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| A Study of the Effect and Mechanism of Regulatory Information Disclosure on Corporate Innovation Investment |
| LI Wengui，LU Jun |
| Zhejiang University of Finance & Economics, Hangzhou, China |
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Abstract Taking Shanghai and Shenzhen A-share listed firms as samples, this study theoretically analyzes the effect and mechanism of regulatory information disclosure on corporate innovation investment. Empirical evidence shows that, there is a significantly positive relation between regulatory information disclosure and corporate innovation investment. This effect mainly exists in non-state-owned enterprises, and it is more significant in the period of higher economic policy uncertainty. Further tests show that strengthening the transparency of supervision, which leads to the reduction of improper government intervention and the improvement of internal governance mechanism, is an important specific mechanism for regulatory information disclosure to enhance corporate innovation investment. Meanwhile, the results show that the disclosure of regulatory information can significantly improve the total factor productivity of enterprises in the jurisdiction.
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Received: 26 July 2021
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