Information Transparency And Firm Innovation

In recent years,with the increasing emphasis on R&D innovation and technological development in the country,the constant attention of all sectors of society to innovation issues has become a hot topic in academic research around issues related to corporate innovation.The continuous development of technological innovation is inseparable from the vigorous promotion of enterprises as the main players in the market.The R&D investment of enterprises accounts for a large proportion of China's total R&D investment,and the expenditure on R&D expenses is gradually increasing,but at the same time,Due to the complexity and large uncertainty of R&D activities,China's market economic system has not yet been perfected,development is still in its infancy,and market information is not transparent enough.Therefore,there are insufficient R&D investment and innovation ability in the market.Not enough to wait for outstanding issues.Starting from the enterprise itself,improving the innovation ability of enterprises is inseparable from the increase of R&D investment and the improvement of R&D output efficiency Most of the funds invested by R&D enterprises need to rely on external financing channels.Due to the imperfect development of China's capital market,there is more serious information.The asymmetry problem makes the cost of obtaining external financing higher,and the fund holders cannot grasp the relevant information of the investment project more comprehensively,which leads to some excellent R&D projects difficult to achieve,which is not conducive to the enterprise to expand R&D investment,information transparency can alleviate this problem,establish a good communication mechanism between enterprises and external investors,and reduce the cost of external financing.As far as the efficiency of R&D output is concerned,R&D activities have a long life cycle and a high failure rate,which is easy to breed management misconduct.The improvement of information transparency is conducive to expanding the external supervision of the use of R&D funds and ensuring The rational use of financing funds is conducive to improving the efficiency of enterprise innovation output.As far as the internal governance environment of the company is concerned,executive shareholding as a common equity incentive policy links the personal interests of senior executives with the interests of the company,and enables management to invest in R&D activities based on the long-term development of the company.The company pays attention and corresponding supervision,and is committed to comprehensively improving the independent innovation capability of enterprises.This paper has studied the above points.This paper manually collects the information disclosure quality of all A-share listed companies disclosed by Shenzhen Stock Exchange from 2007 to 2017 as a measure of information transparency,and explores the impact of information transparency on the overall process of enterprise innovation,and in the research on enterprise innovation.To explore the differences in the impact of information transparency on corporate innovation under different circumstances of executives'shareholding levels,the empirical findings are as follows:(1)In the overall sample data,information transparency has a significant positive correlation effect on corporate R&D investment,highly transparent information disclosure can effectively alleviate information asymmetry,reduce the cost of external financing,and make information transmission efficient and smooth,which helps enterprises to solve the problem of low R&D investment caused by financing difficulties.(2)In the overall sample data,the transparency of the letter has a significant positive and positive impact on the efficiency of enterprise innovation output.Under the control of R&D investment,the higher the transparency of information,the higher the efficiency of innovation output.(3)In the sample data with high executive shareholding level,information transparency has a significant impact on the R&D investment and innovation efficiency output of the enterprise,and the impact degree is higher than the overall sample data,while the executive shareholding level is lower.In the data,the impact of information transparency on the efficiency of enterprise innovation is not obvious,and the impact on R&D investment is lower than the sample data with higher shareholding ratio.