股票流动性、企业生命周期与技术创新

Stock Liquidity,Enterprise Life Cycle and Technological Innovation

基于2007—2016年沪深两市A股上市公司数据,在企业生命周期视角下检验股票流动性对技术创新的影响。研究发现,股票流动性显著地促进了技术创新,并展现出了一定的结构性创新动力;界分企业生命周期后发现,初创期和成熟期的企业在高股票流动性刺激下更容易展现出显著的创新驱动效应。进一步的机制研究揭示出初创期企业的股票流动性确实能提高企业的各类投资水平,进而提高创新产出,但也发现了成熟期企业的股票流动性有着加剧企业短视倾向、不利于长期资本收益有效转化的证据。研究结论有助于强化股票流动性对技术创新的促进机制,提高企业的专利产出效率。

Based on the data of A-share listed companies in Shanghai and Shenzhen Stock Exchanges from 2007 to 2016, this paper examines the impact of stock liquidity on technological innovation from the perspective of enterprise life cycle. The study finds that stock liquidity significantly promotes technological innovation of enterprises and shows certain structural innovation dynamics. After dividing the life cycle of enterprise,it is found that enterprises in the initial stage and mature stage are more likely to exhibit significant innovation-driven effects under the stimulation of high stock liquidity. Further mechanism research reveals that the stock liquidity of start-up enterprises can improve the investment level of enterprises and increase the innovation output. However,there is also evidence showing that the stock liquidity of mature enterprises has aggravated the short-sighted tendency of enterprises and is not conducive to the effective conversion of long-term capital gains. The research conclusions help to strengthen the promotion mechanism of stock liquidity to technological innovation and improve the efficiency of patent output.