| The U.S.economist Kuznets once said that a country's economic growth is that it can continuously improve its ability to provide its citizens with a wide range of increasingly updated products.The construction of a country's innovation system requires a large number of forces to work together.Enterprises play an important role in it,their innovative quality and ability can represent the innovation ability and level of his country.The innovation activities that carried out orderly must depends on the continuous investment of R&D funds.Therefore,R&D investment is regarded as the most basic and important resource for innovation.It requires huge capital investment as support.Issuing stocks through the stock market has become an important financing method for listed companies in China to obtain funds for supporting R&D activities.The stock liquidity is not only the performance of the stock market vitality,but also reflects the active degree of stocks in the market transactions.Scholars have basically reached a consensus on the impact of stock liquidity on corporate investment,but as R&D is an extremely important type of investment in enterprise development,what kind of influence this investment will have on the investment of stock liquidity is exactly what this paper wants to verify.In this paper,through combing domestic and foreign literature,the research hypothesis is put forward based on the analysis of stock liquidity premium theory,stock price information content,and vocal-exit mechanism theory,and researches of the influence of stock liquidity on R&D investment are conducted from the perspective of R&D investment intensity and R&D investment efficiency.Based on the definition of the relevant variables and the calculation methods.this paper uses the fixed effect model of panel data.The research results show that the increase in stock liquidity can significantly promote the R&D investment intensity and R&D investment efficiency of the company;After clustering and analyzing the factor concentration of firms,it found that the increase in stock liquidity of capital-intensive and technology-intensive companies can significantly spur the R&D investment intensity of the corporate,however,the increase in stock liquidity of labor-intensive companies does not significantly increase the degree of R&D investment intensity of the company.The verification of R&D investment efficiency has found that the increase in stock liquidity has a significant role in promoting R&D investment efficiency in three factor-intensive enterprises;This paper provides a new research perspective for the study of the impact of stock liquidity on corporate innovation,and after taking the factors into account,the further study can make some contributions to enrich the existing literature.In addition,based on the characteristics of their own industry types,this paper provides certain empirical evidence for companies to improve their corporate governance mechanisms,increase information transparency,promote stock liquidity,and enhance corporate R&D investment,At the same time,the results of this study also provide some policy recommendations for the government and securities regulators to improve the market system and rationally change the liquidity to promote the R&D investment of the company. |
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