股票流动性、外部治理环境与企业创新

Stock Liquidity,External Governance Environment and Enterprise Innovation

基于2013—2019年沪深A股上市企业数据,构建实证模型研究股票流动性对企业创新产出的影响及外部治理环境的调节作用。回归结果表明,股票流动性水平是影响企业创新活动的重要因素,显著地促进了技术创新,市场化程度及知识产权保护水平更是增强了股票流动性对企业创新的正向影响。进一步研究发现,在股票流动性及外部治理环境的协同作用下,不同性质的企业反应也有所不同,高科技企业及小规模企业对于市场化程度和知识产权保护水平的调节作用表现更为显著。最后根据研究结论提出了相关政策建议。

Based on the data of A-share listed enterprises in Shanghai and Shenzhen from 2013 to 2019,this paper constructs an empirical model to study the impact of stock liquidity on enterprise innovation output and the regulation of external governance environment.The regression results show that the level of stock liquidity is an important factor affecting enterprise innovation activities,which significantly promotes technological innovation.The degree of marketization and the level of intellectual property protection enhance the positive impact of stock liquidity on enterprise innovation.Further research found that under the synergy of stock liquidity and external governance environment,the response of enterprises of different nature is also different,and the regulatory effect of high-tech enterprises and small-scale enterprises on the degree of marketization and the level of intellectual property protection is more significant.Finally,relevant policy suggestions are put forward according to the research conclusions.