Research on the Impact of CSRC's Random Inspection System on Enterprise Innovation
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.
random inspectionfair law enforcemententerprise innovationdual innovation
NETL
NSTL
万方数据
