非效率资本市场定价对企业创新质量的影响

The Impact of Inefficientt Capital Market Pricing on Enterprise Innovation Quality

创新质量提升已成为推动关键核心技术突破、促进企业高质量发展的重要驱动力,但我国创新活动仍存在低质低效的问题。在实现科技自立自强和创新驱动发展的背景下,探究资本市场环境对企业创新质量的影响、寻求企业高质量创新突破路径具有重要意义。基于我国沪深A股非金融上市公司的实证研究表明:非效率资本市场定价显著削弱企业创新质量,使其陷入创新困境。作用机制分析发现,股价高估会导致企业为迎合投资者而采取策略性创新,而股价低估会削弱企业研发投入的积极性,这两种倾向均不利于企业创新质量的提升。异质性检验结果显示,当企业股权融资依赖度高、短期业绩压力大、信息不对称程度强和代理问题相对严重时,非效率资本市场定价对企业创新质量的负面影响更突出。依据上述经验证据,政府可借助市场化改革进一步提升资本市场定价效率,企业应通过公司治理水平和信息披露环境的优化积极应对资本市场短期压力下的低质量创新诱导倾向,有效地增强高质量创新能力。

The improvement of innovation quality has become an important driving force to pro-mote the breakthrough of the key core technologies and the high-quality development of enterprises,but the problem of"low quality and low efficiency"still exists in the innovation activities of China.In the context of realizing technological independence and self-improvement and practicing innova-tion-driven development,it is of great significance to explore the influence of the capital market envi-ronment on the quality of corporate innovation and to seek breakthrough paths for corporatehigh-quali-ty innovation.This paper conducts and empirical study based on China's A-share non-financial listed companies in Shanghai and Shenzhen stock markets.The findings show that the inefficient capital market pricing will significantly weaken the quality of corporate innovation and makes them fall into an innovation dilemma.The analysis of the mechanism of action shows that overvaluation of stock prices will lead companies to adopt strategic innovations to cater to investors,while undervaluation of stock prices will weaken the enthusiasm of enterprises to invest in R&D.Both of the two tendencies are not conducive to the improvement of corporate innovation quality.The heterogeneity test reveals that the negative impact of inefficient capital market pricing on corporate innovation quality is more prominent when the corporate equity financing is highly dependent,the short-term performance pres-sure is high,the information asymmetry is strong,and the agency problems are relatively serious.Ac-cording to the above empirical evidences,the government can take advantage of the market-oriented reforms to further improve the pricing efficiency of the capital markets;while the enterprises should actively respond to the low-quality innovation-induced tendency under the short-term pressure of the capital market through the optimization of the corporate governance level and the information disclo-sure environment,so as to effectively enhance their high-quality innovation capabilities.