负面清单制度与企业创新信息披露
负面清单制度与企业创新信息披露
Negative List System and Enterprise Innovation Information Disclosure
《财经研究》2023年49卷第9期 页码：124 - 137, 153 online：2023年9月3日
作者
中：张悦1 , 许永斌1 , 汪顺2
英：Zhang Yue1, Xu Yongbin1, Wang Shun2
作者单位：1. 浙江工商大学 会计学院，浙江 杭州 310018; 2. 安徽大学 商学院，安徽 合肥 230601
摘要及关键词
摘要：市场准入负面清单制度的实施有利于营造公平的竞争环境，激发市场竞争活力。作为关键性战略信息，创新信息的披露兼具成本与收益，而在负面清单政策的冲击下，企业究竟会顾及专有成本而抑制创新信息披露，还是出于战略性考虑，增加创新信息披露呢？基于微观企业创新文本信息数据，文章对这一问题进行了考察，研究发现，负面清单制度的实施有利于增加企业创新信息披露以发挥其战略性价值。而横截面检验发现，当创新信息披露成本更低或披露收益更高时，负面清单制度对企业创新信息披露的促进作用更显著。机制分析则表明，管理层竞争感知增强与企业风险承担能力提升是上述影响的关键作用路径。此外，对同行信息外溢效应进行检验发现，同行创新信息披露具有显著的外部性，有利于改善总体的创新信息披露环境，并提升目标企业创新水平。文章从企业创新信息披露环境的视角考察了负面清单政策的微观效应，为我国增强市场主体活力、优化创新信息环境提供了直接的政策建议。
关键词：市场准入负面清单；创新文本信息；创新信息披露；同行信息外溢
Summary: The implementation of the negative list system for market access is conducive to creating a fair competitive environment and stimulating market competition vitality. As a key strategic information, innovation information disclosure has both costs and benefits. Under the impact of negative list system, will enterprises consider proprietary costs to reduce innovation information disclosure, or will they increase innovation information disclosure out of strategic considerations? Based on the quasi-natural experimental space provided by the pilot of China’s negative list system for market access, this paper uses the matching data of micro-enterprise innovation text information to examine the micro effect of the negative list system. This paper finds that the implementation of the negative list system is conducive to encouraging enterprises to increase innovation information disclosure, and this conclusion is still valid after a series of robustness tests. Heterogeneity analysis indicates that as the cost of innovation information disclosure decreases and disclosure benefits increase, the negative list system has a more significant promoting effect on enterprise innovation information disclosure. The mechanism test shows that the implementation of the negative list system mainly affects innovation information disclosure by increasing the competitive perception of management and enhancing the ability of enterprises to bear risks. In addition, innovation information disclosure has a peer spillover effect. Increased disclosure of innovation information by peer enterprises is beneficial for driving target enterprises to enhance their innovation capabilities. The contributions of this paper are mainly reflected in the following aspects: First, it provides rigorous empirical research on the strategic disclosure value of innovation text information, further supplementing and expanding the existing literature on innovation information disclosure. Second, it provides empirical evidence at the micro level for us to have a deeper understanding of the implementation effect of the negative list system, supplementing the current research on the implementation effect of the negative list system for market access. Third, the heterogeneity test expands the influencing factors of the dynamic balance between disclosure costs and benefits in the process of enterprise innovation information disclosure.
Key words: negative list for market access; innovation text information; innovation information disclosure; peer information spillover
其他信息
DOI：10.16538/j.cnki.jfe.20230418.302
收稿日期：2022-10-15
基金项目： 国家社会科学基金青年项目（22CJY032）
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