暨南学报(哲学社会科学版)

作者：杜金岷,任玎

单位：暨南大学经济学院博士生导师,暨南大学广州自由贸易试验区研究基地教授,博士,研究方向:公司金融、自贸区理论与实践;任玎,暨南大学经济学院博士生,广东外语外贸大学南国商学院副教授,研究方向:公司金融,资本市场。

关键词：新三板, 股票流动性, 技术创新, 代理成本, 经济政策不确定性

基金：国家社会科学基金一般项目“股票流动性与企业创新研究”(批准号:16BJY172)。*感谢广州区域金融政策研究基地的资助。

本文利用新三板企业2010—2015年的数据集,建构模型实证检验“股票流动性—技术创新”之间的关系及其影响路径。与既有研究不同,本文的研究视角从传统主板市场转移到了新三板市场,还将企业的内部委托代理问题和外部经济政策不确定性纳入分析框架。研究发现,较高的股票流动性是维系新三板企业“结构性”创新动力的重要因素。从内部因素来看,第一类代理问题能够减弱股票流动性的创新驱动作用,而第二类代理问题则容易引导股票流动性刺激低端的非实质性专利创新;从外部因素来看,经济政策不确定性的提高,使得股票流动性更容易激发投资者的短视偏向,从而不利于技术创新活动。因此,在尽可能提升新三板企业股票流动性的前提下,也应注重从内外部治理环境出发,改善优化股票流动性发挥作用的渠道机制,从而最大限度地释放创新活力,以契合国家的创新驱动发展战略。"/>template{display:none;}.mag-rich-xref-fn { cursor: pointer;}//长视频$(document).ready(function(){if($("#showLongArticleVideo") && $("#showLongArticleVideo").length && $("#showLongArticleVideo").length>0){mag_ajax_update({ele_id:'showLongArticleVideo',url:mag_currentQikanUrl() + "/CN/article/showLongArticleVideo.do?id="+$("#articleId").val()});}});$(document).ready(function(){window.metaData = {"journal":{"issn":"1000-5072","qiKanMingCheng_CN":"暨南学报（哲学社会科学版）","id":2,"qiKanMingCheng_EN":"Jinan Journal"},"fundList_cn":["国家社会科学基金一般项目“股票流动性与企业创新研究”(批准号:16BJY172)。*感谢广州区域金融政策研究基地的资助。"],"article":{"keywordList_cn":[" 代理成本"," 股票流动性"," 技术创新"," 经济政策不确定性","新三板"],"juan":"41","zhaiyao_cn":"本文利用新三板企业2010—2015年的数据集,建构模型实证检验“股票流动性—技术创新”之间的关系及其影响路径。与既有研究不同,本文的研究视角从传统主板市场转移到了新三板市场,还将企业的内部委托代理问题和外部经济政策不确定性纳入分析框架。研究发现,较高的股票流动性是维系新三板企业“结构性”创新动力的重要因素。从内部因素来看,第一类代理问题能够减弱股票流动性的创新驱动作用,而第二类代理问题则容易引导股票流动性刺激低端的非实质性专利创新;从外部因素来看,经济政策不确定性的提高,使得股票流动性更容易激发投资者的短视偏向,从而不利于技术创新活动。因此,在尽可能提升新三板企业股票流动性的前提下,也应注重从内外部治理环境出发,改善优化股票流动性发挥作用的渠道机制,从而最大限度地释放创新活力,以契合国家的创新驱动发展战略。","endNoteUrl_en":"https://jnxb.jnu.edu.cn/skb/EN/article/getTxtFile.do?fileType=EndNote&id=6287","reference":"","bibtexUrl_cn":"https://jnxb.jnu.edu.cn/skb/CN/article/getTxtFile.do?fileType=BibTeX&id=6287","abstractUrl_en":"https://jnxb.jnu.edu.cn/skb/EN/Y2019/V41/I6/107","qi":"6","id":6287,"nian":2019,"bianHao":"2019-6-107","zuoZheEn_L":"DU Jinmin, REN Ding","juanUrl_en":"https://jnxb.jnu.edu.cn/skb/EN/Y2019","shouCiFaBuRiQi":"2019-07-10","qiShiYe":"107","qiUrl_cn":"https://jnxb.jnu.edu.cn/skb/CN/Y2019/V41/I6","lanMu_cn":"经济·管理","pdfSize":"746","zuoZhe_CN":"杜金岷,任玎","risUrl_cn":"https://jnxb.jnu.edu.cn/skb/CN/article/getTxtFile.do?fileType=Ris&id=6287","title_cn":"新三板企业股票流动性是否抑制了技术创新？——基于委托代理问题和经济政策不确定性的实证与解读","jieShuYe":"118","keywordList_en":["agency cost","economic policy uncertainty","NEEQ","stock liquidity","technological innovation"],"endNoteUrl_cn":"https://jnxb.jnu.edu.cn/skb/CN/article/getTxtFile.do?fileType=EndNote&id=6287","zhaiyao_en":"This paper uses the dataset of NEEQ enterprises from 2010 to 2015 to construct a model to empirically examine the relationship between stock liquidity and enterprise technological innovation and its impact path. Diffing from the existing research, this paper has shifted its focus from the traditional main board market to the NEEQ market, and the internal principal-agent problem and the uncertainty of external economic policies have been incorporated into the analysis framework. The study has found that the high stock liquidity is an important factor in maintaining the “structural” innovation momentum of NEEQ. From the perspective of internal factors, the first type of agency issue can weaken the innovative power of stock liquidity, while the second type of agency issue can easily lead stock liquidity to stimulate low-end non-substantial patent innovation; from external factors, the increase of policy uncertainty is more likely to make stock liquidity stimulate investors' short-sighted bias, which is not conducive to technological innovation activities. 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