资本市场开放与企业策略性创新行为——基于外部监督的分析

Capital Market Opening and Strategic Innovation Behavior of Enterprises:Analysis based on External Supervision

文章立足于“沪港通”的制度背景,选取2010—2022年沪深A股非金融上市公司为研究对象,研究资本市场开放与企业策略性创新行为的关系。实证研究发现:第一,资本市场开放能提高授权专利中发明专利的占比,显著改善企业专利结构,提高专利质量;第二,从外部监督的角度机制分析发现,资本市场开放会通过增加监管机构和媒体监督产生聚光灯效应,进而减少通过策略性创新的市值管理行为;第三,动机分析发现,在资本市场开放下,企业出于防范崩盘风险和向市场传递特质性信息的目的,会减少策略性创新行为,提高专利质量;第四,资本市场开放对非国有企业和信息不对称较高的企业策略性创新行为抑制作用更加明显。本研究对于充分利用资本市场开放助力实体经济发展,推动企业实质性创新具有借鉴意义。

Based on the institutional background of the Shanghai Hong Kong Stock Connect,this article selects non-financial listed companies on the Shanghai and Shenzhen A-shares from 2010 to 2022 as the research object to study the relationship between capital market opening and corporate strategic innovation behavior.Empirical research has found that firstly,opening up the capital market can increase the proportion of invention patents in authorized patents,significantly improve the patent structure of enterprises,and enhance patent quality;Secondly,from the perspective of external supervision,it is found that opening up the capital market will generate a spotlight effect by increasing regulatory agencies and media supervision,thereby reducing market value management behavior through strategic innovation;Thirdly,motivation analysis reveals that under the opening of the capital market,enterprises,in order to prevent the risk of collapse and transmit characteristic information to the market,will reduce strategic innovation behavior and improve patent quality;Fourthly,the opening of the capital market has a more significant inhibitory effect on the strategic innovation behavior of non-state-owned enterprises and enterprises with higher information asymmetry.This study has reference significance for fully utilizing the opening of the capital market to support the development of the real economy and promote substantive innovation of enterprises.