论文部分内容阅读
本文以2008-2012年沪深两市A股上市公司为样本,通过中介效应检验程序分析了信息披露对企业研发投入的影响及作用路径。实证结果表明:信息披露质量与企业研发投入水平显著正相关;信息披露质量与融资约束、代理成本均为显著负相关;融资约束、代理成本与研发投入均显著负相关。这说明融资约束和代理成本均具有显著的中介效应,信息披露质量的提高可通过降低融资约束和代理成本来促进企业研发投入,这分别反映了信息披露的融资作用和监管作用。
Based on the sample of A-share listed companies in Shanghai and Shenzhen Stock Exchanges from 2008 to 2012, this paper analyzes the impact of information disclosure on R & D investment and the role of intermediaries. The empirical results show that there is a significant positive correlation between the quality of information disclosure and the level of R & D investment. There is a significant negative correlation between the quality of information disclosure and financing constraints and agency costs. There is a significant negative correlation between financing constraints and agency costs as well as R & D investment. This shows that financing constraints and agency costs have significant intermediary effects. The improvement of information disclosure quality can promote R & D investment by reducing financing constraints and agency costs, which respectively reflect the financing role and regulatory role of information disclosure.