Innovative Information Disclosure,Financing Constraints And Enterprise Innovation

As a creative business activity,enterprise innovation is not only the main way for enterprise development to obtain core competitive advantages,but also the strategic basis for enterprises to obtain long-term development.Enterprise innovation activities require continuous and large amounts of capital investment,and sufficient capital investment is the guarantee for the smooth development of innovative activities.However,in the real operation process of enterprises,financing difficulties are inevitable problems in the process of innovation,which limits the development of enterprise innovation activities to a certain extent.Based on the above background,starting from the theory of optimal order financing,information asymmetry and signal transmission theory,this paper selects the data of GEM listed companies from 2015 to 2019 as the research sample,analyzes the influence of innovation information disclosure on the innovation level of enterprises,and the intermediary transmission role played by financing constraints,and draws the following conclusions:(1)Financing constraints have a significant inhibitory effect on enterprise innovation.Innovative information disclosure can weaken this inhibition by alleviating the information asymmetry in the credit market,thereby improving the level of enterprise innovation.(2)Innovation advantage information can significantly alleviate the financing constraints faced by enterprises,thereby promoting enterprise innovation,and innovation risk information has no significant impact on financing constraints and enterprise innovation.(3)Innovation information disclosure has a significant impact on substantive innovation,but does not have a significant impact on strategic innovation.This difference is mainly due to the lower capital risk,economic risk and information risk of strategic innovation,and the inhibition effect of financing constraints is not strong.(4)The positive effect of innovation information disclosure on enterprise innovation is significantly established in high-tech enterprises and not in non-high-tech enterprises,which is due to the fact that the authenticity of innovation information disclosure may be questioned,and it is impossible to effectively alleviate the financing constraints faced by enterprises.Finally,according to the above research conclusions,corresponding countermeasures and suggestions were put forward for the government,listed companies and investors.This paper incorporates innovation information disclosure,financing constraints and enterprise innovation into a unified research framework,and finds that the level of innovation information disclosure can effectively alleviate the inhibition effect of financing constraints on enterprise innovation and promote enterprise innovation.It provides empirical evidence for studying the impact of enterprise innovation information disclosure on enterprise innovation,as well as the intermediary transmission role of financing constraints,enriches the research on enterprise innovation information disclosure and enterprise innovation,and provides a certain reference for follow-up research.