Institutional Background,Corporate Transparency And Enterprise Technology Innovation

Under the guidance of the comprehensive implementation of the innovation-driven development strategy,as an innovation subject,how to promote the development of enterprise technology innovation and promote the transformation of China's industrial institutions has become a hot spot of academic concern.Corporate transparency is an important factor affecting the quality and effectiveness of information transmission in the market economy.Many scholars have shown that corporate transparency is closely related to corporate innovation,but the existing literature on the construction of corporate transparency and its role path Research is not perfect.In the context of China's new normal system,it is a new perspective to examine whether corporate transparency is conducive to promoting technological innovation.This paper also considers the influence of the institutional background and analyzes the impact mechanisms of internal and external systems.On the basis of combing the influencing factors of corporate transparency,based on signal theory,based on signal transmission theory,information asymmetry theory,principal-agent theory and investor protection theory,this paper expounds the theoretical basis of institutional background,corporate transparency and enterprise technology innovation.Based on this,combined with the existing research,the research hypothesis and conceptual model of this paper are proposed.The entropy weight method is used to construct corporate transparency indicators from three dimensions: financial transparency,governance transparency and organizational transparency.The paper analyzes the role of corporate transparency and introduces the institutional background into the model,from the economic system environment,the legal system environment and the economic and legal system environment.Three aspects analyze the impact of corporate transparency on technological innovation.In the robustness test,the "generalized moment estimation(GMM)" is used for research.The research contents and conclusions are as follows:(1)Corporate transparency can promote technological innovation of enterprises,and on the path of influence,on the one hand,improving corporate transparency can alleviate financing constraints and promote enterprise innovation.On the other hand,improving corporate transparency can reduce agency problems and promote the development of enterprise innovation;(2)In the economic system environment,when the financial market environment is poor,the government intervenes in the market is low,and the product development environment is poor,the consciously increasing transparency of the enterprise will promote the development of technological innovation;(3)the legal system environment,the law The more perfect the institutional environment,the stronger the transparency of the enterprise will promote the technological innovation of the enterprise;(4)In the external legal environment,the external media environment is not perfect,and the analysts pay less attention,the transparency can be promoted by self-improvement.The development of technological innovation in enterprises.This paper provides a new research perspective for the study of the influencing factors of technological innovation in China's enterprises.In order to improve China's information system environment,accelerate institutional reform,improve corporate governance,promote the innovation and development of Chinese enterprises,and promote the sustainable development of enterprises and society,Provide theoretical basis and empirical evidence.