股票流动性与上市公司创新质量

Stock Liquidity and Innovation Quality of Listed Companies

利用2006―2015年创新型上市公司的数据,研究了股票流动性对上市公司创新数量和创新质量的影响。研究发现,股票流动性虽然可以促进企业专利数量的增加,但却抑制了企业专利质量的提升;股票流动性对企业创新的影响具有异质性,表现为流动性对国企和民企的专利数量均具有显著的促进作用,但对国企专利质量具有显著的负向影响。

This paper uses the data of innovative listed companies from 2006 to 2015 to examine the impact of stock liquidity on the innovation quantity and innovation quality of listed companies. The study finds that while stock liquidity can promote the quantity increase of patents,it inhibits the improvement of the patent quality of enterprises. The impact of stock liquidity on corporate innovation has heterogeneity. Liquidity plays a significant role in promoting the number of patents of state-owned enterprises and private enterprises,but its impact on the patents quality of state-owned enterprises is negative.