Base on the sample of Chinese public listed companies from 2008 to 2012, this paper investigates whether and how information disclosure affects corporate R&D investment. The results show that the quality of information disclosure is positively related to the level of corporate R&D investment, and negatively related to financing constraints and agent costs, while financing constraints and agent costs both have a negative relationship with corporate R&D investment. By the testing procedure of the mediating effects, financing constraints and agent costs have significant mediating effects. These results suggest that information disclosure can facilitate corporate R&D investment through reducing financing constraints and agent costs, which reflect respectively the financing role and the regulatory role of information disclosure.
Yuan Dongren, Wang Wei.
Information disclosure and corporate R&D investment[J]. Science Research Management. 2015, 36(11): 80-88
中图分类号：
F275.5
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