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

摘要： 本文以2007—2021年沪深两市A股上市公司为样本,借助沪深交易所相继推出行业信息披露指引这一外生政策,考察分行业信息披露监管与企业创新之间的关系。研究发现,分行业信息披露监管显著提升了企业创新投入与创新产出。机制检验表明,分行业信息披露监管对企业创新的作用机制主要源于其融资效应和治理效应。异质性检验表明,分行业信息披露监管对企业创新的促进效应在非国有企业、高科技行业以及营商环境较差地区的企业更为显著。进一步研究发现,分行业信息披露监管有利于促进企业提升创新效率以及创新增加值。本文结果为分行业信息披露监管的政策评估提供了微观层面的证据,为推动信息披露监管体系建设以及加快实施创新驱动发展战略提供理论及经验支持。

关键词: 分行业信息披露监管, 行业信息披露指引, 企业创新