Can Seasoned Equity Offerings Promote Specialized-Refinement-Differential-Innovation Enterprises Development?
To build a modern industrial system and promote high-quality economic development,high-quality enterprises are needed to play a leading role.As the leader in the market segments,the"SRDI"(Specialized-Refinement-Differential-Innovation)enterprises have the leading technology level and product quality,and play a pillar role in the manufacturing industry.This article investigates the role of seasoned equity offerings(SEOs)in promoting the development of"SRDI"enterprises.Using single champion enterprises,which are representative of"SRDI"enterprises,as the research object,a list of single champion enterprises is compiled that have been listed on Chinese A-share market.Based on the data the enterprises from 2010 to 2021,the impact of SEOs is empirically tested on the growth rate of main business income of"SRDI"enterprises,the intermediary mechanisms are explored,heterogeneity analysis is conducted,and the role of SEOs in cultivating"SRDI"enterprises and the driving effect of"SRDI"enterprises on the development of local enterprises are further analyzed.The main conclusions are as follows:Firstly,using the occurrence of SEOs,the number of SEO events,and the natural logarithm of the total actual funds raised through SEOs as explanatory variables,it concludes that SEOs can significantly promote the growth rate of main business income of"SRDI"enterprises,which remains consistent when the explained variable is replaced by the growth rate of operating profit and net profit.It also holds true when the study period is compressed.And the conclusion is robust when the explained variable is lagged by one period.Secondly,in the analysis of intermediary mechanisms,it is found that SEOs promote the development of the main business income of enterprises through two channels:enhancing innovation investment and improving production capacity.In the heterogeneity analysis,it is found that SEOs can only significantly promote the growth of main business income in"SRDI"enterprises with a high degree of digital transformation.Additionally,SEOs have a significant positive impact on enterprises with high management compensation.Thirdly,in further analysis,focusing on the cultivation gradient of"SRDI"enterprises,it is found that SEOs can promote the growth of"SRDI"enterprises into single champion enterprises.Regarding the leading role of"SRDI"enterprises,single champion enterprises can promote the development of other local"SRDI"enterprises,but the effect is not significant for non-"SRDI"enterprises.From the perspective of research contributions,firstly,it reveals that SEOs can promote enterprise development through enhancing innovation and improving production capacity.Secondly,this paper is to propose the idea of promoting the development of"SRDI"enterprises through direct financing.This paper supplements the academic research on the development of"SRDI"enterprises,provides new guidance and insights for the cultivation and development of such enterprises,and offers new theoretical support for the development of high-quality finance to empower the real economy.Lastly,it is to empirically study the mechanism of the cultivation system for"SRDI"enterprises and examine their driving role.
"SRDI"enterprisesseasoned equity offeringsgrowth rate of main business revenueinvestment in innovationdigital transformation
NETL
NSTL
万方数据
