信息披露对实体经济发展的影响机制研究

促进实体经济是我国现阶段经济发展的重点，而信息披露如何服务于实体经济，也是当前国内外学术界和监管者高度关注的话题之一。本课题拟研究信息披露对实体经济的反馈效益与溢出效应以及相应的作用机制。由于有效的激励机制是实现信息披露对实体经济决策反馈效果的动力系统，也是信息披露作用于实体经济决策的必要条件，因此本课题拟首先探讨信息披露与企业管理层激励机制的内在联系及作用机制。在此基础上，以财务信息和非财务信息披露为两条主线，从强制性信息披露和自愿性信息披露两个视角，分为三个层次展开研究：第一层次探索强制性的财务信息生产、披露的反馈效应——对自身管理层实体经济决策行为的影响；第二层次结合文本分析技术和方法，探索非财务信息的自愿性和强制性披露的反馈效应——对自身管理层实体经济决策的影响；第三层次探索非财务信息如何通过溢出效应产生以点带面的带动作用，对企业外部的竞争对手或者同行的实体经济决策影响。

Boosting the development of real economy is the current focus of China’s economy. How accounting information disclosure serves real economy is becoming an urgent topic for both academia and regulators. We investigate the effect of information disclosure on real economy via the feedback effect and spillover effect. Because motivate manager’s incentive is the precondition for the realization of feedback effect, we firstly explore on how information disclosure would affect managers’ incentive, and via what mechanisms. Based on the incentive function, we further investigate the real effects of both financial information disclosure and non-financial information disclosure from three dimensions. On the first dimension, we explore the real effects of mandatory financial disclosure via feedback effects; on the second dimension, we explore the real effects of nonfinancial information disclosure via feedback effects by using textual analysis; last but not the least, we explore how a firm’s non-financial information disclosure would affect her peer or competitors via spillover effects.