企业上市与企业创新——基于中国企业专利申请的研究

发布时间：2018-01-27 12:52

本文关键词： 首次公开募股专利申请企业创新倾向得分匹配双重差分　出处：《金融研究》2017年05期 　论文类型：期刊论文

【摘要】：本文发现企业通过在股票市场IPO能够显著增加创新产出。分析表明缓解企业融资约束,促进企业创新人才队伍建设是IPO增进创新的重要渠道:首先,上市前融资相对困难企业在上市后专利申请增加更加明显;其次,上市后企业专利申请人队伍在数量和效率上都有明显提高。另外,我们发现企业的治理结构和激励机制也会显著影响IPO后的创新活动改善:总经理具有更大实际控制权力和给予高管股权激励的企业在上市后专利申请增长相对更快。本文揭示了股票市场服务企业创新的内在机制,为现阶段我国创新驱动发展战略实施和多层次资本市场建设提供政策借鉴。
[Abstract]:This paper finds that enterprises can significantly increase innovation output through IPO in the stock market. The analysis shows that easing the financing constraints of enterprises and promoting the construction of innovative talents is an important channel for IPO to enhance innovation: first of all. The increase of patent application after listing is more obvious than that before listing. Secondly, after listing, the number and efficiency of the enterprise patent applicants are significantly improved. We find that the corporate governance structure and incentive mechanism also significantly affect the improvement of innovation after IPO:. The general manager has more actual control power and gives executive equity incentive to the enterprises after listing the growth of patent applications is relatively faster. This paper reveals the internal mechanism of stock market service enterprises innovation. It provides policy reference for the implementation of innovation-driven development strategy and the construction of multi-level capital market.
【作者单位】：国际货币基金组织;上海财经大学经济学院;华中科技大学经济学院;
【基金】：上海市浦江人才计划(NO.2013140026) 上海高校特聘教授(东方学者)岗位计划(NO.2013140034)的研究资助
【分类号】：F273.1;F832.51
【正文快照】： 华中科技大学经济学院,湖北武汉430074)一、引言随着我国资本市场的发展与完善,股票市场作为企业的一种便捷融资渠道受到各界广泛关注。企业通过首次公开募股(Initial Public offering,IPO),在股票市场向投资者募集企业发展所需资金,是现代企业的主流发展战略。随着企业向公共

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