摘要
资本市场的参与能够缓解企业融资限制,从而对其创新行为产生影响。为了深入研究资本市场对企业创新活动的影响,本文利用公开上市公司数据和相关专利数据进行实证分析,研究结果表明,企业上市对创新产出和创新布局具有显著影响。具体而言,在企业上市后与上市前相比,发明专利申请数量平均增长了10.9%,说明企业上市能够激发创新活动,促进创新产出的增加;企业上市后,拓展发明专利覆盖领域的概率提高了14.9%,这表明企业上市后更倾向于扩大创新领域,进一步拓宽创新的边界。进一步的异质性分析揭示了融资金额对企业创新活动的影响。研究发现,企业在上市时获得的融资金额越高,其创新产出的增长幅度也越大,这意味着大额融资能够为企业提供更多的创新资源,推动创新活动的进一步发展;此外,高额融资还能够增加企业对新技术领域的开拓意愿,进一步促进创新的深入发展。本文研究证明企业上市后通过融资来改变创新模式并扩大创新领域,为我们理解资本市场对企业创新活动的影响提供了有力的实证支持,对企业和资本市场发展具有重要的启示意义。
Capital market participation can alleviate firms' financing constraints and thus have an impact on their innovation behavior.In order to deeply investigate the impact of capital market on firms' innovation activities,this paper conducts an empirical analysis using data from publicly listed companies and relevant patent data,and the results of the study show that the listing of firms has a significant impact on innovation output and innovation layout.Specifically,the number of invention patent applications increased by 10.9% on average after the listing of an enterprise,indicating that an enterprise being listed can stimulate innovation activities and promote the increase of innovation output.The probability of expanding the domain covered by invention patents increased by14.9% after the listing of enterprises,which indicates that enterprises are more inclined to expand the domain of innovation and further broaden the boundaries of innovation after being listed.Further heterogeneity analysis reveals the impact of financing amount on firms' innovation activities.The study found that the higher the amount of financing received by a firm at the time of IPO,the greater the increase in its innovation output,implying that large financing can provide firms with more innovative resources and promote further development of innovative activities.In addition,high financing can also increase the willingness of enterprises to explore new technological fields and further promote the further development of innovation.The research in this paper proves that enterprises change their innovation patterns and expand their innovation fields through financing after being listed,which provides strong empirical support for us to understand the influence of capital market on enterprises' innovation activities and has important implications for the development of enterprises and capital market.
作者
邬曦
岳阳
赵亿欣
Wu Xi;Yue Yang;Zhao Yixin
出处
《西南金融》
北大核心
2023年第7期53-64,共12页
Southwest Finance
基金
国家自然科学基金项目面上项目“社会医疗保险中的委托代理问题研究:中国医保支付制度改革的政策分析”(批准号:72173106)
国家自然科学基金项目重点项目“相对贫困的识别、监测与治理”(批准号:72133004)。
关键词
资本市场
企业创新
科创金融
融资约束
知识产权
注册制
科创板
科技自立自强
capital market
enterprise innovation
science and innovation finance
financing constraints
intel-lectual property rights
registration system
science and innovation board
technology self-reliance and self-im-provement
