企业上市与企业创新——基于中国企业专利申请的研究

IPO and Firm Innovation:An Empirical Study based on Chinese Patent Data

本文发现企业通过在股票市场IPO能够显著增加创新产出。分析表明缓解企业融资约束,促进企业创新人才队伍建设是IPO增进创新的重要渠道:首先,上市前融资相对困难企业在上市后专利申请增加更加明显;其次,上市后企业专利申请人队伍在数量和效率上都有明显提高。另外,我们发现企业的治理结构和激励机制也会显著影响IPO后的创新活动改善:总经理具有更大实际控制权力和给予高管股权激励的企业在上市后专利申请增长相对更快。本文揭示了股票市场服务企业创新的内在机制,为现阶段我国创新驱动发展战略实施和多层次资本市场建设提供政策借鉴。

We investigate the effect of stock market on firm innovation via the lens of initial public offering （IPO） using a uniquely matched Chinese firm- level data. We find that IPO leads to an increase of finn innovation activity. The impact of IPO on firm innovation varies across corporate governance structure, financial constraint, and ownership. We suggest that IPO boosts firm innovation via relaxing their financial constraint. Our results further illustrate that IPO makes a firm better at building a bigger innovation team and improving their innovation efficiency after IPO. We also find that governance arrangement aligning the interest of managers and shareholders can counteract the negative effect of IPO on innovation induced by principle - agent problem.