The real effect of innovation information disclosure: from the perspective of supplier innovation

This paper investigations the impact of customers’ innovation information discovery in management discussion and analysis (MD&A) on suppliers. We find that more disclosed MD&A, higher level supplier, similarity between supplier’s patent customer’s patent. Further shows when degree asymmetry suppliers customers is higher, important to suppliers, are dependent customers, forward-looking information, role customer supplier investment obvious. The economic sequences test finds significantly import efficiency enterprise value enterprises. Our findings provide evidence influence public textual real economy from perspective supply chain theoretical basis for importance intensify capital market.