定向增发能促进企业创新吗?——来自中国上市公司的经验证据

can the Private Placement Promote Corporate Innovation?——Evidence from Chinese Listed Companies

本文研究定向增发对企业创新的影响。采用倾向得分匹配方法和双重差分模型,基于融资约束、产权性质及公司规模深入分析定向增发对企业创新的影响。研究发现,定向增发能够促进企业创新投入和创新产出,同时还发现定增促进企业创新是由于定向增发能够缓解融资约束,而且这种促进作用在非国有公司和中小板及创业板公司中效果更加明显。本文首次检验了定向增发与企业创新之间的关系,对于"融资—企业创新"问题的研究做出了增量贡献,同时,本文的研究结论对于上市公司定向增发选择和监管层关于定向增发的监管政策都有借鉴意义。

This paper studies the impact of private placement on corporate innovation. We provide evidence about the relationship between private placement and corporate innovation based on the propensity score matching method and the double difference model using the sample of 2008-2014 listed companies. Our findings suggest that private placement can promote corporate innovation, moreover,this promotion is due to private placement can alleviate the financing constraints, and this promotion effects in non state-owned companies and small companies are more obvious. This research has made incremental contribution on the topic of'financing—innovation'. At the same time, the conclusion of this study is significant to listed companies for the choice of refinancing and regulators for the policy orientation.