Research on Heterogeneous Information Disclosure of Different Enterprise Types under Industry Competition Pressure——An Analysis Based on Competitive Position, Ownership and Technical Attributes

Abstract

Against the backdrop of the restructure of the global economic and trade pattern and the exponential growth of industry competition pressure, information disclosure has become an important strategic measure for enterprises to respond to competition and obtain resources. There are significant heterogeneities in the disclosure strategy choices of different types of enterprises. This paper takes the information disclosure behavior of enterprises under industry competition pressure as the research object, analyzes the correlation logic between competition intensity and enterprise disclosure strategies, explores the differentiated information disclosure characteristics of different types of enterprises from three dimensions: competitive position, ownership nature and technical attribute, and sorts out the future research trends and regulatory suggestions of information disclosure strategies. It is found that the overall information disclosure of enterprises under industry competition pressure is dominated by strategic disclosure and supplemented by authentic disclosure. Enterprises in a highly competitive environment mostly adopt strategic disclosure to maintain competitive advantages, while they pay more attention to authentic disclosure in a low-competition environment or under peer pressure. Enterprises with a high competitive position tend to selectively disclose positive information and conceal negative and core information. State-owned and non-state-owned enterprises adopt different disclosure strategies in different competition modes due to the differences in their business objectives. High-tech enterprises keep strict confidentiality of core technical information and maintain authentic disclosure of non-technical business information. The study also confirms that the enterprise disclosure strategy is not a single choice, but a dynamic trade-off between authenticity and strategicity based on external contexts such as industry competition intensity and competition mode, and this dynamic balance will become the mainstream trend in the future. Finally, differentiated policy suggestions are put forward for different departments such as financial supervision and market supervision, which provide a reference for regulating enterprise disclosure behavior and balancing the development of capital market and industrial innovation.