Purpose

The purpose of this paper is to investigate to what extent the amount, information source and the content of the microblog information disclosure of listed companies could impact on innovation from the perspective of financing constraints.

Design/methodology/approach

The propensity score matching (PSM) and two-stage least square (2SLS) are used in estimations to deal with the endogeneity problem.

Findings

Evidence shows that the amount of we-media information disclosure significantly drives the innovation of enterprises. The mechanism is that we-media information disclosure drives the innovation by easing the financing constraints and bringing funds to the R&D activities. Further research shows that only the original information can drive the innovation. In particular, the R&D information promotes the R&D input and innovation output more significantly.

Practical implications

The conclusion of this paper provides a reference for the listed companies to drive innovation with the help of we-media information disclosure, a new solution for the small and medium-sized listed companies in China which have difficulty in carrying out innovation activities due to financing constrains and also provides useful practical enlightenment for the government and the capital market regulatory authorities to issue relevant policies to regulate we-media information disclosure.

Originality/value

This paper introduces a new information disclosure channel--we-media into the research on influencing factors of innovation and discusses the influence of the amount, different sources and disclosure contents from we-media on enterprise innovation, which enriches the existing research on enterprise innovation influencing factors, providing a new perspective for driving enterprises to innovate.

中文翻译：

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自媒体信息披露能否驱动上市公司创新？——基于融资约束的视角

目的

本文旨在从融资约束的角度考察上市公司微博信息披露的数量、信息来源和内容对创新的影响程度。

设计/方法/方法

倾向得分匹配 (PSM) 和两阶段最小二乘法 (2SLS) 用于估计处理内生性问题。

发现

有证据表明，自媒体信息披露量显着推动了企业的创新。其机制是自媒体信息披露通过缓解融资约束、为研发活动带来资金来驱动创新。进一步的研究表明，只有原始信息才能推动创新。尤其是研发信息对研发投入和创新产出的促进作用更为显着。

实际影响

本文的结论为上市公司借助自媒体信息披露驱动创新提供了参考，为我国中小上市公司因融资难开展创新活动提供了新的解决方案。为政府和资本市场监管部门出台相关政策规范自媒体信息披露提供了制约和有益的现实启示。

原创性/价值

本文将一种新的信息披露渠道——自媒体引入创新影响因素研究，探讨了自媒体的数量、不同来源、披露内容对企业创新的影响，丰富了现有的企业创新研究。影响因素，为驱动企业创新提供了新视角。