大股东参与定向增发促进了企业创新吗

Does the Participation of Major Shareholders in Private Placement Promote Enterprise Innovation

近年来,大股东参与定向增发产生的争议不断,大股东参与定向增发能否对企业生产经营活动产生积极、正面的影响成为监管部门和社会公众密切关注的问题。基于此,从企业创新的角度出发,选取2007~2019年我国A股上市公司为样本,检验大股东参与定向增发对企业创新的影响及其作用机制。结果发现大股东参与定向增发有利于企业创新,并且对企业实质性创新和策略性创新都有提升。进一步的机制检验发现,大股东参与定向增发可以通过“内部金融市场”机制、“监督效应”机制促进企业创新,而“掏空效应”机制则会抑制企业创新,三种作用机制中“监督效应”的作用最为显著。

In recent years,there have been many scandals about the participation of major shareholders in private placement.Whether the participation of major shareholders in private placement has a positive impact on the production and operation activities of enterprises has become an issue of close attention to the regulatory authorities and the public.Based on this,from the perspective of enterprise innovation,this paper selects Chinese A-share listed companies from 2007 to 2019 as samples to test the impact of large shareholders’participation in private placement on enterprise innovation and its mechanism.The results show that the participation of large shareholders in private placement is conducive to enterprise innovation.Further mechanism tests show that large shareholders’participation in private placement can promote enterprise innovation through“internal financial market”mechanism and“supervision effect”mechanism,while“tunneling effect”mechanism will inhibit enterprise innovation.In addition,we found that the“supervision effect”is the most significant among the three mechanisms.The study of this paper not only reveals the influence and mechanism of the participation of major shareholders in private placement on the innovation activities of enterprises,but also contributes to an in-depth understanding of the role of major shareholders in the capital market.In addition,it also provides empirical evidence for the country to use the capital market to promote the innovation strategy.