股票流动性与中国企业创新策略:流水不腐还是洪水猛兽?  

Helping Hand or Punching Fist?How Stock Liquidity Affects Corporate Innovation in China

作　　者：林志帆 杜金岷[2] 龙晓旋 LIN Zhifan;DU Jinmin;LONG Xiaoxuan(Institute of Advanced Studies in Humanities and Social Sciences,Beijing Normal University;School of Economics,Jinan University;Strategic Development Center,Zhuhai Huafa Group Co,Ltd)

机构地区：[1]北京师范大学人文和社会科学高等研究院,广东珠海519087 [2]暨南大学经济学院,广东广州510632 [3]珠海华发集团有限公司战略发展中心,广东珠海519020

出　　处：《金融研究》2021年第3期188-206,共19页Journal of Financial Research

基　　金：国家社会科学基金一般项目“企业杠杆率影响技术创新的异质性结构、多维机制与内外协同治理研究”、中国博士后科学基金面上项目“税收激励与企业创新:基于中国固定资产加速折旧政策的实证评估”、广东省基础与应用基础研究基金青年项目“产业政策如何激励企业创新“提质增效”:影响识别、机制分析与政策启示”的资助。

摘　　要：中国情境下股票流动性对企业创新的影响是激励机制还是压力机制占主导地位?本文基于上市公司分类专利的申请、授权、终止数据研究发现:一方面,股票流动性使企业发明专利申请显著增加,但能通过实质审查的授权增长极少,说明申请质量明显下滑;另一方面,股票流动性使创新含量较低的实用新型与外观设计授权显著增加,且这些专利拖累了企业盈利表现,法律效力提前终止的数量也明显更多,揭示企业实际上是以“策略性创新”来应对资本市场压力,加剧了“专利泡沫”问题。分样本检验发现,“重数量轻质量”的创新策略集中体现于民营、传统行业及长期机构投资者持股较少的企业。稳健性检验替换关键指标构造和模型估计方法、构造工具变量克服潜在内生性问题,前述结论仍然成立。本文启示,金融制度设计应防范资本市场压力对企业创新的“意外伤害”,更好地实现“以金融助实体、以改革促发展”的目标。Innovation is crucial to economic development and provides strategic support for the construction of a modern economic system.The capital market plays a key role in promoting corporate innovation and driving economic growth.The Chinese stock market has been developing for nearly 30 years.Market liquidity is increasing with the vigorous development of a multi-level capital market.In this context,this paper explores how stock liquidity affects the innovation strategies of listed companies.The theoretical literature observes that stock liquidity may have two opposing effects on enterprise innovation.One stream of the literature asserts that stock liquidity stimulates corporate innovation because higher stock liquidity lowers the transaction cost of voting with one's feet.This lower transaction cost is conducive to the entry and exit of large shareholders and institutional investors.Such shareholders and investors are usually active in collecting private information and monitoring managers and thus effective in alleviating the principal-agent problem.Managers therefore pay more attention to corporate governance and devote more resources to R&D activities that enhance company value.This account can be termed the“incentivizing mechanism”of stock liquidity on innovation.Another stream of literature points out that stock liquidity may instead inhibit corporate innovation.This can be termed the“pressure mechanism”.The inhibition of innovation occurs for several reasons.First,the volatility of stock prices caused by large-scale trading is smaller with higher liquidity.This makes it easier for malicious buyers to cover up large purchases in the secondary market.Managers need to spend more time and energy monitoring stock market transactions when facing such threats.Second,managers need to boost financial performance and maintain high stock prices to raise the costs of malicious purchases.This often requires the reduction of R&D activities.Finally,higher stock liquidity may attract more short-term speculators and pas

关 键 词：股票流动性 企业创新 “专利泡沫” 

分 类 号：G31[文化科学] G34