股票流动性会促进我国企业技术创新吗?  

Does Stock Liquidity Enhance Technological Innovation?

作　　者：冯根福[1] 刘虹[1] 冯照桢[1] 温军[1] 

机构地区：[1]西安交通大学经济与金融学院,陕西西安710061

出　　处：《金融研究》2017年第3期192-206,共15页Journal of Financial Research

摘　　要：本文基于2006-2013年中国沪深A股上市公司数据,研究了股票流动性与企业技术创新的关系。在以专利授权量和研发效率两个维度对技术创新进行度量的基础上,使用股权分置改革和印花税调整作为准自然实验的外生冲击,结合倾向得分匹配和倍差估计法对本文提出的假说进行了实证检验,研究发现:企业性质对中国资本市场的股票流动性与企业技术创新之间的关系有明显调节作用;对于民营企业而言,股票流动性的提高降低了企业的技术创新水平;对于国有企业而言,在国有企业考核办法不断改进和股权多元化不断推进的情况下,股票流动性的提高有助于企业技术创新水平的提升。本文还就如何改善股市流动性和提高上市公司技术创新水平提出了相关政策建议。Based on the 2006 - 2013 A - share high frequency data to measure stock liquidity, this paper studied the causal relationship between stock liquidity and the technological innovation from two aspects： patent granted number and the R＆D efficiency, and use the split - share structure reform and adjustment of stamp duty as exogenous shocks of quasi - natural experiment, combining propensity score matching and difference in differences estimation method, further verified the robustness of conclusion. Study found that the relationship between China~ capital market stock liquidity and the enterprise technological innovation is moderated by firm nature; the enterprise~ technological innovation level increases with the increase of stock liquidity in State - Owned enterprise ; but instead, stock liquidity reduces the enterprise technological innovation in non - State - Owned enterprises. This article also puts forward appropriate policy recommendations on how to improve technological innovation of the listed company according to the research conclusions.

关 键 词：股票流动性 技术创新 股权分置改革 印花税 

分 类 号：F273.1[经济管理—企业管理]