The implementation of the negative list system for market access is conducive to creating a fair competitive environment and stimulating market competition vitality. As a key strategic information, innovation information disclosure has both costs and benefits. Under the impact of negative list system, will enterprises consider proprietary costs to reduce innovation information disclosure, or will they increase innovation information disclosure out of strategic considerations? Based on the quasi-natural experimental space provided by the pilot of China’s negative list system for market access, this paper uses the matching data of micro-enterprise innovation text information to examine the micro effect of the negative list system.
This paper finds that the implementation of the negative list system is conducive to encouraging enterprises to increase innovation information disclosure, and this conclusion is still valid after a series of robustness tests. Heterogeneity analysis indicates that as the cost of innovation information disclosure decreases and disclosure benefits increase, the negative list system has a more significant promoting effect on enterprise innovation information disclosure. The mechanism test shows that the implementation of the negative list system mainly affects innovation information disclosure by increasing the competitive perception of management and enhancing the ability of enterprises to bear risks. In addition, innovation information disclosure has a peer spillover effect. Increased disclosure of innovation information by peer enterprises is beneficial for driving target enterprises to enhance their innovation capabilities.
The contributions of this paper are mainly reflected in the following aspects: First, it provides rigorous empirical research on the strategic disclosure value of innovation text information, further supplementing and expanding the existing literature on innovation information disclosure. Second, it provides empirical evidence at the micro level for us to have a deeper understanding of the implementation effect of the negative list system, supplementing the current research on the implementation effect of the negative list system for market access. Third, the heterogeneity test expands the influencing factors of the dynamic balance between disclosure costs and benefits in the process of enterprise innovation information disclosure.