【作者】 李娟；

【导师】 张信东；

【作者基本信息】 山西大学 ， 管理科学与工程， 2017， 硕士

【摘要】 在当今竞争激烈的知识经济时代,创新战略已成为我国发展的主题。创新对促进企业发展和提升企业竞争力发挥着举足轻重的作用,它的影响因素备受学者们的关注,但是目前还鲜有学者从股票流动性这一市场微观结构视角探讨对我国企业创新投入的影响。本文从2009-2014年的《上海证券交易所市场质量报告》中提炼出多个维度的股票流动性衡量指标,并且将创新投入分为资金投入与人员投入两个方面,采用固定效应模型,深入细致地探究了我国上证A股企业的股票流动性对其创新投入的影响,研究发现股票流动性对企业创新资金投入和创新人员投入均有显著的促进作用。《上海证券交易所市场质量报告》中披露的股票流动性衡量指标刻画了流动性的不同维度,为了综合全面地度量股票流动性,本文参考已有文献,采用按流动性指标取值大小进行打分的方法,构建了股票流动性综合评价指标,并运用这一指标对股票流动性对创新投入的影响进行再检验,发现上述结果依然成立。然后,进一步将样本按产权性质分为国有企业和非国有企业两个子样本,还按行业差异分为创新行业企业和非创新行业企业两个子样本,探索股票流动性对创新投入的影响是否会因企业的不同特征而有所差异,得出二者间的促进作用与这两个企业特征无关的结论。此外,本文基于融资融券标的股票范围的扩大这一准自然实验,结合相关理论和前人的研究结果,采用均值差异检验和双重差分分析法,探索了股票流动性对企业创新投入的影响机制,发现前五大股东持股比例和机构投资者持股比例的增加是促进创新投入的主要原因。较高的股票流动性会吸引大股东和机构投资者的进入,这些股东能够更有效地监督约束企业管理层的行为,进而影响其投资决策,从而促进了企业对创新的投入。本文的研究不仅为股票流动性对企业创新投入的影响这一新的研究视角提供了来自中国市场的证据,还为企业管理层和监管当局提供了提高股票流动性,以推动备受重视的创新发展的政策建议,对投资者的投资决策也有一定的参考意义。更多还原

【Abstract】 Today has been a time of knowledge and economy,and innovation strategy has become the theme of the development in our country.Innovation plays an important role in promoting the development and upgrading the competitiveness of enterprises.So scholars have paid more and more attention to study what affect innovation.But there is little research about the effect of stock liquidity on China’s enterprises’ innovation input,which starts from the perspective of the market microstructure structure.This paper refines indexes which measure stock liquidity from multiple dimensions from 2009-2014 “Shanghai Stock Exchange Market Quality Report”,and divides innovation input into fund and talent.Using fixed effects model,this paper explores the effect of SSE A Shares’ stock liquidity on their innovation input thoroughly and carefully.The results show that stock liquidity enhances enterprises’ innovation fund input and talent input significantly.The indexes disclosed in “Shanghai Stock Exchange Market Quality Report” measure stock liquidity from multiple dimensions.To measure stock liquidity comprehensively,this paper refers to the previous literature and constructs an integrated index to evaluate liquidity,which gives marks to each enterprise according to the values of the liquidity indexes.Using the integrated stock liquidity index to test the effect of stock liquidity on innovation input again,this paper finds that previous results remain valid.Then,this paper not only classifies sample into state-owned and non-state-owned enterprises according to ownership heterogeneity,but also classifies sample into innovation and non-innovation industry enterprises according to industry heterogeneity.The purpose is to examine whether the effect of stock liquidity on innovation input is different for different characteristics of the enterprises.The results show that the positive effect of stock liquidity on innovation input is irrelevant to enterprise characteristics.Besides,based on a quasi-natural experiment that enlarging the scope of margin purchase and short sale underlying stocks,and according to the related theories and the predecessors’ research results,this paper adopts the mean difference test and the difference-in-differences method to examine how stock liquidity affects enterprises’ innovation input.This paper finds that the increase of the shareholding ratio of the top five major shareholders and institutional investors is the main cause of enhancing innovation input.Higher stock liquidity facilitates the entry of big shareholders and institutional investors,who can monitor managers efficiently and influence their investment decisions,then enterprises’ innovation input will be enhanced.This paper not only provides evidence from China market for this new perspective of the effect of stock liquidity on enterprises’ innovation input,but also provides advice for enterprises and regulators to improve stock liquidity so as to promote the development of innovation.This research also has reference significance for investors to make investment decisions.更多还原