股权再融资能促进“专精特新”企业发展吗?

Can Seasoned Equity Offerings Promote Specialized-Refinement-Differential-Innovation Enterprises Development?

构建现代化产业体系,推动经济高质量发展,需要高质量企业发挥领军作用。作为细分领域的领导者,“专精特新”企业具备领先的技术水平和产品质量,在制造业中起到了支柱作用,单项冠军企业是“专精特新”企业群体的代表。以2010—2021年上市单项冠军企业为研究样本,实证检验了股权再融资对“专精特新”企业主营业务增长率的影响。结果显示:股权再融资能够促进“专精特新”企业的主营业务收入增长率的增长,且这一结论具有稳健性;提高创新投入、提高生产能力在这一过程中起到了中介作用;异质性分析发现,在数字化转型程度高、管理层薪酬水平高的“专精特新”企业中,股权再融资才能有效发挥对主营业务收入的积极作用;进一步研究发现,股权再融资在“专精特新”企业的培育体系中发挥着重要作用,能够显著促进一般的“专精特新”企业成长为单项冠军企业,同时也证明了单项冠军企业作为“专精特新”企业中的排头兵,对当地其他“专精特新”企业主营业务发展起到了显著的带动作用。研究为论证股权再融资的积极影响提供了经验证据,并且对于如何有效发挥金融对实体经济的支持作用,以金融赋能“专精特新”企业发展提供了启示。

To build a modern industrial system and promote high-quality economic development,high-quality enterprises are needed to play a leading role.As the leader in the market segments,the“SRDI”(Specialized-Refinement-Differential-Innovation)enterprises have the leading technology level and product quality,and play a pillar role in the manufacturing industry.This article investigates the role of seasoned equity offerings(SEOs)in promoting the development of“SRDI”enterprises.Using single champion enterprises,which are representative of“SRDI”enterprises,as the research object,a list of single champion enterprises is compiled that have been listed on Chinese A-share market.Based on the data the enterprises from 2010 to 2021,the impact of SEOs is empirically tested on the growth rate of main business income of“SRDI”enterprises,the intermediary mechanisms are explored,heterogeneity analysis is conducted,and the role of SEOs in cultivating“SRDI”enterprises and the driving effect of“SRDI”enterprises on the development of local enterprises are further analyzed.The main conclusions are as follows:Firstly,using the occurrence of SEOs,the number of SEO events,and the natural logarithm of the total actual funds raised through SEOs as explanatory variables,it concludes that SEOs can significantly promote the growth rate of main business income of“SRDI”enterprises,which remains consistent when the explained variable is replaced by the growth rate of operating profit and net profit.It also holds true when the study period is compressed.And the conclusion is robust when the explained variable is lagged by one period.Secondly,in the analysis of intermediary mechanisms,it is found that SEOs promote the development of the main business income of enterprises through two channels:enhancing innovation investment and improving production capacity.In the heterogeneity analysis,it is found that SEOs can only significantly promote the growth of main business income in“SRDI”enterprises with a high degree of digital transformation.Additionally,SEOs have a significant positive impact on enterprises with high management compensation.Thirdly,in further analysis,focusing on the cultivation gradient of“SRDI”enterprises,it is found that SEOs can promote the growth of“SRDI”enterprises into single champion enterprises.Regarding the leading role of“SRDI”enterprises,single champion enterprises can promote the development of other local“SRDI”enterprises,but the effect is not significant for non-“SRDI”enterprises.From the perspective of research contributions,firstly,it reveals that SEOs can promote enterprise development through enhancing innovation and improving production capacity.Secondly,this paper is to propose the idea of promoting the development of“SRDI”enterprises through direct financing.This paper supplements the academic research on the development of“SRDI”enterprises,provides new guidance and insights for the cultivation and development of such enterprises,and offers new theoretical support for the development of high-quality finance to empower the real economy.Lastly,it is to empirically study the mechanism of the cultivation system for“SRDI”enterprises and examine their driving role.