Information Asymmetry Perspective On Investor Attention On A Study On The Impact Of Corporate Innovation Investment

Innovation is crucial for the socio-economic development of a country.According to the 2022 Global Innovation Index Report,China has advanced one more place after a decade of steady improvement,ranking 11th.Although China is gradually entering the ranks of innovative countries,there is still a gap between China and the world’s cutting-edge developed countries,and the demand for innovation motivation and achievements is still significant.The country attaches sufficient importance to innovation,and enterprises,as the core force of innovation and development,cannot do without innovation in terms of fulfilling the social responsibility entrusted by the country and breaking through in the self growth of enterprises.As stakeholders of the enterprise,investors can have a supervisory and supervisory role in the business activities of the enterprise.Based on different motivations,companies need to closely monitor investor preferences,understand the direction of investor attention,and grasp investment trends.From this,it can be seen that the direction and level of investor attention can affect the business activities of a company.Therefore,investor attention can form a strong supervisory force on enterprise innovation investment.Studying the influence of investors’ attention on the innovation investment of enterprises is conducive to seeking the sustainable endogenous motivation of enterprise innovation,as well as to the formation of an effective supervisory incentive mechanism and improving the regulatory system of capital market.This paper proposes a research hypothesis based on principal-agent theory,combined with information asymmetry theory,and selects A-share listed companies in Shanghai and Shenzhen from 2011-2021 as the research sample.The listed companies’ stock abbreviations and stock codes Baidu search volume indicate the degree of investors’ attention,and the stock market liquidity is measured by liquidity ratio index,illiquidity ratio index and yield inversion index,and principal component analysis is conducted based on the three indicators to capture asymmetric information to measure the degree of information asymmetry;the different effects of investors’ attention on enterprises’ innovation investment under different property rights nature differences are studied.In addition,this paper constructs a mediating effect model to test the mediating effect of the degree of information asymmetry and tests the moderating effect of social responsibility information disclosure on the above mediating effect with a moderated mediating effect model.The results show that:(1)the regression coefficient of investor attention and corporate innovation investment is significantly positive,that is,investor attention can significantly promote corporate innovation investment(2)Only in non-state-owned listed companies does investor concern contribute significantly to corporate innovation investment.(3)Information asymmetry plays a mediating role in the relationship between the two,i.e.,investor concern can significantly reduce the degree of information asymmetry of enterprises and thus promote innovation investment.(4)Social responsibility disclosure moderates the first half of the mediating effect,i.e.,it enhances the effect of investor concern in reducing information asymmetry,and both social responsibility disclosure behavior and social responsibility disclosure report quality can weaken the information asymmetry.