|
|
|
| Digital Transformation of Mutual Fund Information Disclosure and Green Innovation of Shareholding Companies |
| Wu Chen1,Wang Kedi2 |
| (1.Institute of Finance and Development,Nankai University,Tianjin 300071, China;2．School of Humanities and Social Sciences,Beijing Institute of Technology,Beijing 102488, China) |
|
|
|
|
Abstract As a new generation of general technology, digital technology can significantly improve the service level of the capital market. The application of digital technology can not only effectively reduce the transaction costs of the capital market, but also help the capital market play a fundamental and strategic role in leading corporate green innovation and promote the transformation of industrial structure. China's economy has moved from a stage of rapid growth to a stage of high-quality development. It is significant to focus on the changes in the ecological environment to drive the green and high-quality development of the economy and accelerate the green transformation of the economic structure. #br#XBRL is fully known as the extensible business reporting language, and it promotes the standardization of financial information disclosure. The differences of language style and format of information disclosure will affect investors' cognition of information and their decision-making. XBRL can provide more accurate and reliable financial information, and the standardized information can not only enhance information transparency, but also improve the comparability of information and stakeholders' decision-making efficiency. Meanwhile, XBRL can greatly improve the efficiency of stakeholders' collection, processing, exchange and application of these financial information.#br#This papertests the economic consequences of the XBRL format to disclose fund-related information, which not only provides investors with reliabledata, but also greatly reduces the cost of information collection for investors and other stakeholders, and improves information transparency. The improvement of fund information transparency can prevent fund managers from maliciously manipulating and disturbing the fund market and other short-sighted behaviors. At the same time, the improvement of fund information transparency will not only attract more funds to flow into the fund market, but also boost the enthusiasm of fund managers, improve the efficiency of capital allocation in the capital market and create a good green innovation environment for enterprises. Besides, when investors have easier access of information, if the investment behavior of the fund manager does not meet the expectations of investors or the fund performance is poor, investors can select other funds from the market. This way of voting with feet will increase the attention of the fund managers on the fund performance, and force them to pay attention to the company behaviors. #br#Therefore,given the fact that China Securities Regulatory Commission requires all fund companies to disclose fund information in XBRL format on the designated website, this paper tests the impact of the digitization of fund information disclosure on the green innovation behavior of the held enterprises using DID method. It is found that the digitization of fund information disclosure significantly improves the green innovation output of the held enterprises and robust tests also support this finding. Further analysis shows that the digitalization of fund information disclosure can improve the green innovation behavior by improving the information processing efficiency of investors and giving full play to the external governance role. It is also confirmed that the digitization of fund information disclosure significantly improves the green innovation of enterprises with poor innovation capabilities and enterprises with low innovation willingness. Conclusions show that the digital transformation of capital market significantly improves the quality and efficiency of financial services and the efficiency of comprehensive utilization of resources, and effectively encourages enterprises for the green development.#br#It is concluded that firstly, it is essential to improve the effectiveness of fund market information by standardizing the information disclosure standards which is not only conducive to investors' vertical comparison of information, but also investors' horizontal comparison of information, andit helps to reduce the agency problems between investors and fund managers, and create a sound innovation environment for the green development of enterprises. Secondly, institutional investors should give full play to the governance and supervision effects on listed firms. Their active participation of institutional investors in enterprise can effectively improve the corporate governance level of listed companies and guide the green development of enterprises. Finally,value investors are expected to stabilize the fund market, and the long-term value and environmental performance of enterprises should be emphasized so that enterprises would focus on environmental governance.#br#
|
|
Received: 21 October 2022
|
|
|
|
|
|
[1] BRAMMERTZ W, MENDELOWITZ A I. From digital currencies to digital finance: the case for a smart financial contract standard[J]. Journal of Risk Finance, 2018, 19(1): 76-92.
[2] 田秀娟,李睿.数字技术赋能实体经济转型发展——基于熊彼特内生增长理论的分析框架[J].管理世界,2022,38(5):56-74.
[3] 陈宋生,田至立,岳江秀.自愿性信息披露越多越好吗——基于XBRL扩展分类标准的视角[J].会计与经济研究,2020,34(4):24-45.
[4] APOSTOLOU A K, NANOPOULOS K A. Interactive financial reporting using XBRL: an overview of the global markets and Europe[J]. International Journal of Disclosure & Governance, 2009, 6(3): 262-272.
[5] YOON H, ZO H, ANDREW P C. Does XBRL adoption reduce information asymmetry [J]. Journal of Business Research, 2011, 64(2): 157-163.
[6] 曾建光,伍利娜,谌家兰,等.XBRL、代理成本与绩效水平——基于中国开放式基金市场的证据[J].会计研究,2013,34(11):88-94，96.
[7] 曾建光,伍利娜,王立彦,等.技术进步、信息透明度与开放式基金的资金流量——基于中国开放式基金强制采用XBRL的证据[J].金融研究,2014，57(8):131-145.
[8] 郑济孝.XBRL格式财务报告对基金市场有效性的影响研究[J].会计研究,2015,36(12):74-80，97.
[9] LI Z, LIAO G, WANG Z, et al. Green loan and subsidy for promoting clean production innovation[J]. Journal of Cleaner Production, 2018, 187: 421-431.
[10] 王康仕,孙旭然,王凤荣.绿色金融、融资约束与污染企业投资[J].当代经济管理,2019,41(12):83-96.
[11] FLAMMER C. Corporate green bonds[J]. Journal of Financial Economics, 2021, 142(2): 499-516.
[12] 尹海员,朱旭.机构投资者信息挖掘、羊群行为与股价崩盘风险[J].管理科学学报,2022,25(2):69-88.
[13] CAO Y, DONG Y, LU Y, et al. Does institutional ownership improve firm investment efficiency [J]. Emerging Markets Finance and Trade, 2020, 56(12): 2772-2792.
[14] 郭白滢,周任远.信息互动、投资决策与股票价格——基于机构投资者信息网络的分析[J].金融研究,2019，62(10):188-206.
[15] 马庆魁,樊梦晨.管理层激励、机构投资者持股与企业异质研发[J].科研管理,2021,42(9):140-149.
[16] 马连福,王博,宋婧楠.散户更偏爱数字化吗——基于投资者情绪异质性的研究[J].经济与管理研究,2022,43(9):32-54.
[17] ONGENA S, ZALEWSKA A A. Institutional and individual investors: saving for old age [J]. Journal of Banking and Finance, 2018, 92: 257-268.
[18] YUAN R, XIAO J Z, ZOU H. Mutual funds' ownership and firm performance: evidence from China [J]. Journal of Banking and Finance, 2008, 32(8): 1552-1565.
[19] 张强,王明涛.机构投资者对企业创新的影响机制——来自中小创板上市公司的经验证据[J].科技进步与对策,2019,36(13):1-10.
[20] 齐绍洲,林屾,崔静波.环境权益交易市场能否诱发绿色创新——基于我国上市公司绿色专利数据的证据[J].经济研究,2018,53(12):129-143.
[21] AMORE E D, BENNEDSEN M.Corporate governance and green innovation[J]. Journal of Environmental Economics and Management, 2015, 75: 54-72.
[22] BENNER M J. Securities analysts and incumbent response to radical technological change:evidence from digital photography and internet telephony[J]. Organization Science, 2010, 21(1): 42-62.
[23] 张程,曾庆生,梁思源.市场能够甄别管理层的“靖言庸违”吗——来自年报语调与内部人交易的经验证据[J].财经研究,2021,47(4):154-168.
[24] BARBER B, LEHAVY R, TRUEMAN B. Ratings changes, ratings levels, and the predictive value of analysts' recommendations [J]. Financial Management, 2010, 39: 533-553.
[25] BRADLEY D, CLARKE J, LEE S, et al. Are analysts' recommendations informative? intraday evidence on the impact of time stamp delays [J]. Journal of Finance, 2014, 69: 645-673.
[26] 刘冠辰,李元祯,李萌.私募股权投资、高管激励与企业创新绩效——基于专利异质性视角的考察[J].经济管理,2022,44(8):116-134.
[27] SHIMIZU K. Risks of corporate entrepreneurship: autonomy and agency issues[J]. Organization Science, 2012, 23(1): 194-206.
[28] ANG J S, COLE R A, LIN J W. Agency costs and ownership structure[J]. Journal of Finance, 2007, 55(1):81-106.
[29] 李寿喜.产权、代理成本和代理效率[J].经济研究,2007,53(1):102-113.
[30] HALL B H, LERNER J. The financing of R&D and innovation[J]. Handbook of the Economics of Innovation, 2010(1)：609-639.
[31] BROWN J R, PETERSEN B C. Cash holdings and R&D smoothing[J]. Journal of Corporate Finance,2011, 17（3）：694-709.
[32] 吴超鹏,唐菂.知识产权保护执法力度、技术创新与企业绩效——来自中国上市公司的证据[J].经济研究,2016,51(11):125-139.
[33] 田珺,冉忠明.专利法修改与企业创新——来自上市公司的实证研究[J].科技进步与对策,2020,37(6):137-146.
[34] 王小鲁,胡李鹏,樊纲.中国分省份市场化指数报告（2021）[M].北京：社会科学文献出版社,2021.
|
|
|
|
