推手还是杀手:流动性对中小企业创新投资的影响——基于新三板和创业板的比较研究

Killing or Pushing: The Effect of Stock Liquidity on Innovation Investment of SME——A Comparative Study between NEEQ and GEM

流动性对资本市场的重要性不言而喻,但其能否促进企业创新在学界一直存在争议。流动性对创新的影响是否与企业所处资本市场有关,目前鲜有研究。基于此,本文以服务中小企业创新发展的两个重要市场——创业板和新三板为研究对象,对比研究了不同资本市场中流动性对企业创新投资影响的差异及其作用机制。研究发现:创业板中股票流动性对企业创新投资有抑制作用,而新三板中股票流动性可促进企业创新投资。基于机构投资者监督视角的机制检验发现,创业板中流动性的提高可通过机构投资者持股比例的增加促进企业创新投资,而新三板中流动性的提高会通过机构投资者持股比例的增加抑制企业创新投资。进一步将机构投资者划分为独立型和非独立型后发现,在创业板起到促进作用的是独立型机构投资者,而新三板中是非独立型机构投资者抑制了企业创新投资。本文的研究结果有助于辩证认识资本市场流动性对企业创新投资影响的异质性,为市场监管者通过制度安排调整市场流动性以促进企业创新提供了实践证据。

Using the 2013-2017 NEEQ innovation layer listed companies and GEM listed companies as the research sample,this paper empirically tests the impact of market liquidity on innovation investment on different capital markets and its mechanism.We find that stock liquidity of NEEQ is positively related to enterprise innovation investment,while liquidity of GEM is negatively related to innovation investment.From the perspective of institutional investors’supervision,we test the intermediary role of institutional investors in the relationship between liquidity and innovation investment,and find that the increase of liquidity in GEM can attract more institutional investors to hold shares.This increase of shareholding ratio can promote enterprise innovation investment.On the other hand,the improvement of liquidity in NEEQ will also lift the shareholding ratio,whereas this increase of shareholding ratio may inhibit enterprise innovation investment.Further to divide institutional investors into independent and non-independent,it is found that independent institutional investors play a facilitating role in GEM,while non-independent investors in NEEQ inhibit enterprise innovation investment.For the first time,this paper demonstrates the non-linear role of liquidity in influencing enterprise innovation by using China’s special multi-level capital market.Compared with the mature capital market in the US,China’s capital market is still in the development stage.This paper differs from previous studies by focusing on two markets with widely differing levels of development—NEEQ and GEM.Our findings suggest that the role of liquidity in influencing enterprise innovation varies depending on the level of development of the capital market in which the enterprise is listed.This finding is helpful to dialectically understand the heterogeneity of the impact of capital market liquidity on enterprise innovation investment.Second,this paper examines the mechanism of liquidity influencing enterprise innovation from the perspective of institutional investor supervision,and reveals the different roles played by institutional investors on different markets with huge liquidity differences.Third,the findings of this paper provide practical evidence for the regulators of emerging capital markets to adjust the impact of market liquidity on enterprise innovation through institutional arrangements.On the more liquid GEM,one way to promote enterprise innovation without reducing liquidity is to encourage independent institutions to participate.In NEEQ,where liquidity is too low,market liquidity needs to be continuously increased to promote innovation,while at the same time being vigilant against the inhibiting effect of non-independent institutional investors.