制度变迁视角下股权市场融资规模与企业技术创新关系研究

The Relationship between Equity Market Financing Scale and Enterprise Technology Innovation from the Perspective of Institutional Change——Evidence from the Six Provinces in Central China

深刻认识股权市场发展与企业创新的关系,对经济结构调整、去产能意义重大。本文利用国家统计局和同花顺iFinD数据库数据,采用固定效应识别方法,分析中部6省股权市场发展与企业创新在不同时期的变化。研究发现,股权分置改革前,股票市场筹资额与企业创新呈反向关系;股权分置改革后,股票市场筹资额与企业创新呈正向关系。基于制度变迁理论,进一步论证股权市场的发展对企业创新不同阶段产生的不同影响,为全面推进金融市场改革和经济转型提供持续的原动力。

In the period of economic transition,it is of great significance to have a deep understanding of the relationship between equity market development and corporate innovation for economic restructuring and capacity reduction.Based on the database of the National Bureau of Statistic and the flush iFinD,this paper uses the identification method of fixed effect to analyze the changes of the financial market structure and enterprise innovation in the six provinces of central China within different periods.It reveals that the stock market financing and the enterprise innovation are in an inverse relationship before the share structure reform;the amount of equity raised has a positive relationship with corporate innovation after the equity structure reform.Based on the theory of North's institutional change,this paper further proves that the development of the equity market has different influence on the different stages of enterprise innovation,and it provides the driving force for promoting the structural reform of financial market and the transition of national economy.