摘要 以中国沪深A股高新技术上市公司2013—2015年的数据为样本，对无形资产自愿信息披露对融资约束和投资不足的影响进行了实证研究。实证结果表明:中国高新技术企业普遍存在融资约束及投资不足的问题;反映融资约束的企业当期留存现金在投资-现金流敏感性关系中具有中介效应，会牺牲当期的投资，造成投资不足;无形资产在一定程度上代表高新技术企业的成长性、盈利能力和公司价值，无形资产的自愿信息披露具有调节效应，能够有效降低信息不对称性，缓解高新技术企业融资约束并抑制投资不足。 Abstract：This article is an empirical research on the impact of voluntary information disclosure of intangible assets on financial constraints and underinvestment based on the data for the years 2013-2015 collected from Chinese high and new tech companies listed on A-share market in Shanghai and Shenzhen. It is found that the sample companies are mostly financially constrained and under-invested， which reflects that cash savings of financially constrained companies has a mediator effect on investment-cash flow sensitivity and will sacrifice investment in current year， causing under investment. To some extent， the intangible assets represent a business's ability to grow and profit and its corporate value. Voluntary information disclosure of intangible assets has a moderator effect and can effectively reduce the information asymmetry and relieve the problem of financial constraints to avoid under investment.
