Research On The Relationship Between Information Disclosure Quality,financing Constraint And Innovation Efficiency Of Enterprises

At present,China is vigorously implementing the "science and technology power strategy" and "innovation power strategy",the level of enterprise innovation efficiency is related to the development prospects of the industry,and is also crucial to the development of the country.Based on the current situation of Chinese enterprises’ innovation,this paper studies the quality of information disclosure,financing constraints and enterprise innovation efficiency to explore whether improving the quality of corporate information disclosure can affect financing constraints,so as to improve the innovation efficiency of enterprises and promote enterprises to carry out innovation projects more effectively.First of all,this paper reviews the relevant achievements of domestic and foreign scholars from three aspects: information disclosure quality,financing constraints and enterprise innovation efficiency.Secondly,based on existing theories,the innovation efficiency value is calculated through DEA-Malmquist model and the comprehensive innovation efficiency is subdivided into innovation scale efficiency and innovation pure technology efficiency.The relationship between information disclosure quality,financing constraints and enterprise innovation efficiency is explored.This paper studies whether financing constraints play an intermediary role between the quality of information disclosure and the comprehensive efficiency of enterprise innovation.At the same time,taking the data of A-share listed companies from Shanghai and Shenzhen stock exchanges in China from 2011 to 2021 as samples,the empirical analysis is carried out to explore whether it conforms to the relevant hypothesis.The pairwise relationship shows that the improvement of information disclosure quality will promote the innovation efficiency of enterprises;There is a negative correlation between financing constraints and enterprise innovation efficiency.The higher degree of financing constraints enterprises face,the lower the enterprise innovation efficiency.However,financing constraints can promote the pure technical efficiency of enterprise innovation.The improvement of the quality of information disclosure is conducive to easing the financing constraints of enterprises.The research on the relationship between the three shows that financing constraints play an intermediary role in the influence of information disclosure quality on the comprehensive efficiency of enterprise innovation.At the same time,by examining the heterogeneity of industries and property rights,we find that the intermediary effect of financing constraints is more significant in manufacturing and non-state-owned enterprises.In view of the above research conclusions,relevant countermeasures are proposed,namely,strengthening the construction of legal system,strengthening supervision,adopting the two-pronged approach of market government,encouraging enterprises to consciously improve the quality of information disclosure and innovating in combination with their own strategies.