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E-Commerce Letters 2025
信息化视域下企业网络披露招股书创新信息的溢出效应研究
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Abstract:
注册制改革背景下，网络披露的招股书是信息化视域下企业获取外部创新信息的重要途径。本文以2012年至2022年间A股上市公司为研究样本，运用渐进DID计量模型，研究信息化视域下网络披露招股书创新信息的溢出效应。研究结果发现，科创板公司在《中国证券报》等四家最富影响力的网络证券媒体上披露创新信息对同行业公司的研发强度产生正向溢出效应，且结果在经过平行趋势检验和安慰剂检验两种方法稳健性检验后是可靠的。机制检验发现，管理层技术背景与媒体曝光度对主要假设起到调节作用，注册制取代核准制后，管理层技术背景和媒体曝光度越强的企业，其受同行业科创板企业招股书创新信息披露溢出效应的影响越高。本文结论表明以信息披露为核心的注册制改革在促进企业创新方面可发挥积极的治理效应，并佐证了对高管专业背景建设方面加强政策引导、加强专业媒体对上市公司宣传力度在注册制改革背景下对企业创新的积极意义。
In the context of the reform of the registration system, the prospectus disclosed on the Internet is an important way for enterprises to obtain external innovation information from the perspective of informatization. Taking A-share listed companies from 2012 to 2022 as a research sample, this paper uses the progressive DID econometric model to study the spillover effect of online disclosure of innovative information in prospectuses from the perspective of informatization. The results show that the disclosure of innovation information by companies on the STAR Market, including China Securities Journal, has a positive spillover effect on the R&D intensity of companies in the same industry, and the results are reliable after the robustness test of the parallel trend test and the placebo test. After the registration system replaces the approval system, the stronger the management technical background and media exposure, the higher the impact of the spillover effect on the disclosure of innovative information in the prospectus of enterprises in the same industry. The conclusion of this paper shows that the registration-based reform with information disclosure as the core can play a positive governance effect in promoting enterprise innovation, and proves the positive significance of strengthening policy guidance for the construction of executives’ professional background and strengthening the publicity of professional media to listed companies in the context of registration-based reform.
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