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118基于长期价值投资原则，耐心资本往往更注重企业的创新能力和长期发展潜力。然而创新是一项周期长、风险大的投资活动，信息不对称程度极高，难以准确反映企业的投资价值。因此，探究如何有效缓解创新信息不对称，进而吸引更多的耐心资本投资对企业可持续发展具有重要意义。为此，文章基于上市公司创新文本信息数据，从机构投资者结构的视角，考察了企业创新信息披露对耐心资本认同的影响。研究发现，创新信息披露能够通过优化信息环境效应和提升风险共担效应获取耐心资本认同，表现为长期机构投资者持股比例明显上升。在外部信息环境更好、内部治理水平更高以及管理层决策视阈更长期、自身创新禀赋更丰裕的企业组中，创新信息披露提升耐心资本认同的作用更为显著。此外，相对于交易型和压力敏感型机构投资者而言，创新信息披露更利于获取稳定型和压力抵抗型机构投资者的认同。文章有助于理解企业信息披露与机构投资者结构之间的内在关联，为公司合理制定创新信息披露策略、引入更多的长期耐心资本提供理论参考。
企业创新信息披露与耐心资本认同——基于机构投资者结构的经验证据
摘要
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引用本文
张悦, 汪顺, 周泽将. 企业创新信息披露与耐心资本认同——基于机构投资者结构的经验证据[J]. 上海财经大学学报, 2025, 27(1): 31-46.
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