“百年庆”会计高层次“新财经”学术讲坛

主题：Stock Market Liberalization and Corporate R&D Disclosure: Evidence from China（资本市场开放与企业研发披露：来自中国的证据）

主讲人： 澳门bet356体育在线官网  徐可 副教授

时间：2024-05-07 15:00-16:30

会议地点：澳门bet356体育在线官网柳林校区诚正楼650会议室

主办单位：新时代中国特色财务与会计理论创新与方法体系研究团队 数字经济重大基础理论与实践创新研究团队 澳门bet356体育在线官网 科研处

主讲人简介：

徐可，博士，澳门bet356体育在线官网会计系副教授，副系主任。主要研究方向包括自愿信息披露、媒体披露、文本分析。徐可博士毕业于罗格斯新泽西州立大学，获管理学（会计学方向）博士学位。论文曾在American Accounting Association Annual Meeting, Financial Accounting and Reporting Section Midyear Meeting汇报，曾获罗格斯大学优秀博士毕业论文奖。

内容简介：

本文基于陆港通项目作为准自然实验研究资本市场开放对企业研发信息披露的影响。与文献已呈现的资本市场开放对企业信息披露的积极影响相反，我们发现受影响企业在研发信息披露体量和描述具体程度上均出现降低。该影响在专有成本较高的企业中体现尤为明显。我们认为降低的研发信息披露由资本市场开放后加剧的竞争压力和企业策略性披露导致，用以针对竞争者保护敏感研发信息。并且我们发现，企业在资本市场开放后与海外投资者就研发话题增加了私下交流。

This study examines the impact of stock market liberalization on corporate R&D disclosure using the Mainland China-Hong Kong Stock Connect program as a quasi-natural experiment. Contrary to expected positive outcomes from market liberalization on corporate disclosure, our findings reveal a decrease in the amount and specificity of R&D narrative disclosures among the affected firms. This effect is particularly significant in firms with higher proprietary costs. We attribute the decline in disclosure to increased competitive pressures and the strategic behavior of firms aiming to protect sensitive R&D information from competitors. Additionally, we observe an increase in private communications between managers and foreign investors, particularly concerning R&D topics.