股票流动性与企业绿色创新

Stock Liquidity and Corporate Green Innovation

股票流动性对企业的影响越来越受到学术界的关注,然而现有研究较少关注股票流动性对企业绿色创新的影响。本文利用2011—2021年A股上市公司数据,研究了股票流动性对企业绿色创新的影响。研究发现:股票流动性提升对企业绿色创新有促进作用。机制检验的结果表明,股票流动性提升对企业绿色创新的正向影响源自信息效应和机构投资者的治理效应。进一步研究发现,基于信息效应,当投资者专业性提升后,股票流动性提升对企业绿色创新的正向影响会被强化;基于机构投资者的治理效应,控股股东股权质押没有削弱股票流动性提升对企业绿色创新的正向影响。本文的研究结论为资本市场如何助力企业绿色创新提供了重要启示。

The impact of stock liquidity on firms has received increasing academic attention.However,few studies have focused on the impact of stock liquidity on corporate green innovation.This paper investigates the impact of stock liquidity on corporate green innovation using the data of A-share listed companies from 2011 to 2021.It is found that stock liquidity has a facilitating effect on corporate green innovation.The results of the mechanism test indicate that the positive impact of stock liquidity on corporate green innovation stems from the information effect and the governance effect of institutional investors.It is further found that based on the information effect,the positive impact of stock liquidity on corporate green innovation is strengthened when investor professionalism is enhanced.Based on the governance effect of institutional investors,controlling shareholders′equity pledge did not weaken the positive effect of stock liquidity on corporate green innovation.The findings of this paper provide important insights into how capital markets can promote corporate green innovation.