A Study Of The Effect On Innovative Behaviors Information Disclosure For Companies Listed On SME Board's

In recent economic environment,whether the enterprise has the potential and ability to innovate has been a main basic condition whether the enterprise can survive and develop.The concept of innovation has been used in different aspects in management and development of the market economy since Joseph Alois Schumpeter proposed it.Innovation has become a hot topic because of its diversity.The enterprise upgrade the products continuously to keep and gain market share,which leads an increase in business expenses in the proportion of innovative activities.In western developed countries,the enterprise expends many assets in innovative activities to promote the development of market economy and technological updating.After 1990,the requirement of independent innovation in enterprise is also proposed in China and the enterprise should promote the economic development with the help of advanced technologies and management means.After that,to strengthen the ability to survive,consolidate the market position,extend the market share,improve the performance and create value,the listed enterprise hold the innovative activities actively.Therefore,the information disclosure of innovation behavior is necessary for external information users to evaluate the performance and value of enterprise reasonably and effectively.Because of the effects of the information disclosure itself,the enterprise value,the financial performance and the agency cost are the main aspects that the information disclosure affects.The paper mainly studies on how the information disclosure of innovation behavior in enterprise affects the financial performance and agency cost.The paper has six chapters.Firstly,the pertinent literatures are reviewed as a theoretical foundation of the paper.Based on the dimension of technology innovation,the dimension of management innovation,which expand the innovative activities in enterprise,is analyzed in the paper.The evaluation indexes of information disclosure of innovation behavior in Chinese enterprise are determined and they are evaluated with dichotomy.The information disclosure of innovation behavior in different industries is analyzed based on the evaluation indexes.Secondly,the impacts on how the information disclosure of innovation behavior affects the enterprise is analyzed and the hypothesis on two dimension,the financial performance and agency cost,is proposed based on the basic relevant theories such as information disclosure theory.Thirdly,the regression models are established based on the selected samples and variables.Then,the multiple regression analysis is done and the results and models are tested based on the models established and samples and variables selected.To verify the conclusions,the robustness test is done in the paper.The level of information disclosure of innovation behavior in enterprise are divided into two groups according to the median.The level of information disclosure of innovation behavior,which is higher than the median is put into group one and others are in group two.What's more,the other two variables are selected to replace the financial performance and agency cost.The multiple regression analysis is done renewed to estimate if the conclusion has changed.Fourthly,the results are analyzed based on the small and medium-sized enterprises board.The conclusion that the information disclosure of innovation behavior in enterprise can increase the financial performance and decrease the agency cost in listed enterprise is summarized,which indicates the importance of the information disclosure of innovation behavior.Some feasible and constructive policies and suggestions are proposed in the last chapter.