分红水平差异、股票交易活跃度与高技术企业创新——基于门限效应和调节效应的综合分析

Difference in Dividend Level, Trading Activity of Stock and Innovation of High-Tech Enterprise——A Comprehensive Study Based on Threshold Effect&Moderating Effect

基于文献回顾和实践总结,建构长期分红水平差异下股票交易活跃度对高技术企业研发投入与创新产出关系作用机制的理论模型,基于A股计算机和通信设备制造业企业数据,综合运用层次回归和门限面板回归方法进行检验。研究结果表明:在控制股票交易活跃度对研发投入与创新产出关系的调节作用的情况下,对于长期分红水平低的高技术企业,研发投入能够正向转化为创新产出,股票交易活跃度对创新产出有负向直接效应;对于长期派发高股利的高技术企业,研发投入对创新产出有独立的负向直接效应,而股票交易活跃度则不会对创新产出造成直接影响。在不同的长期分红水平下,股票交易活跃度均能增强研发投入对创新产出的促进作用,但这一调节效应在长期分红水平低的高技术企业中表现更强。研究结论揭示了股票市场与高技术企业创新的具体关系和高现金股利分配政策在推动企业创新方面的弊端,可为相关的监管和管理实践提供新参考。

Based on literature review and summary of practice,it constructed a theoretical model of the impact mechanism,of which stock trading activity influence the relationship between R&D investment and innovation output in high-tech enterprises under the long-term dividend level difference.Then,it comprehensively used hierarchical regression and threshold panel regression to test the theoretical model.Here,some results are gotten:for high-tech companies with low levels of long-term dividends,R&D investment is positively translated into innovation output,and the trading activity of stock has a direct negative effect on innovation output;for high-tech companies that distribute high dividends over a long period of time,R&D investment has a negative direct effect on innovation output,while active stock exchanges have no direct impact on innovation output.Furthermore,with different levels of long-term dividends,stock trading activity enhances the contribution of R&D investment to innovation output,but this moderating effect is stronger under the condition of low long-term dividends.The results show that the specific relationship between stock market and high-tech enterprise innovation and reveal the disadvantages of high cash dividend distribution policy in promoting innovation.These conclusions can provide new references for relevant supervision and management practices.