摘要
股票流动性和企业创新之间是否存在相互促进的关系?本文基于中国A股市场数据,构建股票流动性与企业创新的相关指标,运用面板数据的实证研究结果表明:股票流动性似乎会增加企业的创新成果,即专利数量,而研发支出作为创新的投入则会受到流动性增强下的抑制,因此,股票流动性似乎是对企业的行为产生影响,这一结论说明股票流动性抑制企业创新的假设得到支持。其背后的影响机制可能是,高的股票流动性源于投机者的行为,追逐短期收益的目的迫使企业管理层可能会放弃创新投资,同时,管理层为避免被收购的威胁,可能会削减创新投资,然而企业已有创新投入下,流动性则迫使研发提高效率。
Is there any mutual promotion between stock liquidity and firm innovation? Based on the China’ s A-share market data,this paper constructs the related index of stock liquidityand firm innovation. The results of using panel data show that: stock liquidity seems to increase the firm’ s innovation,which is the number of patents. R&D expenditure as an innovation input which will be restrained by the enhancement of liquidity. Therefore,the stock liquidity seems to have an impact on the firm’ s behavior. The result shows that the hypothesis of stock liquidity inhibiting the firm’ s innovation is supported. The underlying mechanism probable is that high stock liquidity derives from speculators’ behavior. The purpose of chasing shortterm earnings forces firm management to give up innovative investment while management maybe cut back on innovative investments so that avoid the threat of being acquired. However,if firms have been invested in innovation,liquidity will force research and development to improve efficiency.
出处
《数量经济研究》
CSSCI
2018年第2期102-113,共12页
The Journal of Quantitative Economics
基金
国家社会科学基金重点项目“新常态下我国系统性区域性金融风险新特征及防范对策研究”(16AJY024)的资助
关键词
股票流动性
企业创新
研发支出
Stock Liquidity
Firm Innovation
R&D Expenditure
