摘要
本文以2010—2019年的沪深A股上市公司作为样本,应用双重差分模型实证研究了资本市场开放对企业创新行为的影响及作用机制。研究发现:沪港通的开通提高了标的企业实质性创新投入,但是也助长了策略性创新行为。路径分析表明,沪港通主要通过影响企业内源融资与改善外部信息环境,缓解融资约束与信息不对称性,促进企业实质性创新。为实现高质量经济发展,需要进一步完善资本市场开放制度、提高政策甄别能力与扶持企业创新。
This paper takes Shanghai and Shenzhen A-share listed companies from 2010 to 2019 as a sample,and applies the Difference-in-Differences model to empirically study the impact and mechanism of capital market liberalization on enterprise innovation behavior.The study finds that the opening of Shanghai-Hong Kong Stock Connect increased the substantial innovation investment of the target enterprises,but also promoted the strategic innovation behavior.Path analysis shows that Shanghai-Hong Kong Stock Connect mainly promotes substantial innovation of enterprises by affecting the internal financing of enterprises and improving the external information environment,alleviating financing constraints and information asymmetry.In order to achieve high-quality economic development,it is necessary to further improve the capital market liberalization system,support policy screening capabilities and support enterprise innovation.
作者
张小成
朱东炬
刘明显
王武林
ZHANG Xiaocheng;ZHU Dongju;LIU Mingxian;WANG Wulin(College of Big Data Application and Economics,Guizhou University of Finance and Economics;Key Laboratory of Green Fintech,Guizhou University of Finance and Economics;Artificial Intelligence and Digital Finance Laboratory,Guizhou University of Finance and Economics;School of Public Administration,Guizhou University of Finance and Economics)
出处
《经济理论与经济管理》
CSSCI
北大核心
2022年第10期85-98,共14页
Economic Theory and Business Management
基金
国家自然科学基金项目“投资者情绪与信息结构双重异化对IPO定价效率影响研究”(71861007)
贵州财经大学校级重点项目“投资者结构对IPO抑价影响机理研究”(2019XZD01)的资助。
关键词
实质性创新投入
策略性创新投入
专利申请
沪港通
双重差分
substantial innovation investment
strategic innovation investment
patent application
Shanghai-Hong Kong Stock Connect
Difference-in-Differences model
