摘要
本文选取沪深A股2008-2017年上市公司为样本,实证检验了股价信息含量对企业创新的影响以及其中的作用机制和作用环境.研究结果表明,股价信息含量对企业创新具有显著的促进作用.在变换计量模型、改变主要研究变量的度量方法、变更样本以及使用工具变量估计和基于融资融券的准自然实验控制内生性等一系列稳健性检验后,结论仍然成立.进一步地,作用机制和作用环境研究表明,股价信息含量主要通过降低融资约束、提高经营效率和减轻管理层短视等途径促进企业创新,在国有企业、制度环境越差、分析师关注越少以及规模越小的企业中,股价信息含量对企业创新的促进作用越显著.本文拓展了股价信息含量和企业创新相关领域的研究,对如何提升资本市场服务实体经济的能力和水平具有重要的启示意义.
This paper selects the listed companies of Shanghai and Shenzhen A-shares from 2008 to 2017 as a sample,and studies the impact of stock price informativeness on enterprise innovation and its mechanism and function environment.The research results show that stock price informativeness has a significant role in promoting enterprise innovation.The higher the stock price informativeness,the more innovation output the company has.The conclusions are still valid after a series of robustness tests,such as transforming the econometric model,changing the metrics of the main research variables,changing the samples,and using the instrumental variable estimates and propensity score matching methods to control endogeneity.Further,research on the mechanism of action shows that the stock price informativeness mainly promotes enterprise innovation by reducing financing constraints,improving operational efficiency and reducing managerial myopia.When studying the role of stock price informativeness in enterprise innovation,it is found that in the state-owned enterprises,the worse the institutional environment,the less attention of analysts and the smaller the scale,the effect of stock price informativeness on corporate innovation is more significant.This paper not only enriches the research on stock price informativeness and enterprise innovation related fields,also has certain enlightenment on how to improve the ability and level of capital market to serve the real economy.
作者
董竹
张欣
DONG Zhu;ZHANG Xin(Center for Quantitative Economics,Jilin University,Changchun 130012,China;School of Business,Jilin University,Changchun 130012,China)
出处
《系统工程理论与实践》
EI
CSSCI
CSCD
北大核心
2021年第7期1682-1698,共17页
Systems Engineering-Theory & Practice
基金
教育部哲学社会科学研究重大攻关项目(17JZD016)
教育部人文社科研究项目(16JJD790016)。
关键词
股价信息含量
企业创新
融资约束
管理层短视
stock price informativeness
corporate innovation
financing constraints
managerial myopia
