JOURNAL OF ACCOUNTING AND ECONOMICS, VOL 66, AUGUST 2018

透明度与企业创新

作者：Rong (Irene) Zhong (University of Illinois at Chicago)

摘要：企业创新推动企业竞争力和经济增长。本文基于29个国家构建了一个新的公司专利面板数据库，研究发现透明度通过减少管理者职业生涯考虑直接促进创新能力。这种效应通过透明度的隐含契约作用来实现：它降低了管理层流动对不良创新产出的敏感性。透明度还通过其促进研发资本有效配置的治理作用提高创新效率。尽管如此，透明度的好处在具有更高专有成本的环境中完全抵消。这些研究结果阐明了透明度在促进创新激励和结果方面的独特作用和机制。

关键词：研发，职业关注，管理层流动，隐性契约，专有成本，公司治理

Transparency and Firm Innovation

Rong (Irene) Zhong (University of Illinois at Chicago)

ABSTRACT

Firm innovation drives both firm competitiveness and economic growth. Constructing a novel firm-patent panel database from 29 countries, I find that transparency directly boosts innovative effort by reducing managerial career concerns. This effect operates through transparency's implicit contracting role: it reduces the sensitivity of management turnover to poor innovative output. Transparency also increases innovative efficiency through its governance role in facilitating efficient allocation of R&D capital. Nonetheless, the benefit of transparency is fully offset in environments with greater proprietary cost. These findings illuminate the unique roles and mechanisms of transparency in promoting innovation incentives and outcomes.

Keywords: R&D; Career Concern; Management Turnover; Implicit Contracting; Proprietary Cost; Corporate Governance

原文链接：https://www.sciencedirect.com/science/article/pii/S016541011830017X#!

翻译：王秭越