Research On The Influence Of Board Of Directors Characteristics On Information Disclosure Of Enterprise Innovation Behavior

Under the open innovation environment,whether the enterprise possesses innovation capability and carries out innovation activities actively or not has become an important symbol to measure its market competitiveness and development potential.Especially with China's economy stepping in the new normal.enterprises' innovation activities are increasingly prominent in their own development and socio-economic development.In order to analyze enterprises' innovation capability and innovation behavior,and guide economic decision-making,information users hope obtain as much information of innovation behavior as possible from the enterprise.However,at present,the level of information disclosure of innovation behavior of Chinese enterprises cannot meet the demand of information users.Therefore,it is of great significance to study the driving mechanism of the level of information disclosure of enterprise innovation behavior.This paper takes high-tech listed companies on GEM from 2014 to 2016 as a research object,and carries out empirical test on the influence mechanism of board of directors characteristics on information disclosure of enterprise innovation behaviors from mandatory information disclosure and voluntary information disclosure respectively.The empirical coinclusions are as follows:(1)the level of mandatory information disclosure of enterprise innovation behavior is positively relevant to chairman's education background,number of board meetings and board risk preference;is negatively relevant to the leadership structure of the board;is irrelevant to board size and the proportion of independent directors.(2)the level of voluntary information disclosure of enterprise innovation behaviors is positively related to board risk preference;is irrelevant to chairman's education background,board size and the leadership structure of the board.(3)to increase the proportion of independent directors and increase the number of board meetings fail to improve the level of voluntary information disclosure of enterprise innovation behaviors.In order to enhance the level of information disclosure of enterprise innovation behavior,the paper puts forward the following policy recommendations based on the above conclusions:firstly,perfect system of information disclosure of enterprise innovation behavior;secondly,strengthen the consciousness of information disclosure of enterprise innovation behavior;thirdly,optimize governance structure of the board of the listed company.