【作者】 王佳；

【导师】 周铭山；

【作者基本信息】 西南财经大学 ， 金融学， 2020， 硕士

【摘要】 创新是一个企业乃至一个国家核心竞争力的体现,对一个企业和国家的发展具有重要意义。长期以来,我国通过各种方式鼓励创新投入,注重创新人才培养,学者们也一直在从不同视角探讨影响创新投入和产出的因素。限制创新投入的因素有很多,其中管理者的创新意愿是影响创新的重要因素。而由于创新的高风险性和不确定性,管理者出于业绩压力往往不愿意进行创新投入。因此如何激励管理者,提高管理者的创新意愿是一个很有意义的课题。通过阅读国内外经济学、金融学领域的核心期刊,可以发现大多数学者的研究集中在通过高管薪酬、股票期权等方式激励高管做出创新决策。而前人的研究表明提高企业的信息透明度可以降低代理成本,缓解股东和管理层之间的委托代理问题。因此通过提高企业信息的透明度,可以增强股东对管理者的监督,解决道德风险问题,避免管理者的无效投资行为,使管理者做出更符合公司整体利益的创新决策。另一方面提高企业的信息透明度可以增强外部投资者对企业的关注,这可以提高外部投资者对企业信息的解读效率,使其更客观全面地评价企业的经营状况及投资的风险和收益,从而减少管理者在外部压力下的短期行为,激励管理层的创新意愿,进而促进企业的创新投入。这是一个新的研究思路,对于促进企业的创新具有重要意义。本文正是从这个视角出发,研究企业信息透明度与企业创新投入之间的关系,并从以上两个角度研究两者之间关系的中介机制。本文选取2013-2018年间深圳证券交易所创业板的上市公司作为样本,从财务信息透明度和组织结构透明度两个方面来衡量其信息透明度,检验这些企业的创新投入是否受到了信息透明度的影响,并探讨委托代理问题和投资者关注度在两者之间关系中的中介作用。最后,由于信息透明度的提高会带来一定的附加风险,即导致竞争对手掌握企业的战略创新等信息,在产权保护程度较低的地区可能会对企业创新不利,因此本文还检验了产权保护程度对两者之间关系的调节作用。结论表明:(1)企业信息透明度越高,创新投入越多;(2)信息透明度的提高可以通过缓解委托代理问题,监督管理层增加创新投入,这种关系在委托代理问题越严重的企业更明显;(3)提高信息透明度可以通过使外部投资者全面了解企业的经营状况评价,提高投资者关注度,增加其对企业创新成功的信心,从而激励管理者增加创新投入;(4)产权保护程度越高,信息透明度对创新的促进作用越强。本文的创新点主要是从解决道德风险和逆向选择问题两个角度分别检验了委托代理问题和投资者关注对信息透明度和企业创新之间关系的中介作用,并且研究了产权保护程度对两者关系的影响,从激励企业提高信息透明度角度为提高产权保护程度以促进创新提供了证据。这些发现说明了信息透明度在促进创新方面的独特作用和机制。研究结果表明,提高企业信息透明度可以通过缓解委托代理问题、提高投资者关注,对管理层进行监督和激励,从而督促管理层提高资产配置效率、缓解管理层对创新不确定性的顾虑,是促进管理层进行创新的重要途径,同时提供一个良好的产权保护制度环境是非常必要的。更多还原

【Abstract】 Innovation is the embodiment of the core competitiveness of an enterprise or even a country and plays a decisive role in the development of an enterprise.For a long time,China has been encouraging innovation,increasing investment on science and technology,and paying attention to talents.Scholars also have never stopped discussing the factors affecting the R&D activities from different perspectives.There are many factors that limit innovation investment.Managers’ willingness to innovate is one of the important factors,while managers are often reluctant to invest on innovation due to performance pressure because of the high risk and uncertainty of innovation.Therefore,how to motivate managers and improve their willingness to innovate is a very meaningful topic.By reading the core journals of economics and finance,most research focused on executive pay and stock option to incentive executives to make innovation decision,while previous studies have shown that enhances the information transparency of the enterprise can reduce the agent cost,ease the principal-agent problem between shareholders and management.Therefore,by improving the transparency of corporate information,shareholders ’supervision of managers can be enhanced,moral hazard problems can be solved,and managers’ invalid investment behavior can be avoided,enabling managers to make innovative decisions which are more in line with the company’s overall interests.On the other hand,improving the information transparency of enterprises can enhance the attention of external investors to the enterprise,which can improve the efficiency of external investors’ interpretation of corporate information,making it more objective and comprehensive evaluation of the company’s operating conditions and investment risks and returns,thereby reducing the short-term behavior of managers under external pressure,motivating management’s willingness to innovate,and thus promoting the company’s innovation investment.It is a new research idea,which is of great significance to promote the innovation of the enterprise.From this perspective,this paper explores the relationship between enterprise information transparency and innovation and researches its influencing mechanism.The article selects companies listed on the gem of Shenzhen Stock Exchange which disclosed R&D data from 2013 to 2018 as sample.The information transparency is measured by two aspects of transparency,financial transparency and organizational structure.The paper explores whether the information transparency impact the enterprise’s innovation investment,and discusses the mediation role of principal-agent problem and investors’ attention on the relationship between the information transparency and the innovation.Finally,the improvement of information transparency will bring some additional risks.The competitors will get hold of the enterprise’s information such as innovation strategies and others,which may be detrimental to the enterprise’s innovation in the region with a low degree of property rights protection.This paper also tested the impact of the degree of property rights protection on the relationship between the information transparency and the innovation.The results show that:(1)The higher the transparency of enterprise information,the more innovation investment;(2)the improvement of information transparency can alleviate the principal-agent problem,thus encouraging managers to innovate.This relationship is more obvious in enterprises with more serious principal-agent problems;(3)Increasing the transparency of information can enhance the objectivity of external investors’ evaluation on the company’s operating conditions to increase the attention of investors and their confidence in the success of corporate innovation,thereby motivating managers to increase innovation investment;(4)the higher the degree of property rights protection,the stronger the promotion effect of information transparency on innovation.The innovation of this article mainly tests the mediating role of the principalagent problem and investor attention on the relationship between information transparency and corporate innovation.And by studying the influence of the degree of property right protection on the relationship,the paper provides evidence for improving the degree of property right protection to promote innovation from the perspective of encouraging enterprises to improve information transparency.These findings illustrate the unique role and mechanisms of transparency in promoting incentives for innovation.The results show that increasing the transparency of corporate information can alleviate the problem of entrusted agency and increase investor attention to monitor and motivate management,thereby urging management to improve the efficiency of asset allocation and alleviate management’s concerns about innovation uncertainty.It is an important way to promote the management innovation.At the same time it is necessary to provide a good system of property rights protection environment.更多还原