The Influence Of Stock Liquidity Of Listed Companies On The R&D Investment Of The Company

At present,China's economy has changed from high-speed economic development to high-speed economic development.The industrial structure is seeking to shift from an extensive growth economic model to a technology-intensive growth economic model.The innovation ability of the enterprise and the technical level of the product have become one of the core competitiveness of the enterprise's products in the international market.The enterprise's innovation and R&D needs capital investment.The R&D investment cost of the company is one of the important factors of the company's own innovation level and capability.Therefore,R&D investment will increase the innovation capability of Chinese enterprises,increase the scientific and technological level of enterprise products,and accelerate the national industrial transformation.In recent years,with the advancement of the split share structure reform,the stock liquidity of listed companies in China has gradually increased year by year.This paper analyzes whether the liquidity of stocks will promote the R&D investment of listed companies,so as to study the theoretical and practical significance of the stock liquidity of listed companies on the R&D investment of the company.The environment in which the company is located will have an impact on the decision-making behavior of the company.The difference between the company's internal environment and the external environment will cause the company to make different decisions.Therefore,when studying the effect of stock liquidity on company R&D investment,this paper first studies the impact of stock liquidity on company size through the model,and then discusses the impact of the company's environment on its corporate innovation behavior through the perspective of rights theory.Incorporating the company's scale into the study of stock liquidity on company's R&D investment,based on the influence of the company's scale adjustment role,the relationship between the two is discussed.The panel data regression analysis of the A-share listed company's data samples from 2009 to 2015,and conducted endogenous tests and robustness tests,and reached the following conclusions:(1)Stock liquidity has asignificant positive effect on company R&D investment Impact.(2)The size of the company will have a significant negative regulatory effect on the relationship between stock liquidity and corporate R&D investment.According to the empirical results,it shows that in small-scale companies,the impact is large,while in large-scale companies,the impact is small.