证监会随机抽查制度对企业创新的影响研究
Research on the Impact of CSRC's Random Inspection System on Enterprise Innovation
马惠娴 1刘文欣 2吴烨伟3
作者信息
- 1. 南京农业大学金融学院
- 2. 华北电力大学经济与管理学院
- 3. 同济大学经济与管理学院
- 折叠
摘要
以2014～2020年A股上市公司为样本,采用多期双重差分模型检验证监会随机抽查对企业创新活动的影响.研究发现:相较于未被随机抽查的企业,被证监会随机抽查后的企业创新投入和产出均显著提高,这种促进效应主要通过降低企业两类代理成本与信息不对称发挥作用,说明证监会随机抽查制度下的公平执法能够有效促进企业创新.异质性分析表明,证监会随机抽查对企业创新的促进效应主要存在于非国有、融资约束高、市场竞争激烈以及处于知识产权保护水平较高地区的企业.在考察证监会随机抽查对企业双元创新的影响后,发现无论是突破式创新抑或是利用式创新,证监会随机抽查均起到显著的促进作用.
Abstract
Taking the A-share listed companies from 2014 to 2020 as a sample,this study empiri-cally tests the impact of CSRC's random inspection on enterprises innovation using a staggered DID model.The results show that compared with the enterprises that have not been randomly sampled,the innovation inputs and outputs of enterprises have significantly improved after CSRC's random in-spection,and this promotion effect mainly plays a role by reducing two types of agency costs and in-formation asymmetry,indicating that fair law enforcement of CSRC's random inspection can effective-ly promote enterprise innovation.Furthermore,heterogeneity analysis shows that the promotion effect of CSRC's random inspection on enterprise innovation mainly exists in enterprises that are non-state-owned,have high financing constraints,face fierce market competition and are in areas with a high level of intellectual property protection.Finally,this study examines the impact of CSRC's ran-dom inspection on the dual innovation of enterprises.The results show that CSRC's random inspec-tion plays a significant role in promoting both exploratory innovation and exploitive innovation.
关键词
随机抽查/公平执法/企业创新/双元创新Key words
random inspection/fair law enforcement/enterprise innovation/dual innovation引用本文复制引用
基金项目
国家自然科学基金(72162003)
国家自然科学基金(72272108)
中央高校基本科研业务费专项(SKYC2023011)
出版年
2024
NETL
NSTL
万方数据