权益流动性对战略性新兴产业创新的影响 —

摘要以2010—2017年我国中小板、创业板战略性新兴产业为样本,运用动态GMM模型和面板门限模型分析不同融资约束条件下权益流动性对战略性新兴产业研发创新活动的影响。实证结果表明:总体上看,权益流动性促进了企业的研发创新活动,正向增强了融资约束对企业研发创新活动的促进效应,在高融资约束企业中的促进效应更加明显。本研究对政府金融监管机制和有效信息披露有政策意义。

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	张强
	王洪亮
	袁留闯

关键词：战略性新兴产业融资约束权益流动性创新活动

Abstract： This paper uses the dynamic GMM model and panel threshold model to study the effect of equity liquidity on the R&D and innovation activities of strategic emerging industries under the different financing constraints in Shenzhen Small and Medium-sized Board and GEM from 2010 to 2017. Empirical results shows that on the whole, equity liquidity not only promotes R&D and innovation activities of enterprises but also positively enhances the effect from financing constraints on those two. This promotion effect is stronger in high-financing constrained enterprises and this paper is of policy value in government supervision mechanism over finance and effective information disclosure.

Keywords： Strategic Emerging Industry Financing Constraints Equity Liquidity Innovation Activities

收稿日期 2018-12-13; 接受日期 ;

作者简介: 张强(1954— ),女,湖南常德人,教授,博士生导师,主要从事金融监管研究;王洪亮(1972— )男,北京人,博士研究生,主要从事货币银行学研究;袁留闯(1991— ),男,河南周口人,博士研究生,主要从事金融监管研究。

引用本文:

张强, 王洪亮, 袁留闯.权益流动性对战略性新兴产业创新的影响 ——基于融资约束视角[J]. 经济经纬, 2019,3: 142-149

ZHANG Qiang, WANG Hong-liang, YUAN Liu-chuang.The Effects of Equity Liquidity on Innovation Activities of Strategic Emerging Industry ——From the Perspective of Financing Constraints[J] Economic Survey, 2019,V36(3): 142-149

链接本文:

http://www.jjjw.org.cn/CN/ 或 http://www.jjjw.org.cn/CN/Y2019/V36/I3/142

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