资本市场对企业进入与退出的溢出性影响  

Spillover Effects of Capital Markets on Firm Entry and Exit

作　　者：陆瑶[1] 武家和 Lu Yao;Wu Jiahe

机构地区：[1]清华大学经济管理学院金融系,北京市100084

出　　处：《世界经济》2024年第5期151-177,共27页The Journal of World Economy

基　　金：教育部人文社会科学重点研究基地重大项目(22JJD790047);清华大学经济管理学院"影响力"提升计划项目(2022051006);清华大学自主科研计划文科专项项目(2021THZWYY09)的资助。

摘　　要：本文理论分析了企业上市对地区行业的溢出性影响,企业上市会传递信息,降低新企业进入面临的不确定性,激励新企业进入市场。更强的市场竞争会加快部分存续企业出清。利用中国工商注册企业和A股上市企业信息进行经验分析发现:地区行业中首次企业上市会增加本地区同行业的新注册与注销企业数量,创新强度越低的企业越容易受到企业上市的负向冲击,从而退出市场。当上市后股价信息含量越高、关注分析师越多、研究报告越多时,首次企业上市的积极影响越强,存在信息传递机制。同时,这一促进效应在市场发展水平更高、信息基础设施更完善的地区中更大,在信息透明度更高的行业中更大。本文有助于揭示资本市场对产业发展转型的重要作用。This paper theoretically analyzes the spillover effects of firm listings on regional industries.The listing of firms conveys information,reduces uncertainty for new entrants,and encourages new ventures to enter the market.Increased market competition accelerates the exit of some existing firms.Using the information of China's industrial and commercial registered enterprises and A-share listed companies,an empirical analysis finds that:the first firm listing in a regional industry increases the number of new registrations and deregistrations within the same industry in the area,and firms with lower innovation intensity are more vulnerable to the negative impact of listings,leading to their exit from the market.The positive impact of the first firm listing is stronger when the stock price contains more information,there are more analysts paying attention,and more research reports,indicating an information transmission mechanism.Additionally,this promotion effect is greater in regions with higher market development levels and better-developed information infrastructure,as well as in industries with higher information transparency.This paper helps to reveal the important role of the capital market in the development and transformation of the industrial sector.

关 键 词：产业动态 资本市场 溢出效应 行业外部性 信息传递 

分 类 号：F272[经济管理—企业管理]