讲座题目：Exploratory innovation information disclosure and cost of debt: A heterogeneous information perspective

主讲嘉宾：刘嘉

时间：2025年6月20日（星期五）9:30-11:30

地点：天美av 116东方厅

天美av

2025年6月16日

主讲嘉宾简介

刘嘉，英国朴茨茅斯大学天美av 会计与金融学教授。 她在英国伯明翰大学获得博士学位，曾经就职于英国利兹大学和索菲尔德大学。她的研究兴趣广泛，包括公司金融、行为金融、金融市场、风险管理、金融科技、 大数据、 会计报告和披露, 可持续性等。她在Journal of Corporate Finance, Journal of Business Ethics, British Journal of Management, Journal of Banking and Finance, British Accounting Review, Journal of Business Finance and Accounting, Journal of international Financial Markets, Institutional and Money等金融、会计、管理学期刊发表70多篇学术论文，并出版关于公司治理、可持续性和决策方面的专著。曾获欧洲管理杂志 (EU)和英国管理天美av (英国)的 “最佳论文奖”、西南金融协会(美国)的“最佳论文奖” 以及Eurasian商业与经济协会(EBES) 的“最佳论文奖”。她的研究被多个媒体采访和发表, 包括著名的The Conversation、华盛顿邮报以及纳斯达克证券交易所。

讲座主要内容

This study examines the impact of exploratory innovation information disclosure (EIID) on firms’ cost of debt, using archival data of Chinese listed firms from 2007 to 2022. The baseline results show that exploratory innovation information disclosure leads to higher cost of debt, probably due to the inherent attributes encompassing uncertainties and elevated risk levels. We further categorize exploratory innovation information into collaborative and non-collaborative exploratory information, and explores the heterogeneous economic consequences of exploratory innovation information disclosure. The results reveal that collaborative innovation information disclosure can actually reduce firms’ debt financing cost, while non-collaborative innovation information leads to higher cost of debt. Furthermore, heterogeneous analysis shows that the negative relationship between collaborative exploratory innovation information disclosure and the cost of debt is more pronounced for firms that are more financially constrained, located in regions with stronger intellectual property (IP) protection, and firms with better information environment; However, the positive relationship between non-collaborative exploratory innovation information disclosure and the cost of debt is attenuated for industry-leading enterprises and more reputable firms, and those with higher R&D intensity or R&D capacity.Furthermore, we find that the reduced cost of debt through collaborative innovation information disclosure assists companies to enhance corporate innovation and avoid investment inefficiency issues, which confirms the signal role of explanatory information disclosure in influencing corporate outcomes. Overall, this study adds to the literature on the heterogeneous impact of exploratory innovation information disclosure on corporate outcomes and complements studies on influencing factors of corporate cost of debt.