| 股票流动性与企业创新：促进还是抑制——企业异质性视角 |
| |
| 引用本文： | 徐琳,刘衍.股票流动性与企业创新：促进还是抑制——企业异质性视角[J].科技进步与对策,1984,37(22):90-98. |
| |
| 作者姓名： | 徐琳 刘衍 |
| |
| 作者单位： | （1.北京师范大学 珠海分校国际商学部，广东 珠海 519080；2.复旦大学 应用经济学博士后流动站，上海 200433；3.珠海复旦创新研究院，广东 珠海 519000) |
| |
| 基金项目： | 广东省教育科学“十三五”规划高校哲学社会科学专项研究项目（2019GXJK077）；珠海市珠海哲学社会科学规划项目（2019ZC147）；北京师范大学珠海分校教师科研能力促进计划项目（201850005） |
| |
| 摘 要： | 基于2010—2017年我国沪深A股1281家上市公司数据，从企业异质性视角分析股票流动性对企业创新的影响。结果发现：总体来看，股票流动性会抑制企业创新，而且对后期抑制作用更大；企业规模和行业特征是影响“股票流动性-企业创新”关系的重要因素，即股票流动性对大型企业和传统行业企业创新具有促进作用，而对中小型企业和高科技行业企业具有抑制作用。进一步机制研究显示，稳定型机构投资者和交易型机构投资者在股票流动性与企业创新间起双中介作用，虽然股票流动性对二者的作用方向相反，但最终都会导致企业创新水平下降。
|
| 关 键 词： | 股票流动性 企业创新 企业异质性 机构投资者 |
| 收稿时间： | 2020-08-25 |
Stock Liquidity and Enterprise Innovation：Promotion or Inhibition |
| |
| Xu Lin,Liu Yan.Stock Liquidity and Enterprise Innovation：Promotion or Inhibition[J].Science & Technology Progress and Policy,1984,37(22):90-98. |
| |
| Authors: | Xu Lin Liu Yan |
| |
| Institution: | (1.International Business Faculty,Beijing Normal University，Zhuhai 519080，China；2.Postdoctoral Research Station of Applied Economics，Fudan University，Shanghai 200433，China；3.Zhuhai Fudan Innovation Institute,Zhuhai 519000，China) |
| |
| Abstract: | Based on the data of 1281 companies listed in Shanghai and Shenzhen A-share market from 2010 to 2017,this paper analyzes the impact of stock liquidity on the enterprise innovation based on enterprise heterogeneity.It is found that,on the whole,stock liquidity can inhibit the enterprise innovation,and has a greater inhibitory effect on the later stage; enterprise scale and industry factors are the important factors that affect the relationship between "stock liquidity and enterprise innovation",that is,stock liquidity promotes the innovation of large enterprises and traditional industries,but inhibits the innovation of small and medium-sized enterprises and high-tech industries.Further mechanism research shows that stable institutional investors and trading institutional investors play a double intermediary role in the relationship between stock liquidity and enterprise innovation.Although stock liquidity has opposite effect on both,they eventually lead to the decline of enterprise innovation. |
| |
| Keywords: | Stock Liquidity Enterprise Innovation Enterprise Heterogeneity Institutional Investors |
|
| 点击此处可从《科技进步与对策》浏览原始摘要信息 |
| 点击此处可从《科技进步与对策》下载免费的PDF全文 |
