【作者】 许从宝；

【导师】 刘晓星；

【作者基本信息】 东南大学 ， 金融学， 2020， 博士

【摘要】 金融是现代经济的核心,股权融资是实体经济的重要融资方式。改革开放以来,我国多层次资本市场体系日益深化,截止2020年3月底共有3808家A股上市公司,企业股权融资规模持续攀升。虽然我国已经发展成为全球第二大经济体,但在新的全球经济金融形势下,面临着诸多新的问题和挑战,亟需进一步加强资本市场股权融资助力实体经济转型升级和质量提升,因此深入研究股权融资如何更好地促进宏观经济和微观企业高质量发展成为一个重要课题。本文遵循“宏观层面(国民经济及省域经济)→微观层面(企业经营绩效、研发创新能力和高质量发展)→政策建议”的逻辑思路来探究股权融资对宏微观实体经济发展的具体影响,旨在为促进股权融资更好地服务中国经济高质量发展提供针对性政策建议。首先深入学习领会国内外相关文献并进行综述,为后文研究奠定文献基础;然后从宏观层面研究股权融资对国民经济发展的影响,以及对省域经济增长的差异性影响,以便对股权融资的实体经济效应形成一个总体判断;接着进一步从企业微观层面出发,分别探究股权融资对企业经营绩效、研发创新能力和高质量发展的影响,并系统研究了具体的影响机制和调节因素,因此该部分内容旨在回答“是什么”和“为什么”的问题;最后在本文研究的基础上,结合当前中国经济金融发展的现实需求,提出了相应的政策建议,这部分内容旨在回答未来应该“怎么做”这个实际问题。在股权融资对宏观层面实体经济发展的具体影响效应方面,本文运用TVP-SVSVAR模型分析了股权融资对实体经济增长的影响,发现股权融资显著促进了我国国民经济增长和三次产业发展;从股权融资的类型来看,虽然IPO融资和股权再融资对我国国民经济增长和三次产业发展的影响有所差异,但均表现出显著的正向影响,且随着时间的推移日益增强。从省域经济增长视角来看,三种经典实证模型均证实了股权融资显著促进了我国省域经济增长,主要表现在对东部沿海省份和市场化程度较高地区省份经济增长具有显著的正向影响效应。由于企业是实体经济的细胞,所以股权融资的实体经济效应研究需要落实到微观企业层面。(1)本文首先基于系统广义矩估计模型(SGMM)研究了我国制造业上市公司股权融资与其经营绩效之间的关系,探究了企业扩大再生产和研发创新投入机制的重要中介功能,并考察了独立董事制度和资产负债率水平的调节作用。研究发现,股权融资显著正向影响着企业经营绩效,且不存在明显的所有制和区域异质性;扩大再生产和研发创新作为引领发展的重要动力,股权融资能够促使企业扩大生产规模和增加研发投入来提升其经营绩效;独立董事制度作为公司治理的重要一环,有助于强化股权融资对企业经营业绩的正向作用;而资产负债率水平制约着企业资金的优化配置,因此弱化了股权融资对企业经营绩效的促进效应。(2)创新是企业维持竞争优势和国民经济实现高质量发展的动力之源,本文以中国A股高科技上市公司为样本研究了股权融资对企业创新效应的影响。研究发现,企业创新投入和产出均随着股权融资的增加而增加,且这种正向影响效应主要存在于非国有企业和非集团企业中;股权融资主要通过货币资金供给增加和中小股东激励监督两个影响机制来提升企业创新投入;资产负债率水平是制约企业资金安排的重要因素,资产负债率较高的企业削弱了股权融资对企业创新投入的促进作用。(3)推动企业高质量发展是实现国民经济高质量发展的关键,也是满足人民日益增长的美好生活需要的重要途径。本文从企业质量、效率、动力变革和公司治理等方面选取代表性指标,运用主成分分析法构建企业高质量发展指数;然后基于双向固定效应模型研究了股权融资与企业高质量发展之间的关系,并探究了企业研发投入和独立董事制度在其中的中介效应和调节作用。研究发现,股权融资与企业高质量发展显著正相关,且不存在明显的区域异质性,但区分所有制性质后发现该正向影响效应主要存在于国有企业中;创新作为引领发展的第一动力,股权融资能够促使企业增加研发投入来提升其高质量发展能力;独立董事制度作为公司治理机制的重要组成部分,显著强化了股权融资对国有企业高质量发展的正向影响。本文的研究结论具有较强的政策导向性,不仅对宏观层面国民经济融资结构的优化有所启示,也为微观企业选择合适的资金来源渠道提供了经验证据。本文的核心观点是,股权融资在促进国民经济发展、提升企业经营绩效和创新能力、推动企业高质量发展等方面具有重要作用。因此欲建立中国特色社会主义现代化强国,必须充分发挥股权融资在宏微观实体经济活动中的巨大促进效应,真正让股权融资资金为实体经济转型升级服务,实现微观企业和宏观经济两个层面高质量发展。在具体政策建议方面,本文认为可以从以下几个方面着手实施:完善资本市场基础性制度,拓宽股权融资渠道;鼓励发展直接融资,提升实体经济股权融资比重;增加创新资源供给,提升实体经济自主创新能力;毫不动摇地鼓励和支持非公有制实体经济创新发展;完善独立董事制度,提升公司治理水平;大力发展股权融资,维持实体经济合理的杠杆率水平。更多还原

【Abstract】 Finance is the core of modern economy,and equity financing is an important source of financing for real economy.Since the reform and opening up,China’s multilevel capital market system has been increasingly improved.By March 2020,there were3,808 A-share listed firms,and the scale of firm equity financing continued to rise.Although China has developed into the world’s second largest economy,and facing many new problems and challenges in the new global economic and financial situation.It is urgent to further strengthen equity financing in the capital market to help transform and upgrade the real economy and improve its quality.Thus,it has become an important subject to deeply study how equity financing can better promote the high-quality development of micro enterprises and macro economy.In this paper,we in accordance with the "Macro(national and provincial level)—Micro(firm business performance,research and innovation,high quality development)—Policy Recommendations" logical train of thought to explore the specific influence of equity financing on the real economy development.In order to promote equity financing better serve China’s macro and microeconomic toward high quality development,we provide targeted policy recommendations.Firstly,we deeply learning and understanding the relevant literatures at home and abroad,which lays the literature foundation for following research.Secondly,this paper studies the impact of equity financing on national economic development and the differential impact on provincial economic growth from the macro level,so as to form an overall view of the real economic effect of equity financing.Then,from the perspective of micro firms,this paper respectively explores the impact of equity financing on business performance,R&D and high-quality development of firms,and systematically studies the specific influencing mechanism and regulating factors.Therefore,this part mainly answers the questions of "what" and "why".Finally,based on the empirical results of this paper and the actual economic and financial development in China,some targeted policy suggestions are put forward,which actually answer the important question of "how to do" in the future.In the specific impact of equity financing on the macro level of real economy development,this paper studies the impact of equity financing on national economic growth by using TVP-SV-SVAR model,and finds that equity financing significantly promotes the growth of China’s national economy and the development of three industries.From the perspective of the types of equity financing,although IPO financing and equity refinancing have different impacts on the growth of China’s national economy and the development of the three industries,they all show significant positive impacts,which are getting stronger with the passage of time.From the perspective of provincial economic growth,the three classical empirical models all proved that equity financing significantly promoted the provincial economic growth in China,but had a greater positive impact on the economic growth of eastern provinces and provinces with lower degree of marketization.As firms are the cells of the national economy,the research on the real economy effect of equity financing needs to be carried out at the level of micro enterprises.(1)Firstly,based on the SGMM model,this paper studied the relationship between equity financing and business performance of listed manufacturing companies in China,explored the important intermediary function of firms’ expansion of reproduction and R&D innovation mechanism,and investigated the regulating role of independent director system and asset-liability ratio.It is found that equity financing has a significant positive correlation with business performance,and there is no obvious ownership or regional heterogeneity.Expanding reproduction and R&D innovation are important driving forces for development.Equity financing can promote firms to expand production scale and increase R&D investment to improve their business performance.As an important part of corporate governance,the independent director system helps to strengthen the positive effect of equity financing on corporate operating performance.The level of asset-liability ratio restricts the optimal allocation of enterprise capital,so it weakens the positive effect of equity financing on firm operating performance.(2)Innovation is the driving force for firms to maintain their competitive advantages and achieve high-quality development of the national economy.This paper studies the influence of equity financing on the innovation effect of Chinese a-share high-tech listed firms.It is found that both input and output of firm innovation increase with the increase of equity financing,and this positive effect mainly exists in non-stateowned firms and non-group firms.Equity financing is mainly through the increase of money supply and small and medium shareholders incentive and supervision to improve the investment in firm innovation;The level of asset-liability ratio is an important factor restricting the capital arrangement of firms.The firms with higher asset-liability ratio weaken the promotion effect of equity financing on firm innovation investment.(3)Promoting high-quality development of firms is the key to realizing high-quality development of the national economy and an important way to meet people’s ever-growing needs for a better life.This paper selects representative indicators from the aspects of firm quality,efficiency,dynamic change and corporate governance,and constructs firm high-quality development index by using principal component analysis.Then,based on the Two-way FE model,the relationship between equity financing and high-quality firm development is studied,and the mediating effect and regulating effect of firm R&D investment and independent director system are explored.The study found that equity financing was significantly positively correlated with the high-quality development of firms,and there was no obvious regional heterogeneity.As innovation is the primary driving force for development,equity financing can encourage firms to increase R&D investment to improve their highquality development ability.As an important part of corporate governance mechanism,the independent director system significantly strengthens the positive influence of equity financing on the high-quality development of state-owned firms.The conclusion of this paper has a strong policy orientation,which not only provides some enlightenment to the optimization of financing structure at the macro level,but also provides an empirical basis for micro enterprises to choose the appropriate sources of funds.The core idea is that equity financing plays an important role in promote the development of national economy,improve firm management performance and innovation ability,promote firm development quality.Thus,to establish the Chinese characteristic socialist modernization power,we should give full play to the equity financing in the macro to micro huge promotion effect in the real economic activity,the real service for the real economy transformation and upgrading of equity financing funds,micro firm and macro economy two levels high quality development.In terms of specific policy suggestions,this paper believes that the following aspects should be implemented: We should improve the basic system of capital market and broaden the channels for equity financing;Encourage the development of direct financing and increase the proportion of equity financing in the real economy;Increase the supply of innovation resources and enhance the capacity of the real economy for independent innovation;Unswervingly encourage and support the innovative development of the non-public sector of the real economy;Improve the independent director system and the level of corporate governance;Vigorously develop equity financing and maintain a reasonable leverage ratio for the real economy.更多还原