证券分析师关注抑制了技术创新吗?——来自中国上市企业的证据  

Does Analyst Coverage Inhibit Corporate Innovation?Evidence from China

作　　者：赵奇锋 鞠晓生[2] QIFENG ZHAO;XIAOSHENG JU(Chinese Academy of Social Sciences;National University of Defense Technology)

机构地区：[1]中国社会科学院数量经济与技术经济研究所 [2]国防科技大学文理学院

出　　处：《产业经济评论》2021年第4期139-162,共24页Review of Industrial Economics

基　　金：国家社会科学基金一般项目“我国核心技术自主创新的突破口和实现路径研究”(批准号:20BJY036)的阶段性成果。

摘　　要：资本市场证券分析师在实体经济发展中的作用近年来受到越来越多的关注。本文基于中国上市企业数据考察证券分析师关注对企业技术创新的影响及作用机制。研究发现,企业受到证券分析师关注越多,其创新数量及质量越高,表现为企业专利授权量及引证量越多。面板工具变量估计结果进一步验证此结论。证券分析师关注主要通过减轻企业融资约束、促进企业股价高估以及激励发明家创新参与三种机制影响创新。本文研究基于中国情境得出与发达国家不同的研究结论,并且对影响机制进行进一步深化和拓展,对资本市场证券分析师与实体经济发展关系研究提供补充和启发。The role of capital market analysts in the development of the real economy has attracted increasing attention.Based on the data of Chinese listed companies,this research focuses on the influence and mechanism of the analyst coverage on innovation.The study finds that the more analyst coverage on the firm,the higher the quantity and quality of innovation,which is reflected by the firm’s patents and citations.The panel instrumental variable estimation results further verify this conclusion.Analyst coverage promote innovation mainly through easing financial constraints,promoting stock overvaluation,and encouraging inventors to participate in innovation.This paper draws different research conclusions from that in developed countries,and further deepens and expands the influence mechanism,providing supplement and inspiration for the research on the relationship between analysts and the real economy.

关 键 词：企业创新 证券分析师研报 股价高估 发明家 融资约束 

分 类 号：F832.51[经济管理—金融学]