股票流动性与公司创新——基于创新行业的实证分析

Liquidity of stock and corporate innovation—— empirical research based on innovative industries

对于高流动性的中国股票市场,股票流动性如何影响公司创新?本文从管理层短期行为视角进行了探讨,采用中国A股市场数据,运用回归分析及双重差分进行检验,发现股票非流动性指标正向影响发明专利和专利总量,结论支持了股票流动性抑制公司创新的假设。其影响机理是,当外部冲击导致股票流动性增加时,会吸引更多的基金公司持股,这些公司更注重短期业绩,促使公司高管进行短期投资而减少创新支出;但股票流动性通过提高公司高管薪酬股价敏感性而抑制公司创新的机理没有通过显著性检验。政府和证券监管层因此可以通过市场制度建设、交易机制改革等行为控制过高的股票流动性,从而刺激公司进行创新型项目。

How does the liquidity of stock market impact the corporate innovation？ This paper employs the data of the A share stock market, applies the regression analysis and difference-in-difference model for examination, and discovers the liquidity of stock market significantly imposes negative impact on the number and quality of patents, the conclusion supports that the liquidity restrains the corporate innovation. And the impact mechanism is due to the positive correlation of stock liquidity and shareholding ratio of mutual funds, when the stock liquidity raises to attract increasing number of shareholding ratio of funds, these funds attach greater importance to short term performance, therefore, restrains the corporate innovation. Even though, the stock liquidity can impact the corporate innovation through raising the remuneration of managing directors, this approach is not demonstrated by the significance tests. Government and securities can boost the innovation by improving the marketing system, trading mechanism to change the liquidity of stocks.