基于A股上市公司数据的资产流动性与企业创新研究

Asset Liquidity and Corporate Innovation based on the Data of A-share Listed Firms

资产流动性反映了企业资产的变现能力,其对企业的研发投入具有什么影响?通过设定资产流动性度量指标,本文采用我国A股上市企业数据检验了资产流动性与企业技术创新的关系,发现企业资产的流动性与技术创新投入之间呈正相关性,资产流动性对融资约束企业创新投入的影响比非融资约束企业更加突出;高资产流动性企业具有较高的变现能力和抵押价值,有利于企业以较低的交易成本和融资成本为技术创新活动筹集资。上述结论表明除了使用补贴、降税等手段直接增加企业现金流动性,进一步健全资产交易规则,引导市场不断创新资产交易模式,有利于提高企业资产的流动性、破解融资难题,促进企业研发投入水平的提高。

Asset liquidity reflects the liquidity of an enterprise′s assets.What impact does it have on R&D investment?The paper constructs liquidity indicators from two different aspects,and explores the relationship between asset liquidity and corporate innovation with the data of China′s listed firms,finding that a firm′s asset liquidity positively affects its in?novation investment,and this effect is larger to the financially-constrained firms;a firm with higher asset liquidity has cashability and hypothecary value,which enhances the funding of the firm′s innovative project by lower financing and transaction costs.The conclusions show that besides the means of offering subsidies and reducing taxes to directly increase the cash flow of firms,government should further improve the asset transaction rules and encourage the market to create new modes for asset transaction.This can increase a firm′s asset liquidity,settle its financing problem,and motivate cor?porate innovation.