摘要
基于A股和H股上市公司2001—2020年的数据,实证研究发现:相较于H股上市,A股上市会对公司创新产生额外的促进效应,但这主要体现在创新的数量而非质量上。机制检验表明,A股上市带来更大的融资规模,从而为研发投入的扩大提供了条件,有助于企业创新;而且,A股创新激励效应对非国有企业、技术性行业更加明显。
Based on the data of A-share and H-share listed companies from 2001 to 2020,the empirical study finds out that,compared with H-share listing,A-share listing has an additional positive effect on corporate innovation,but this is mainly reflected in the quantity rather than the quality of innovation.Mechanism test shows that A-share listing brings a larger scale of financing,which provides conditions for the expansion of R&D investment and helps enterprises to innovate.Furthermore,the innovation incentive effect of A-share marketis more pronounced for non-state-owned enterprises and technical industries.
作者
汪昌云
钟腾
罗吉罡
WANG ChangYun;ZHONG Teng;LUO JiGang(Renmin University of China,Beijing 100872;University of International Business and Economics,Beijing 100029;Fudan University,Shanghai 200433)
出处
《财贸研究》
北大核心
2023年第2期12-25,共14页
Finance and Trade Research
基金
中国-东盟区域发展省部共建协同创新中心科研专项与教育部长江学者和创新团队发展计划联合资助(CWZD202104)
国家社会科学基金重点项目“构建金融有效支持实体经济着力点的体制机制研究”(21AZD028)
国家自然科学基金青年项目“房价膨胀的资源重配效应、企业创新与经济绩效:理论和微观实证”(71703018)。
关键词
上市地点
企业创新
A股
H股
listing location
corporate innovation
A-share
H-share
