资本市场发展对企业创新的影响——基于上市公司股票流动性视角

Capital Market Development’s Impact on Firm Innovation:Perspective from Stock Liquidity

本文研究了A股上市公司股票流动性对企业创新活动的影响及其作用机制,为资本市场发展促进实体经济发展提供经验证据。本文利用A股上市公司的交易数据、财务数据和专利数据进行实证分析,研究发现股票流动性对企业创新具有促进作用。利用动态面板模型控制内生性并利用中介效应检验发现,股票流动性促进企业创新的作用机制有一部分是通过提高企业的实际融资水平,提高研发投资规模,以及吸引机构投资者加强公司治理提高研发投资效率。作为稳健性分析,本文基于拟自然实验的分析视角通过马氏匹配、倾向得分匹配和偏差校正匹配三种方法控制企业的创新活动异质性和自选择偏差,实证结果表明股票流动性好的公司的专利数量和无形资产价值都高于股票流动性差的公司,验证了股票市场流动性对企业创新的促进作用。本文的实证分析表明,资本市场发展对实体经济具有一定积极作用,为通过发展资本市场,提高股票市场流动性促进企业创新,推动供给侧改革提供了经验证据。

This paper studies stock liquidity’s impact on firm innovation and its mechanism in an effort to provide empirical evidence forthe driving role that stock market development plays in economic development.With trading data,financial data and patent-related dataof A-share listed companies,this paper conducts an empirical analysis and regress firm innovation on stock liquidity using truncated re-gression.Then we use dynamic panel date model to control endogeneity and mediation test to study how stock liquidity affects firm inno-vation.Empirical result shows that firms with higher stock liquidity gain remarkable advantage in patent holding and intangible asset val-ue.We identify two possible mechanisms partly through which liquidity enhances innovation:the first is liquidity helps alleviate financingconstraints and increase investment on innovation,and the second is attracting higher presence of mutual funds that actively monitor andimprove the efficiency of innovation.As robustness analysis,from the perspective of quasi-natural experiment we use propensity scorematching,Mahalanobis matching,and bias corrected matching to control heterogeneity and self-selection effect and testify that liquidityenhances firm innovation.This paper verifies that stock market liquidity helps enhance firm innovation and this conclusion provides em-pirical evidence for supply-side reform through development of stock market.