信息披露与企业研发投入

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。

Information disclosure and corporate R&D investment

Base on the sample of Chinese public listed companies from 2008 to 2012, this paper investigates whether and how information disclosure affects corporate R&D investment. The results show that the quality of information disclosure is positively related to the level of corporate R&D investment, and negatively related to financing constraints and agent costs, while financing constraints and agent costs both have a negative relationship with corporate R&D investment. By the testing procedure of the mediating effects, financing constraints and agent costs have significant mediating effects. These results suggest that information disclosure can facilitate corporate R&D investment through reducing financing constraints and agent costs, which reflect respectively the financing role and the regulatory role of information disclosure.