The Research Of Information Disclosure Of Enterprise Innovation In China

Innovation as a driving force of enterprise core competitiveness,to promote economic development and technological progress of our country has made outstanding contributions.Since the implementation of innovation driven development strategy,the important role of enterprise innovation is increasingly prominent,but the information disclosure level of enterprise innovation behavior cannot meet the needs of information users,we need to improve the legal system and adjust the enterprise innovation behavior to guide the information disclosure.In this paper,expounded the research background and research significance of the paper at first,and the domestic and foreign research status are summarized and reviewed.The second part is the theoretical basis.Firstly,we introduce the theory of innovation and the theory of planned behavior,and then discuss the principal-agent theory,asymmetric information theory and signal transmission theory.In the third part,we construct the index system of enterprise innovation information disclosure,and evaluate the quality of the information disclosure level of our country's enterprise innovation from three aspects: index level,industry level and comprehensive level.The fourth part is the empirical research on the motivation of information disclosure and the capital market reaction.Do descriptive statistics and regression analysis on financial data of gem listed company distinguishing from enterprise innovation mandatory information disclosure and voluntary disclosure,The results show that the enterprise innovation information disclosure has the motivation to improve the external financing ability and promote the enterprise value,and has a significant positive correlation with the capital market reaction,because of the information disclosure system is not perfect,the influence of the mandatory disclosure weaker than voluntary.The higher the level of information disclosure of enterprise innovation behavior,the better the capital market reaction,the content of mandatory disclosure of information is more likely to be reflected in the stock price than voluntary disclosure.The fifth part describes the information disclosure of American enterprise innovation,through the comparison of the United States of America's more perfect policy system,to improve the level of information disclosure of enterprise innovation in China.Finally,put forward policyrecommendations from the legal system and the enterprise,make reasonable suggestions to strengthen the information disclosure of enterprises in our country,in order to maintain the development of enterprise innovation ability,and improve the level of information disclosure of enterprise innovation in China.