兼听则明：股价信息的创新指导效应

Hear All Parties: Innovation Guidance Effect of Stock Price Informativeness

以沪深两市A股上市公司为研究样本,借助股价波动非同步性验证了股价信息含量对企业创新能力的影响。研究发现,股价信息含量的增加显著促进了企业创新能力。二者间作用机制的研究发现,股价特质性信息能有效指导企业创新资源的分配和使用,提高企业创新效率。此外,股价信息含量对创新的影响具有异质性,在行业竞争程度更强、风险水平和融资约束程度更低的样本中,股价信息的创新指导作用更明显。

This article took Chinese nonfinancial A-stock firms listed on Shanghai and Shenzhen Security Exchanges as researching samples,and conducted a survey on the impact of stock price informativeness on corporate innovation capabilities with the use of price nonsynchronicity.The research proves that the increase in stock price informativeness has significantly achieved the improvement of corporate innovation capabilities.The research on the mechanism between them shows that the characteristic information contained in stock price can effectively guide the allocation and use of innovation resources,also improve corporate innovation efficiency.In addition,we also find that above effect is heterogeneous.In addition,for the samples facing more competition,lower business risk and higher financing constraints,the motivating effect of informativeness is more pronounced.