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| Corporate Transparency and Technological Innovation |
| Gao Yan，Wan Mengfei，Long Ziwu |
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Abstract Enterprise transparency is a yardstick of enterprise integrity in the market economy and a prerequisite for the healthy operation of economy and even the benign operation of society. Studies have shown that enterprise transparency has a positive impact on technological innovation. This article from the financial transparency, governance transparency and the perspective of organization transparency three building the appraisal model of corporate transparency, six indexes selected by 2012 to 2016, the Shenzhen securities market of hightech enterprises as samples, empirically transparency to the role of enterprise technology innovation. The results show that enterprise transparency has positive influence on technological innovation. On the path of influence, enterprise transparency promotes enterprise scientific and technological innovation by alleviating financing constraints, and on the other hand by alleviating agency problems. Compared with stateowned enterprises, the improvement of the transparency of nonstateowned enterprises can better promote the scientific and technological innovation of enterprises.
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