| In recent years,the downward pressure of China’s economy is increasing.On the first half of 2015,China’s GDP growth has dropped to 7%.In order to change this situation,the government is constantly stressing the role of innovation in driving economic growth.As the main role of innovation,it goes without saying the importance of enterprises.To create a good market environment for enterprises will be one of the priorities of government work.Since 1991,China’s securities market is formed,the government continued to take various measures to improve market transparency,strengthen the information disclosure quality of companies to ensure the healthy and orderly operation of the market.Therefore,to explore the relationship between firm innovation and information disclosure quality will be particularly meaningful.Firstly,the paper establish the BN model to carry out theoretical analysis of the relationship between firm innovation and information disclosure quality,and make liquidity as an intermediary to link the two factor.To test the validity of the conclusions,we chooses 239 firms whose stocks listed on the Shenzhen Stock Exchange A share before 1 January 2012.We use the fixed effects model to empirical test the relationship between firm innovation and information disclosure quality.Subsequently,this paper use the same sample to study the relationship between stock liquidity and firm innovation.Finally,we chooses 227 firms whose stocks listed on the Shenzhen Stock Exchange A share before 1 January 2005 and use difference in differences model to examine the relationship between stock liquidity and information disclosure quality.Based on the above research,we draw three conclusions:First,the improve of information disclosure quality reduce the willingness of firm innovation.Second,the improve of information disclosure quality can effectively improve the company’s stock liquidity.Third,to a certain extent,the improve of stock liquidity inhibit firm innovation. |
PDF Full Text Request