和国证券法》中明确提出上市公司信息披露应当满足“简明清晰，通俗易懂。”的要求，上市公司信息披露质量除了要做到客观公正外，还要提高信息的决策相关性。因此，随着计算机科学和人工智能的进步，年报作为上市公司传递非财务信息的主要载体，其文本可读性或者复杂性所产生的经济后果已逐渐引起实务界和学术界的广泛关注。大量研究文献证明上市公司的信息披露质量对真实投资决策具有显著影响，然而关于年报文本信息的语言特征与企业自身真实投资决策关系的研究却并不多见。为此，基于以上研究背景和动机，本文主要探讨年报文本信息复杂性如何影响企业创新投资及其内在作用机制的问题。 本文按照影响关系——作用机制——溢出效应的研究思路开展实证研究。首先，对委托代理理论、会计信息质量特征理论、信息加工流畅性理论和技术创新理论进行了系统梳理。其次，对年报信息披露影响企业投资决策、企业创新投资影响因素、信息处理成本与年报文本语言特征以及同行信息披露对企业投资决策溢出效应等相关文献进行了回顾和述评。最后，根据理论分析提出研究假设，基于2007年至2019年中国沪深A股非金融类上市公司为研究对象，对上市公司披露的年度报告进行自然语言处理和文本分析的基础上，分别实证检验了年报文本信息复杂性与企业创新投资之间的关系、两者的内在作用机制以及由此产生的同行溢出效应。希望以上研究结果对我国上市公司的信息披露和创新行为有更深刻的认识，同时为市场参与者、政策制定部门以及证券监管机构提供理论依据和经验支持。 本文的主要研究结论如下： 第一，在年报文本信息复杂性影响企业创新投资方面，本文研究发现：企业未来创新投资水平随着年报文本信息复杂程度的提高而降低，换言之，较复杂的年报文本信息阻碍了企业创新投资活动的开展。进一步地，管理层年报语调越消极以及上市公司财务报告质量越低，年报文本信息复杂性对企业创新投资的负面影响越显著。这可能是因为较复杂年报文本信息容易导致外部使用者的信息处理成本增加，年报的信息含量降低，不利于缓解企业内部人与外部股东、大股东与中小股东之间的信息不对称，导致创新投资积极性下降。 第二，在年报文本信息复杂性影响企业创新投资的作用机制方面，本文研究发现：一方面，较复杂的年报文本信息所引发的信息加工流畅性降低和处理成本升高的问题，进一步导致上市公司内外部信息不对称的深化，具体表现为融资约束水平的升高，减少了企业创新所需的必要资金供给，挫伤了管理层开展创新投资的积极性，从而不利于企业提高创新投资水平。另一方面，较复杂的年报文本信息加重了外部中小股东与大股东之间的信息不对称，加大了大股东掏空行为的风险，管理层出于资金供给不足、风险规避的考量而削减研发支出。总之，信息不对称引发的融资约束机制和大股东掏空机制是年报文本信息复杂性作用于企业创新投资决策的潜在影响机制。 第三，在年报文本信息复杂性影响企业创新投资的经济后果方面，本文研究发现：同行年报文本信息复杂性对企业创新投资产生负面的溢出效应，即复杂的同行年报文本信息降低了目标企业的创新投资规模。这主要是因为同行复杂性较高或者可读性较差的年报文本信息导致目标企业进行信息学习的动力降低，难以从同行企业处获取增量信息，加重了管理层关于创新投资信息环境的不确定性，从而阻碍了目标企业的创新投资。同行年报文本信息复杂性对企业创新投资的负面溢出效应随着内外部信息环境的差异表现出异质性，同行企业年报越可靠、同行企业与目标企业间的年报文本信息越相似以及同行企业与目标企业间的竞争战略差异度越低，同行负向溢出效应越显著。 本文的研究贡献及创新之处主要包括： 第一，本文的研究结论丰富了企业创新投资决策影响因素的相关文献。已有文献主要基于财务信息质量特征的视角为切入点，而较少关注以文本形式呈现的非财务信息的语言特征对创新投资的影响。另外，该话题的研究多数基于发达资本市场，很少以我国特殊的经济发展阶段为研究背景，特别是在近年来国家大力提倡发展高质量资本市场、创新驱动经济增长的宏观政策和人工智能迅猛发展的影响下，已有研究的结论还存在值得深入探讨的问题。本文以上市公司年报文本信息复杂性为研究切入点，通过文本分析技术构建了多个文本复杂性指标，系统地检验了上市公司非财务信息披露行为与企业创新投资决策的关系，以及在不同信息环境下表现出的异质性，一定程度上是对该研究领域现有文献的适当补充。 第二，本文的研究结论是对信息披露影响企业真实投资决策作用机制的丰富和发展。本文在探讨年报文本信息复杂性影响企业创新投资的作用机制时，综合了Roychowdhury、Shroff和Verdi（2019）的研究成果，并结合我国资本市场突出的双重委托代理问题，将信息不对称引发的融资约束机制和大股东掏空机制纳入到同一分析框架中，避免了单一信息机制分析的不足。这是本文的另一个贡献与研究创新之处。 第三，虽然已有大量研究文献发现上市公司非财务信息披露行为及其特征对企业投资决策产生影响，但是对企业创新投资决策影响的溢出效应研究并不多见。创新投资因具有投入资金多、持续时间久、产出结果不确定性大以及转移成本高的特点而区别于传统固定资产投资，管理层对信息质量的要求更高。鉴于此，本文除了研究年报文本信息复杂性对自身创新投资决策的影响外，还对由此产生的同行溢出效应进行了深入考察，不仅为“同侪效应”理论的研究提供新的实证证据，而且为上市公司规范非财务信息披露行为、做出合理创新投资决策、市场参与者的科学投资决策、证券市场监管工作重点以及政府政策制定方向提供了一定的参考价值。同时，对拥有类似或者相同经济发展水平和制度背景的国家和地区的资本市场发展也有一定的借鉴意义。
英文摘要：	With the continuous deepening of China’s supply-side structural reforms and other policy measures, an economic growth pattern oriented by high-quality development has been gradually formed. It puts forward higher requirements of innovation for firms that play a fundamental role in economic operations. Under the guidance of the top-level design of the national innovation-driven strategy, a great number of high-tech firms and their R&D investment activities are showing a trend of rapid growth. According to the data in the “National Bulletin of National Science and Technology Expenditures in 2020”, R&D were up by 10.2% in 2020 over the 2019, totaled ￥2439.31 billion. Among them, the R&D expenditures of various firms were ￥1867.38 billion, up by 10.4% this year, accounting for 76.6% of the total R&D expenditures, indicating that firm innovation investment activities are critical to the development of entire society’s innovation, but the overall efficient innovation is still weak, and it is mainly concentrated in a few areas such as high-tech manufacturing and equipment manufacturing. In recent years, with the exacerbation of Sino-US trade frictions, the impact of the COVID-19 and other external environmental uncertainties, how entrepreneurs can keep the spirit of innovation and achieve efficient decision-making of innovation have become major issues to firms. Simultaneously, the rapid development of information era requires investors to spend more efforts in dealing with complex and fragmented information. The voluntary disclosure of listed firms may provide important additional private information to outside investors, but may also be harmful because it produces a negative impact of information overload, which affects investors’ investment decisions and their market evaluations. The implementation of the new “Securities Law of the People’s Republic of China” in 2021 clearly states that information disclosures of public firms should meet the standard of “concise, clear and easy to understand.” In addition to the objective and fairness of information disclosure, public firms should also provide high-quality disclosures that include relevance to decision-makings. Therefore, with the progress of computer science and artificial intelligence, the annual reports of listed firms, which disseminate their non-financial information, have gradually attracted widespread attention from practical and academic circles for the economic consequences of textual readability or complexity. A large number of research prove that listed firm’s disclosure quality has a significant impact on real investment decisions. However, few research focus on the relationship between the language characteristics of textual disclosures in annual reports and their real investment decisions. Accordingly, based on the above research background and motivation, this paper mainly examines how the complexity of annual report affects firm innovation investment and its internal mechanism. The paper carries out empirical research according to the thoughts of influence relationship to mechanism and to spillover effects. First, we systematically sorts out relevant theories of the Principal-Agent, the Qualitative Characteristics of Accounting Information, the Information Processing Fluency and the Technological Innovation. Second, we review the relevant literature on the relationship of annual report disclosure on firm investment decisions, the influencing factors of firm innovation investment, the information processing costs and language characteristics of annual report’s textual disclosure, and the spillover effects of peer disclosure on firm investments. Finally, through theoretical analysis, we propose research hypothesis. Based on the data of China’s Shanghai and Shenzhen A-share non-financial listed firms from 2007 to 2019 as our research samples, annual reports disclosed by listed firms are processed on the basis of natural language processing and textual analysis. We empirically examine the relationship between annual report complexity and firm innovation investment, internal mechanism, and the spillover effects from peer disclosures. It is well hoped that our results will be beneficial to understand information disclosure and innovative behaviors of China’s listed firms, and also provide theoretical basis and empirical supports for market participants, policy makers and securities regulatory authorities. Followings are main conclusions of this research: First of all, in terms of the complexity of annual report’s textual disclosure influencing firm innovation investment, we find that the future level of firm innovation investment will decrease as the textual complexity of annual report increases. In other words, annual report’s textual disclosure becomes higher complex, which hinders the development of firm innovation investment. Moreover, the more negative managerial annual report tone, and the lower financial report quality, the more negative significantly impact of annual report complexity on firm innovation investment. The results suggests that the complex annual report exacerbates the cost of information processing for information users, which in turn expanding information asymmetry of inside and outside one firm and between external investors. This will frustrate the enthusiasm of firm innovation investment. Second, on the mechanism of annual report complexity affecting firm innovation investment, there are two findings. On the one hand, the issues of weak information processing fluency and higher disclosure processing costs caused by the complex annual report’s textual disclosure deteriorate information asymmetry of inside and outside one firm, which is manifested in the high level of financing constraints. It will reduce the supports of R&D investment and frustrate managerial enthusiasm for innovation investment, which is not good for one firm to improve the level of innovation investment. On the other hand, the more textual complex of annual reports also expand information asymmetry between external minority shareholders and large shareholders, which makes expropriation and tunneling risk from large shareholders become increasing. In this case, managements will prefer to cut down innovation investment due to insufficient funds and risk aversion. In short, the financial constraints mechanism and the large shareholders’ tunneling mechanism derived from information asymmetry are the two potential mechanisms of the complexity of annual reports on firm’s decision-makings of innovation investment. Third, through the study of economic consequences of the annual report’s complexity affecting firm innovation investment, the results suggest that peer complexity of annual reports conducts negative spillover effects on firm innovation investment. It seems that the more complex the textual disclosure of peer annual reports in the same industry, the lower innovation investment level of the target firm. This is mainly due to the high complexity or poor readability of the annual report from peers hinder the motivation of the target firm to learn new information, so it is difficult to obtain incremental information from peers. Then, it exacerbates uncertainty of managerial information environment of innovation investment, which discourages the target firm’s innovation investment. This negative spillover effect of the complexity of peer annual reports on target firm innovation investment shows heterogeneity along with the differences between internal and external information environment. Specifically, the higher financial reports quality of peer firms, more similar textual disclosure of annual reports of peer firms and the target firm and the lower difference of competitive strategy between them, the more significantly negative impact of peers’ spillover effects. Contribution and innovation of this research mainly include: First, the research conclusions enriches and expands the relevant research on the factors affecting decisions of corporate innovation investment to some extents. The existing literature is mainly based on the perspective of characteristics of financial disclosure quality as the start point, but less attention is paid to examine the impact of language characteristics of non-financial disclosure presented in the form of text on innovation investment. In addition, most of the research on this topic is based on developed capital markets, and rarely takes China’s special economic development stage as the research background. Recently, China has vigorously promoted the development of high-quality capital markets, innovation-driven macro policies for economic growth, and rapid artificial intelligence especially. Under this circumstance, the findings of existing research still have some limitations and there are worthy directions for future research. This paper takes the textual complexity of listed firm’s annual report as initial perspectives, constructs multiple textual complexity indicators through textual analysis technology, and systematically examines the relationship between the non-financial disclosure behaviors of public firms and their innovative investment decisions, as well as the heterogeneity in different information environment. To some extents, the results play a useful supplement to the existing literature in this field. Second, this paper contributes to enriching and developing literature about mechanisms of information disclosure affecting firm’s real investment. When discussing the mechanism by which annual report complexity influences firm innovation investment, we synthesize the conclusions of Roychowdhury, Shroff and Verdi(2019) and account for unique “Double Principal-Agent Conflicts” issues in China’s capital market. Our research incorporate the financial constraints mechanism and large shareholders’ tunneling mechanism of information asymmetry into the same analysis framework, avoiding the shortcomings of analyzing single information mechanism. This is another research contribution and innovation. Third, although a large number of research documents have found that listed firm’s investment decisions relate to its non-financial disclosure characteristics, there are few studies researching on the spillover effects of its impact on firm innovation investment decisions. Considering of innovation investment is different from traditional fixed asset investment due to large amount of investments, long duration, high uncertainty in output results, and high transfer costs, managements have incentive to collect high quality information. In view of this, in addition to examining the impact of annual report complexity on its own innovation investment decisions, this paper also conducts an in-depth investigation about the spillover effects of peers arising therefrom. It not only provides new empirical evidence for researching on the “Peer Effect” theory, but also for listed firms to regulate non-financial disclosure and make correct innovation investment decisions. Our results provide reference to market participants for making scientific investment decisions, security authorities for conducting market supervision, and government for formulating related policies. At the same time, it also makes sense of helping to develop capital markets among other countries and regions whose economic development situation and institutional backgrounds are same or similar.
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