股票流动性、代理效率与企业技术创新——基于泊松回归的实证研究  

Stock Liquidity,Agency Efficiency and Corporate Technical Innovation——An Empirical Study Based on the Poisson Regression

作　　者：张超林[1] 杨竹清 ZHANG Chao-lin;YANG Zhu-qing(School of Finance,Hunan University of Commerce,Changsha 410205,China;Jiangmen Ronghe Rural Commercial Bank,Jiangmen 529000,China)

机构地区：[1]湖南商学院财政金融学院,湖南长沙410205 [2]江门融和农商银行,广东江门529000

出　　处：《华东经济管理》2018年第11期151-158,共8页East China Economic Management

基　　金：国家社会科学基金项目(18BJY228);湖南省普通高校哲学社会科学重点研究基地"区域金融创新研究基地"项目;湖南省高校科技创新团队支持计划"开放经济条件下金融风险度量;控制与政策"

摘　　要：文章利用我国A股上市企业2009-2017年数据,研究了股票流动性对企业技术创新的影响。基于泊松回归的研究,结果表明股票流动性对我国上市企业未来1～3年的专利申请数量具有显著正向影响,其内在机制为股票流动性提高了上市企业的代理效率,从而强化了企业创新激励。相比于民营企业,股票流动性对国有企业专利申请的影响更为显著。此外,相比于融资约束企业,股票流动性对企业技术创新的影响在非融资约束企业更为显著。研究结果支持股票市场对企业创新的"激励论"。Using the data of Chinese A-share listed companies from 2009 to 2017,this paper studies the effect of stock liquidity on corporate technical innovation.Based on the Poisson regression,the study results show that stock liquidity has a significant positive influence on the number of patent application by Chinese listed companies in the next 1 to 3 years,and its internal mechanism is that stock liquidity improves the agency efficiency of listed companies,thus strengthening the incentive for corporate innovation.Compared to the private firms,stock liquidity has a more significant impact on the number of patent application for state-owned enterprises.In addition,compared with enterprises with financing constraints,stock liquidity has a more significant impact on corporate innovation in firms without financing constraints.The study results support the"incentive theory"of stock market for corporate innovation.

关 键 词：股票流动性 技术创新 代理效率 产权性质 

分 类 号：F272.3[经济管理—企业管理]