摘要
本文以2015~2019年中国创业板公司作为研究对象,利用文本挖掘技术检验了企业自愿性披露知识产权信息对债务融资成本的影响。研究发现:高质量的知识产权自愿性信息披露会通过影响投资者信心显著降低企业债务融资成本,且这一关系在非国有企业、高成长企业、融资需求高的企业中较为显著。研究结果表明,我国创业板企业的知识产权自愿性信息披露能在资本市场获得投资者认同,助力企业高质量发展。本文从创业板企业融资成本角度探讨了企业高质量知识产权披露的重要作用,为推动我国企业知识产权高质量披露提供了相关证据。
This article takes the China Growth Enterprise Market(GEM)companies from 2015 to 2019 as the research object,and uses text mining technology for examining the effect of voluntary disclosure of intellectual property on the cost of debt financing.The study finds that high-quality intellectual property disclosure can significantly decrease the cost of corporate debt financing by affecting investor confidence,and this relationship is more significant in private companies,high-growth companies,and high-financing companies.The research results show that voluntary disclosure of intellectual property of GEM companies will gain investor recognition in the capital market and contribute to the high-quality development of enterprises.This article explores the importance of corporate high-quality intellectual property information disclosure from the perspective of corporate financing cost on the GEM,and provides relevant evidence for promoting high-quality information disclosure of intellectual property in China.
作者
鲍新中
李佳航
谢文静
吴冬晓
BAO Xin-zhong;LI Jia-hang;XIE Wen-jing;WU Dong-xiao
出处
《财务研究》
CSSCI
2023年第4期63-72,共10页
Finance Research
基金
北京市教育委员会社科计划项目(SM202211417007)。
关键词
知识产权自愿性信息披露
债务融资成本
投资者信心
文本分析
voluntary disclosure of intellectual property
the cost of debt financing
investor confidence
textual analysis
