Research on the Impact and Channels of Stock Liquidity on Enterprise Innovation
In the face of the increasingly complex and changeable world economic environment,continuously enhancing the innovation ability of enterprises plays a de-cisive role in promoting the supply-side reform.Enterprises need to rely on capital market financing to meet their own innovation needs of a large amount of capital in-vestment.As an important characteristic of the stock market,which has an absolute position in the capital market,stock liquidity is likely to be one of the important objective factors affecting the innovation ability of enterprises.Therefore,this pa-per will deeply study the impact of stock liquidity on enterprise innovation and its channels.Based on the Shanghai and Shenzhen a share listed companies as the re-search object,the two cities to establish dynamic panel model,using bidirectional fixed effect model to empirical analysis,through the lag effect model to analyze its lag effect,using instrumental variable method and GMM model control endogenous intermediary effect inspection at the same time,and the analysis of the heterogeneity and the corresponding robustness analysis.The results show that:1)Stock liquidity has a positive stimulating effect on firm innovation ability;2)The influence degree of institutional shareholding ratio accounts for more than 50％of all channels,which is the main influence channel of research;3)State-owned enterprises pay more attention to long-term development,and their innovation is higher than other enterprises.The analysis of industry heterogeneity shows that the innovation of high-tech industry is higher than other industries.In theory,the research proves that highly liquid stock mainly stimulates enterprise innovation by increasing the proportion of institutional ownership.In reality,the research results support China's further deepening of share reform.In the process of economic operation,appropriately increasing the proportion of institutional investment and shareholding is conducive to enterprise innovation and economic development.
Stock liquidityenterprise innovation abilityshareholding ratio of insti-tutional fundsequity reform
万方数据
维普
