Internet治理与企业信息披露策略研究：理论、实证检验与应用

The Internet is a social organization to the public. Internet’s totally selfless spirit reflects the human, the Internet also enables stakeholders to learn how to have a better peaceful coexistence and how to have a better power to improve corporate governance. With the rapid development of Internet,there are a lot of applications that are used to share information between stakeholders on the Internet,such as, microblog,QQ,Weichat,blog,bbs. They help investors reduce the transaction cost of information acquisition and press managers to change corporate disclosure strategies. And they have a marked impact on the economics and modern society of our country. Internet has entered into everyone’s life in China. And more and more firms use Internet services, such as blog, to disclose information with lower proprietary costs of disclosure. Shareholders are able to make use of Internet to search the information about managers’ disclosure information and set up social network to press managers for changes in corporate disclosure strategies.However,what will managers’ corporate disclosure strategies adapt and react in face of Internet goverance? What is the effect of Internet goverance on corporate disclosure strategies? What are the fundamental principles of the Internet governance? What kind of roles do macroeconomic policies, corporate governance or internal control play on of Internet goverance under Internet goverance? What are the underlying factors and mechanisms? How do we promote the economic development and its successful transition by use of Internet governance mechanism innovations and stakeholders' social network innovations to reduce agency problems? How could we optimize the operation mechanism and efficiency of corporate disclosure strategies under Internet governance? These problems are worth discussing and exploring further at present.By using the theoretical and empirical model, we examine the change of mechanism, efficency decision and optimization path of corporate disclosure strategies under Internet governance, and investigate the effects of different Internet governance mechanism and stakeholders' social network innovations,and the interactions among them on the corporate disclosure strategies,such as more information shared, firms with lower proprietary costs of disclosure, more risk information and stakeholders' flow behavior of information. Considering the change of the above characteristics,this project is going to examine the value-added and risk of the Interenet governance mechanism innovations and stakeholders' social network innovations, the value-added and risk interact and the impact on corporate disclosure strategies. The research of this project is significant on promoting and broadening the academic and practical status of research of corporate governance and corporate disclosure.

“开放、平等、协作、分享”的互联网精神建构了强大的互联网平台经济，使得Internet治理在公司治理实务中扮演着越来越重要的角色。在中国媒体治理的特殊情境和制度背景下，Internet治理对我国现有公司治理起到愈加重要的补充和（或）替代作用。那么，Internet治理如何影响企业信息披露策略？基于此，本项目主要围绕Internet治理影响企业信息披露策略的作用机制、效率决定及其经济后果等展开研究。通过系统梳理相关互联网技术、文献和制度背景，构建分析框架与理论模型，系统研究Internet治理影响企业信息披露策略的作用机理；并借助网络技术等手段获取并分析互联网大数据，采用实证分析方法，深入研究Internet治理影响企业信息披露策略的关键因素及其经济后果等；并构建评价体系和提出政策建议。本研究将为Internet治理提供重要的理论支持和技术评价模型，以期丰富公司治理理论并指导实践。

在互联网技术，互联网大数据，特别是“互联网+”开始影响企业利益相关者的宏观背景之下，以及以本人发表在《经济研究》2013年第七期的论文为基础，本项目侧重在Internet治理如何影响管理层决策、企业的信息披露策略以及由此造成的经济后果。具体研究内容包括：1.对互联网技术有负面影响的信息安全风险以及技术进步如何影响企业的内部控制以及管理层的决策；2.这些内部控制和管理层的决策又造成了怎样的经济后果；3.基于这些发现，我们进行了进一步的思考和探索性研究：既然导致这些经济后果的来源是管理层的决策，但是管理层的决策机制究竟是如何进行的？由此我们团队采用先进的fMRI技术对决策机制进行了一些初步的研究，在此项目结题之后，我们将继续在这个领域进行探索。.重要结果包括：研究发现信息安全风险的发生会显著挫败投资者对于公司的信心，而公司采用基于互联网技术的XBRL信息披露，在熊市中，排名靠后的基金经理人更倾向于规避风险；反之，在牛市中，排名靠后的基金经理人更倾向于追求风险；此外，我们团队还发现管理层的决策还受到来自基于互联网的企业利益相关者的压力、个人的宗教信仰、从军经历、同业竞争、声誉机制、宏观经济、董高监保险投入等影响。另外，我们还发现酒依赖患者大脑灰质体积减少以及边缘性人格障碍的默认网络和额叶、边缘叶脑灰质体积降低。这些发现有助于我们更深刻地理解决策的科学依据。.关键数据：建立了自己团队的数据库：重大会计差错数据库以及信息安全数据库。.科学意义：1.基于互联网的大数据形成的外部监督能够影响管理层的决策决策；2.有酒依赖症状和边缘性人格障碍的管理层，他们的大脑的结构存在一定的体积减少的问题，这些都可能影响决策。3. 联合申请的专利在先进制造中的精密产品中有比较广泛的应用，特别是涉及到坐标测量机相关的精密产品。