Information Disclosure Quality And Enterprise Innovation

The party's "18" proposed "implement the development strategy of innovation driven",and as the main body of national innovation enterprise innovation,for any enterprise is a high-risk activities,not only capital demand big,cycle is long,and because the market information asymmetry phenomenon,financing difficulties for enterprise innovation will be more easy.On the other hand,due to the information asymmetry between enterprises and investors in the capital market,the allocation efficiency of resources is severely restricted.According to the signal transmission theory and information asymmetry theory,improving the quality of information publicly disclosed by listed companies can effectively reduce the problem of information asymmetry in the capital market,so that the problem of financing constraints can be effectively alleviated in the financing activities of enterprises,so as to optimize the allocation of social and economic resources.Therefore,the study of the relationship between the quality of information disclosure,financing constraints and enterprise innovation can provide support for the improvement of enterprises' enthusiasm for improving the quality of information disclosure,the reduction of enterprise financing costs and the promotion of enterprise innovation.This article selects 2014-2018,the shenzhen stock exchange data of a-share listed companies as research samples,the selection of quality of information disclosure and financing constraints as explanatory variables,selection of r&d intensity are explained variable,select the appropriate control variables,model and multiple regression analysis,the mediation effect for each variable to inspection and robustness,to verify the theoretical hypotheses proposed in this paper.The above steps are used to verify whether the quality of information disclosure can improve enterprise innovation by alleviating the problem of financing constraint,and whether the financing constraint has an intermediary effect on the quality of information disclosure on enterprise innovation.The main conclusions of this paper are as follows:1.Improving the quality of information disclosure can effectively alleviate the degree of financing constraints of enterprises.By improving the quality of information disclosure,enterprises can reduce the degree of information asymmetry between enterprises and investors,so as to effectively alleviate the financing constraints of listed companies and improve the optimal allocation of social and economic resources.2.Improving the quality of enterprise information disclosure can significantly promote enterprise innovation.By improving the quality of information disclosure,enterprises can effectively alleviate the degree of information asymmetry,and then effectively reduce the financing constraints of enterprises,so that funds can flow into enterprise r&d investment activities more efficiently,and enterprises can operate innovative r&d activities more efficiently.3.The financing constraint degree has a significant mediating effect on the quality of information disclosure and enterprise innovation.