一步到位还是步步为营?哪种资本战略更激励创新  

One-step to the Position or Step by Step,Which Capital Strategy Stimulates Innovation More

作　　者：杨松令[1] 石倩倩[1] 刘亭立[1] Yang Songling;Shi Qianqian;Liu Tingli(School of Economics and Management, Beijing University of Technology, Beijing 100124,China)

机构地区：[1]北京工业大学经济与管理学院,北京100124

出　　处：《科技进步与对策》2020年第15期1-10,共10页Science & Technology Progress and Policy

基　　金：国家社会科学基金项目(18BGL090)。

摘　　要：在多层次资本市场框架下,研究资本战略选择对创新投入的影响,通过手工搜集从新三板转板至主板上市企业(成功实行步步为营资本战略企业)的相关数据,利用PSM匹配直接IPO上市的公司(实行一步到位资本战略企业),比较两种不同资本战略实施对创新投入的差异化影响。结果表明,借助多层次资本市场成长的步步为营资本战略上市公司具有更高的创新投入。在此基础上,探究企业内部决策机制、资本市场中观层面以及宏观经济政策在资本战略影响创新投入过程中的作用。结果表明,资本战略通过缓解投融资约束提高研发费用化强度和研发资本化强度;中观层面,分析师关注起调节作用,分析师关注程度越高,实施步步为营资本战略上市公司的研发资本化强度越高;外部经济政策不确定性会降低企业创新投入,进而产生挤出效应,但是挤出效应在实施步步为营资本战略上市公司中得到部分缓解。研究结论对创新企业如何更好地利用资本市场助力自身发展具有一定启示意义。This paper study the influence of capital strategy choice on innovation input,based on the research framework of multi-level capital market.By comparing the differences of innovation input brought by the implementation of two different capital strategies,the first is to implement the one-step capital strategy,and the other is to implement the one-step capital strategy,and it is found that the listed companies with step by step capital strategy based on the growth of multi-level capital market have higher innovation input.On this basis,this paper also explores regulatory role of the internal decision-making mechanism,capital market medium level,and macroeconomic policy it is found that capital strategy improves the intensity of R&D expenditure and capitalization by easing the constraints of investment and financing.At the medium level,the attention of analysts plays a moderating role.The higher the attention of analysts,the higher the capitalization intensity of R&D of listed companies implementing step-by-step capital strategy.Moreover,the uncertainty of external economic policy will reduce the innovation input of enterprises,thus resulting in crowding-out effect.However,the crowding-out effect is alleviated in the listed companies implementing the step-by-step capital strategy.The conclusion of this paper has certain enlightenment significance for innovative enterprises to better use the capital market to help their own development.

关 键 词：多层次资本市场 资本战略 研发强度 

分 类 号：F273.1[经济管理—企业管理]