【摘要】 运用多期双重差分和动态分析模型，考察新三板企业转板行为对其创新的影响及作用机制。结果表明，转板能显著促进企业创新投资和创新产出，且在转板后两年内促进效果明显。机制研究发现，转板通过增强外部监督和吸引创新人才促进了企业创新。异质性分析表明：转板对竞争能力较强企业的创新投资和创新产出促进效果明显；对于两权合一和创新能力较强的企业，转板有利于促进其创新投资，而对于非两权合一和创新能力较弱的企业，转板对其创新产出的促进效果更显著。进一步研究发现，转板并不能缓解企业融资约束，也不会加剧管理者短视，已有IPO影响企业创新的作用机制并不适用于转板情境。研究结论有助于科学评估新三板对中小企业创新的市场培育功能，为市场监管者通过转板制度安排促进中小企业创新提供实践证据。更多还原

【Abstract】 This paper employs the multi-period difference-in-difference model and dynamic analysis model to test the impact of the switching market on corporate innovation and its mechanism. Compared with non-swicthed companies, innovation investment and innovation output of NEEQ innovation layer companies increased significantly after switching to a higher-level capital market, and the promotion effect could last at least 2 years. Results show that the innovation improvement following the switch due to the enhancement of external oversight and attraction to innovative talent. Moreover, based on the analysis of firm heterogeneity characteristics, this paper finds that the more competitive firms have a significant increase in both innovation investment and innovation output after switching market, and companies with two-power integration or more innovative firms have a significantly higher investment in innovation after switching, whilethe innovation output of companies with non-dual power integration or less innovative firms will promote after switching market. Further research shows that switching market cannot alleviate the financing constraints of enterprises, nor will it aggravate the short-sightedness of managers. The existing mechanism of IPO affecting enterprise innovation is not applicable to the swithing market situation.The conclusion of this study is helpful to scientifically evaluate the cultivation function of the NEEQ for SMEs’ innovation, and provides practical evidence for market regulators to promote the innovation of SMEs through the institutional arrangements.更多还原