Research On The Influence Of Peer MD&A Intonation On Firms’ Innovation Performance

According to the 《Made in China 2025》action plan,Innovation chains should be deployed around the industrial chain,resource chains should be allocated around the innovation chain,key core technologies should be tackled,and the industrialization of scientific and technological achievements should be accelerated.Innovation is the soul of an enterprise’s progress and the inexhaustible driving force for the prosperity of an organization.It is not the ultimate goal for enterprises to achieve transformation and upgrading only by taking innovative actions without producing innovative results.Only by accelerating output and improving Innovation Performance through actions can enterprises achieve transformation and upgrading and boost innovative development of enterprises and countries.Therefore,efforts should be made to improve output and Innovation Performance.As a member of the social environment,enterprises are bound to be affected by the surrounding environment.Social psychology research has found that similar individuals can influence each other,known as the "Peer Effect".Due to the widespread existence of information asymmetry,peer enterprises have great similarities in business scope,business model,market policy and legal environment,and information comparability is higher.Peer Information Disclosure has information spillover effect,peer enterprises will learn from and pay attention to each other,and target enterprises will use peer information to alleviate information asymmetry and optimize information environment.Improve their own decisionmaking and strategy.Innovation has great risks,and there are many uncertain factors in the process from innovative ideas to achievements.The improvement of Innovation Performance requires more stringent requirements on the information environment of innovation and managers’ willingness to innovate.Then,in the context of low information environment effectiveness,lack of awareness of danger and lack of innovation willingness in the process of innovation output,how will enterprises continue to promote innovation process,promote innovation output and improve Innovation Performance? Can MD&A Tone of Peer play the role of information spillover to the end,provide effective innovation information for target enterprises,improve managers’ innovation willingness,stimulate Innovation Vitality,and help enterprises improve Innovation Performance?Based on such thinking,this paper uses China’s manufacturing innovation patent database to test the influence mechanism of Peer MD&A Intonation on enterprise Innovation Performance through theoretical analysis and empirical analysis,and examines whether the spillover effect of Peer MD&A Intonation information promotes enterprise Innovation Performance.At the same time,considering the social comparison of financial information between enterprises in the industry environment--Performance Feedback,we introduce it into the research framework of "Peer MD&A Intonation--Innovation Performance" to explore whether there are differences in the impact of Peer MD&A Intonation on Innovation Performance under the condition of Performance Surplus and Performance Gap.In the further analysis,the influence mechanism of "Peer MD&A Intonation--Innovation Vitality--Innovation Performance" is tested.The results show that: First of all,there is a positive effect between MD&A Intonation of Peers and enterprise Innovation Performance.The more positive MD&A Intonation of Peers,the higher enterprise Innovation Performance level.Secondly,in the context of Performance Feedback,there is a significant difference between positive Performance Feedback and negative Performance Feedback on the effect of MD&A Intonation of Peers.Performance Gap positively moderates the positive relationship between MD&A Intonation of Peers and corporate Innovation Performance,while Performance Surplus negatively moderates the promoting effect of MD&A Intonation of Peers on corporate Innovation Performance.Finally,Innovation Vitality is the transmission mechanism of this effect,namely "Peer MD&A Intonation--Innovation Vitality--Innovation Performance".The research contributions of this paper are as follows: First,from the perspective of Innovation Performance,it expands and enriches the research on Peer MD&A Intonation information spillover effect,providing a new theoretical perspective and empirical evidence for improving peer MD&A information effectiveness and Innovation Performance;From the perspective of non-financial text information in MD&A Intonation of Peers,this paper finds out the spontaneous driving mechanism of enterprise Innovation Performance improvement,which provides theoretical reference for promoting Innovation Performance and promoting the innovation-driven development of manufacturing industry,and proves that in addition to enterprise financial information,non-financial MD&A intonation information of other enterprises in the same industry will also have an impact on enterprise innovation performance.Secondly,by combining corporate Performance Feedback with MD&A intonation information characteristics of other enterprises in the same industry,the boundary role of situational factors of Performance Feedback in influencing the effectiveness of MD&A Intonation of Peers is expanded,and relevant researches on Performance Feedback theory are enriched and supplemented.It is identified that MD&A Intonation of Peers affects the Innovation Performance of target enterprises mainly by improving Innovation Vitality.This conclusion is helpful to better understand the internal mechanism of MD&A Intonation affecting the Innovation Performance of enterprises,and complements relevant domestic and foreign studies on the economic consequences of spillover effect of MD&A information disclosure of peers.Thirdly,it can provide enlightenment for MD&A information supervision of the industry,formulation of relevant policies,norms and standards,and voluntary and effective information disclosure of enterprises,thus forming a benign environment for information interaction,so as to promote the innovative development of manufacturing industry.