研发信息披露对研发活动溢出效应的影响

以创业板公司2012-2016年的数据为样本，检验行业领先公司研发信息披露质量对同行业公司研发溢出效应的影响。同时，考察该影响在同行业公司不同动机（行业地位）和能力（融资约束）下的差异。研究发现，行业领先公司的研发信息披露质量与研发活动溢出效应显著正相关，且该影响对于行业地位高以及融资约束较低的同行业公司更为明显。进一步对研发投入阶段进行区分后发现，研发信息披露质量对研发活动溢出效应的影响主要存在于研究阶段。

Research on the Impact of R&D Information Disclosure on R&D Spillover Effect

By using the data of the GEM companies from 2012 to 2016 as a sample,we tested the impact of industry leaders' R&D information disclosure qualities on R&D spillover effects of companies in the same industry,and consider the difference of this effect between the different motivations (industry status) and capacities (financing constraints) of companies in the same industry.The result shows that:The quality of industry leaders' R&D information disclosure is significantly positively correlated with the R&D spillover effect,and this effect is more obvious for companies in the same industry with higher industry status and lower financing constraints.In addition,we find that the influence of R&D information disclosure on the R&D spillover effect is mainly in the research stage.