【作者】 刘涵；

【导师】 皮天雷；

【作者基本信息】 重庆大学 ， 应用经济学， 2018， 硕士

【摘要】 实体经济的快速发展需要以资本市场的运作为依托,而股权融资作为资本市场运作的重要手段,发挥着举足轻重的作用。从1990年12月主板的设立、2004年5月推出中小板、到2009年10月创业板上市、再到2013年12月新三板向全国企业开放申请,各大板块市场的建立与完善,意味着我国的股票市场日趋成熟,融资结构体系日益合理化,而不再是银行一家独大。创新对于国家和民族而言,是进步与发展的动力与源泉,对于企业而言同样是生存与发展必不可少的条件。大量的现有文献表明企业IPO与否会影响到企业的战略调整与未来发展态势。然而,目前国内却鲜有文献提及企业IPO是否会对企业创新产生影响。本文以2010-2013年在中国创业板上市的318家上市公司的相关数据为研究样本,深入探讨上市是否会对企业的创新活动产生影响。我们的研究结果表明,企业的融资结构会对企业创新产生影响,且股权融资优于债权融资,股权融资会对企业创新产生正向的拉动作用,而债务融资则会对企业创新产生抑制作用。针对股权融资,进一步考察IPO是否影响企业的创新活动后我们发现,企业IPO能够促进创新能力的提升,且这种拉动作用在民营企业中显示得尤为明显,并发现相较于内部依赖企业,上市对外部依赖企业的作用更为显著。为解决IPO的内生性这一问题,本文先后采用了工具变量法(IV)、双重差分法(DID)及引入解释变量更高阶的滞后项的方法进行了稳健性检验。最后,本文验证了IPO是通过影响研发资金投入、研发人力投入及政府支持力度三大作用机制来作用于企业创新。当然,本文也不排除还存在其他作用机制可能影响企业创新。本文的增量或贡献可能在于:本文首次研究了上市这一行为对企业创新的影响,一定程度上丰富了国内对企业创新的研究。为进一步解决上市的内生性问题,本文先后采用工具变量法、双重差分及引入解释变量更高阶的滞后项等方法。并进一步考察了上市影响企业创新的具体作用机制,为企业上市决策提供了参考,为企业的创新战略选择提供了借鉴,同时也为政府制定出相关促进企业创新的政策提供了导向。更多还原

【Abstract】 The development of the real economy is inseparable from the operation of the capital market.Equity financing,as an important part of the capital market,plays a decisive role.The establishment of the main board,small and medium board,gem board,and new board,along with the establishment and improvement of major sections,means that China’s stock market is maturing,and the financing structure system is becoming more and more rationalized,and it is no longer the only bank.Innovation is the driving force and source of progress and development for the country and the nation.It is an indispensable condition for enterprises to survive and develop.A large number of documents indicate that the IPO of an enterprise will affect the strategic adjustment and future development of the company.However,there is little literature involved in whether IPOs will affect corporate innovation in China.This article takes the data of 318 listed companies listed on the China GEM from 2010 to 2013 as research samples,and studies in-depth whether the listing will have an impact on corporate innovation.Our research results show that the financing structure of an enterprise will affect the innovation of the enterprise,and equity financing is better than debt financing.With regard to equity financing,we further examined whether IPOs have affected corporate innovation activities.We have found that corporate IPOs can promote the improvement of innovation capabilities.This relationship is even more pronounced among private enterprises and has been found to be more comparable to internally-reliable companies.The role of externally dependent companies is even more pronounced.In order to solve the problem of the endogenous nature of IPO,this paper has adopted the instrumental variable method,double difference method(DID)and introduced the higher order lagged terms of explanatory variables to test the robustness.Finally,the paper verifies that IPO acts on corporate innovation by affecting three major mechanisms: R&D capital investment,R&D human input,and government support.Of course,this article does not rule out the existence of other mechanisms that may affect corporate innovation.The increase or contribution of this article may be: This article first studied the impact of listing on corporate innovation,to a certain extent,enriched the domestic research on corporate innovation,in order to further address the endogenous issue of listing,this paper has adopted the instrumental variable method.,dual difference,and explanatory variables with higher-order lag terms.And further inspected the specific role mechanism of listed companies influencing corporate innovation,provided a reference for corporate decision-making,provided reference for the company’s choice of strategic strategy,and also provided a certain reference value for the government’s choice of policies to promote corporate innovation.更多还原