资本市场、融资依赖与企业创新投资——来自新三板与创业板的证据  

Capital Market, Financial Dependence and Innovation Investment:Evidence from NEEQ and GEM

作　　者：薛海燕 张信东[1] 隋静[3] XUE Hai-yan;ZHANG Xin-dong;SUI Jing(Shanxi University,Taiyuan 030006,China;Business College of Shanxi University,Taiyuan 030031,China;Taiyuan Normal University,Jinzhong 030619,China)

机构地区：[1]山西大学经济与管理学院,山西太原030006 [2]山西大学商务学院,山西太原030031 [3]太原师范学院管理系,山西晋中030619

出　　处：《经济问题》2020年第5期71-78,共8页On Economic Problems

基　　金：山西省高等学校人文社会科学重点研究基地项目(201801012);山西省“1331工程”重点创新团队建设计划(TD008)。

摘　　要：以新三板创新层企业和创业板公司为样本,基于资本市场层面研究了外部融资依赖对企业创新投资的影响。结果表明,创业板上市企业的创新投资活动显著低于新三板创新层企业,且对外部融资依赖程度低的企业这一现象更显著。为克服样本选择性偏差和内生性问题,利用处置效用模型、PSM匹配等方法进行检验,结果依然稳健。这一研究为资本市场影响企业创新提供了新证据,对企业选择资本市场进行创新融资具有一定的现实指导意义。Drawing on the sample of firms listed on the new third board market(NEEQ) and the growth enterprises market(GEM), this paper analyzes the influence of external financing dependence on enterprise innovation investment on the level of capital market. The innovation investment activities of GEM listed enterprises are significantly lower than those on the NEEQ. Enterprises with internal finance dependent have lower innovation investment on GEM than NEEQ. Employing treatment effect model and PSM method to overcome the sample selection and endogenous problems, the results are still robust. This study provides new evidence for the impact of heterogeneity of capital market on enterprise innovation, and has practical significance for enterprises to choose capital market for innovative finance.

关 键 词：多层次资本市场 融资依赖 创新投资 

分 类 号：F275.5[经济管理—企业管理] F830.9[经济管理—国民经济]