股权再融资与企业创新——来自中国上市公司的经验证据

Equity Refinancing and Corporate Innovation:Empirical Evidence from Listed Firms in China

基于2007—2020年中国上市公司专利申请和引用信息数据,利用双重差分法,研究考察了股权再融资对企业创新的影响。研究发现,股权再融资成功后,企业专利数量和引用量均明显增多,研发投入显著提高,研发项目建设出现新增,即股权再融资能促进企业创新产出和创新投入。机制检验表明,股权再融资作用于企业创新的渠道主要为缓解企业融资约束和对核心技术人员股权激励。结论为资本市场直接融资方式监管的改革提供参考,也能为企业对核心技术人员进行股权激励和募集资金用于研发配套活动的意义提供理论支持。

Based on the data on patent application and citation information of listed firms between 2007 and 2020 in China,this paper studies how equity refinancing affects corporate innovation by using the DID method.Analysis shows that firms'patent applications and patent citations increase significantly after equity refinancing and that firms launch more R&D.That is to say,equity refinancing can promote corporate innovation output and investment.The mechanism test shows that the main channels of equity refinancing for corporate innovation are easing the financing constraints of enterprises and motivating the core technical personnel by equity.The conclusion provides a reference for the reform of direct financing supervision in capital market,and also provides theoretical support for the significance of equity incentive for core technical personnel and the raising of funds for R&D supporting activities.