股票流动性对企业创新的影响及渠道研究  

Research on the Impact and Channels of Stock Liquidity on Enterprise Innovation

作　　者：方宇 苏木亚[1] FANG Yu;BORJIGIN Sumuya(School of Economics and Management,Inner Mongolia University,Hohhot 010021)

机构地区：[1]内蒙古大学经济管理学院,呼和浩特010021

出　　处：《系统科学与数学》2024年第8期2303-2334,共32页Journal of Systems Science and Mathematical Sciences

基　　金：国家自然科学基金(71861029);内蒙古自治区自然科学基金(2022MS07022);内蒙古自治区第十二批“草原英才”项目(12000-12102821);内蒙古自治区直属高校基本科研业务费项目(20700-54230329)资助课题。

摘　　要：面对世界经济环境日益复杂多变,持续增强企业创新能力对于推动供给侧改革有着决定性的作用.企业需要依靠资本市场的融资来满足自身创新所需要的大量资金投入.股票流动性作为在资本市场上有着绝对地位的股票市场的重要特征,很可能是影响企业创新能力的重要客观因素之一.因此,文章将深入研究股票流动性对企业创新的影响及其渠道.文章以沪深两市A股上市公司为研究对象,建立动态面板模型,采用双向固定效应模型进行实证分析,通过滞后效应模型分析其滞后效应,利用工具变量法及GMM模型控制内生性同时进行中介效应检验,并进一步进行异质性分析和相应的稳健性分析.通过研究发现:1)股票流动性对企业创新能力具有正向刺激作用;2)机构持股比例影响程度在所有渠道中占50%以上,是研究的主要影响渠道;3)国有企业更注重长期发展,其创新性高于其他企业,行业异质性分析表明高新技术行业创新性高于其他行业.研究在理论上,证实高流动性股票主要通过提高机构持股比例刺激企业创新.现实上,研究结果支持中国继续深化股权改革,在经济运行过程中,适当增加机构投资持股比例有利于企业创新,促进经济发展.In the face of the increasingly complex and changeable world economic environment,continuously enhancing the innovation ability of enterprises plays a decisive role in promoting the supply-side reform.Enterprises need to rely on capital market financing to meet their own innovation needs of a large amount of capital investment.As an important characteristic of the stock market,which has an absolute position in the capital market,stock liquidity is likely to be one of the important objective factors affecting the innovation ability of enterprises.Therefore,this paper will deeply study the impact of stock liquidity on enterprise innovation and its channels.Based on the Shanghai and Shenzhen a share listed companies as the research object,the two cities to establish dynamic panel model,using bidirectional fixed effect model to empirical analysis,through the lag effect model to analyze its lag effect,using instrumental variable method and GMM model control endogenous intermediary effect inspection at the same time,and the analysis of the heterogeneity and the corresponding robustness analysis.The results show that:1)Stock liquidity has a positive stimulating effect on firm innovation ability;2)The influence degree of institutional shareholding ratio accounts for more than 50%of all channels,which is the main influence channel of research;3)State-owned enterprises pay more attention to long-term development,and their innovation is higher than other enterprises.The analysis of industry heterogeneity shows that the innovation of high-tech industry is higher than other industries.In theory,the research proves that highly liquid stock mainly stimulates enterprise innovation by increasing the proportion of institutional ownership.In reality,the research results support China's further deepening of share reform.In the process of economic operation,appropriately increasing the proportion of institutional investment and shareholding is conducive to enterprise innovation and economic development.

关 键 词：股票流动性 企业创新能力 机构基金持股比例 股权改革 

分 类 号：F273.1[经济管理—企业管理] F832.51[经济管理—国民经济] F224