资本市场错误定价与企业创新

Mispricing of the Capital Market and Corporate Innovation

文章运用2007-2016年A股制造业公司的年度数据,研究股票市场错误定价对企业创新的影响。研究发现,在错误定价影响企业创新的两种渠道中,直接的"迎合渠道"和间接的"融资渠道"均在我国存在,且以"迎合渠道"为主。文章发现的意义在于,在一定条件下高股价可能会促进企业创新,监管者可以利用股票市场高估的区间,促进企业创新,推动产业升级。

This paper studies the impact of mispricing on corporate innovation according to the data of listed firms in technology from 2007 to 2016 in China A-Share market.The results of channel analysis show that,the direct catering channel and the financing channel both play an important part in China,and the direct catering is the primary channel.These findings imply that the overvaluation of stock price can promote innovation under certain conditions.The superintendent can utilize the overvaluation of stock prices to promote innovation and foster emerging industries and promote industry upgrading.