A Study Of The Economic Consequences Of Voluntary Disclosure Of Intellectual Property

The construction of a strong IP country is an inevitable choice for the rise of a great power,and the Regulations on Disclosure of IP-related Accounting Information promulgated in 2018 is one of the important policy documents promulgated in response to the goal of building a strong IP country,but can enterprises actually profit from voluntary IP information disclosure?In other words,can enterprises improve their short-term and long-term performance by making voluntary IP disclosures? A study on this issue will help improve the rules of voluntary IP disclosure in China and deepen enterprises’ understanding of voluntary IP disclosure,which is important for accelerating the construction of a strong IP country and an innovative country.Based on the idea of big data text mining to measure the level of IP voluntary text information disclosure of listed companies,and based on the annual data of Chinese A-share listed companies from 2015-2021,this paper evaluates the impact of IP voluntary information disclosure on corporate performance and identifies the potential mechanism of action by constructing a continuous DID model.The study found that:After the promulgation of the Regulations,listed companies’ awareness of voluntary IP information disclosure has increased significantly,but the level is still not high;the awareness of voluntary IP information disclosure is stronger in technology-related industries;listed companies disclose more IP content information than advantage and risk information;listed companies in all industries take a more cautious attitude toward IP risk information disclosure;the more mature an enterprise is The more mature the enterprises are,the more profound the awareness of IP voluntary information disclosure is,and the more inclined they are to disclose more IP information.There is a lag in the impact of voluntary IP information disclosure on firm performance.Overall,without breaking down the types of IP information,the impact of voluntary IP information disclosure on firms’ short-term performance and long-term performance after the promulgation of the Regulation is heterogeneous,with the internal loss effect dominating in the relationship with short-term performance and the information effect dominating in the relationship with long-term performance,and the IP Voluntary information disclosure has an impact on firm performance by enhancing firm’s innovation level.After classifying IP information,it is found that after the promulgation of the Regulation,the negative relationship between IP superiority information and content information and short-term performance is more significant;all types of IP information are significantly positively related to long-term performance,and the degree of positive influence is from content information,superiority information and risk information,which may be related to the characteristics of each type of information.After grouping the enterprises according to their life cycle,it was found that the negative relationship between voluntary IP information disclosure and short-term performance was more significant in the relationship with short-term performance in mature and declining stage enterprises,and the positive relationship between voluntary IP information disclosure and long-term performance was more significant in the relationship with long-term performance in mature and maturing stage enterprises,which may be related to the characteristics of each life cycle.Finally,based on the findings,targeted suggestions are made at both enterprise and government levels.This study confirms the differential impact of the implementation of the Regulations on Disclosure of IP-related Accounting Information on corporate performance,which has important practical implications for the authorities concerned to further improve the policy on voluntary disclosure of IP information and strengthen the construction of a strong IP country and an innovative country.This paper also analyzes the different impacts of the heterogeneity of IP information types and the heterogeneity of the life cycle of enterprises on the performance of enterprises,in an attempt to make enterprises aware of what types of information should be fully disclosed and what types of information should be moderately disclosed,and to understand IP information disclosure in a more detailed manner according to the life cycle stage of enterprises themselves,so as to enhance enterprises’ knowledge of information disclosure and to formulate targeted It also provides guidance for enhancing enterprises’ knowledge of information disclosure and formulating information disclosure strategies in a targeted manner.