关键词: 分行业信息披露监管, 行业信息披露指引, 企业创新

Abstract: Can changes in disclosure regulations improve corporate innovation? This study uses A-share listed companies in Shanghai and Shenzhen from 2007 to 2021 as samples to investigate the impact of industry-specific disclosure regulations on corporate innovation behavior. Utilizing the exogenous policy of industry-specific disclosure guidelines introduced by the Shanghai and Shenzhen Stock Exchanges, the paper delves into this influence's internal logic and pathway. Three key questions are addressed: Firstly, what is the effect of industry-specific disclosure regulations on corporate innovation levels, and does it operate through the “financing effect” or the “governance effect”? Secondly, is there variation in the impact of sub-sector disclosure regulations on corporate innovation based on different corporate, industry, and market characteristics? Lastly, can sub-sector disclosure regulations enhance corporate innovation? This analysis provides micro-level evidence for policy evaluations of sub-industry disclosure regulations. It offers theoretical and empirical support for advancing the establishment of sub-industry disclosure systems and expediting the implementation of innovation-driven development strategies.
This paper finds that sub-industry disclosure regulation can significantly promote enterprises to enhance innovation input and innovation output, and the result still holds after a series of robustness tests. The mechanism of sub-industry disclosure regulation influencing enterprise innovation mainly stems from the financing effect and governance effect of sub-industry regulation, which alleviates enterprise financing constraints and improves corporate governance level by optimizing the external market information environment and then enhances the enterprise's willingness and ability to innovate. The heterogeneity test shows that the effect of sub-sectoral disclosure regulation on corporate innovation is more significant in non-state-owned enterprises, high-tech industries, and enterprises in regions with poorer business environments. Further research finds that sub-industry disclosure regulation is conducive to the enhancement of innovation input-output efficiency and innovation value-added of enterprises, and has an innovation value-added effect.
This paper has the following key inspirations: Firstly, it is inspiring for the Shanghai and Shenzhen Stock Exchanges and related regulatory authorities to further implement, improve, and promote the sub-industry disclosure regulation system. Secondly, enterprises should focus on the positive effects derived from sub-industry disclosure regulation, and realize the value-added effect of innovation through proactive, voluntary, and targeted disclosure of industry operating information, contributing to the long-term development of enterprises. Thirdly, the implementation of sub-industry information disclosure regulation should not only consider the heterogeneity of enterprise property rights and industry characteristics, and maximize the innovation and enhancement effect by adapting to local conditions; It is also necessary to actively explore the implementation mechanism that coordinates the sub-industry information disclosure regulation with the regional business environment, so as to create a healthier and more transparent institutional environment for the high-quality development of enterprises.

Key words: The Information Disclosure Regulation by Industries, Industry Information Disclosure Guidelines, Enterprise Innovation