The Effects of Equity Liquidity on Innovation Activities of Strategic Emerging Industry ——From the Perspective of Financing Constraints
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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.
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. Economic Survey, 2019, 36(3): 0142.
2019, Vol. 36 
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