Margin Trading,Price Information Efficiency And Enterprise Innovation

Under the background of intensified industrial competition and rapid development of science and technology in the world,enterprise innovation plays an increasingly significant role in realizing the transformation and upgrading of enterprises and improving the core competitiveness.With the increasing demand for innovation,it is difficult to meet the demand for innovation only by the internal resources of the enterprise.As an important external financing channel for enterprises,financial markets link it with the real economy through financial instruments.At present,the role of financial markets in promoting innovation is not only a hot topic of academic research,but also a problem that policy makers,business management and investors often face.In this context,this study is based on the existing research on margin trading in the financial field.Taking the enterprises whose A-share listed companies are included in the margin trading target as the research object,from the perspective of stock price information efficiency,this paper expounds in detail how margin trading affects enterprise innovation by affecting stock price information efficiency.This core issue.Specifically,this paper takes the annual margin margin as a variable to characterize the business of margin trading,and analyzes the impact mechanism of margin trading on enterprise innovation from the perspective of stock price information efficiency.This article is divided into two parts:layer by layer:(1)case study.Through case analysis and case-to-case comparisons,first of all,this paper conducts a validation study of the theory,and secondly,in-depth analysis of the nature of property rights of different enterprises and the proportion of shareholdings on the above mechanism.(2)empirical research.The conclusion of the case study is verified by large data,and the intermediary effect of stock price information efficiency is tested empirically to improve the universality of the conclusion.Based on the above research work,this paper draws the following conclusions:(1)Margin trading has a positive impact on enterprise innovation performance,that is,with the increase of margin trading volume,enterprise innovation performance also increases.(2)Margin trading has a positive impact on stock price information efficiency,which indicates that the growth of margin trading has contributed to the efficiency of stock price information.(3)Margin trading has a direct effect on enterprise innovation performance,and indirectly affects enterprise innovation performance through stock price information efficiency.The conclusion shows that investors participate in market supervision through margin trading,improve the information efficiency of the stock market,promote the return of stock prices to the fundamentals,increase the management's attention to their career,and thus have a positive incentive for management to make decisions on long-term venture capital such as enterprise innovation.(4)Compared with state-owned enterprises,the impact of margin trading on enterprise innovation is more significant in private enterprises,especially the efficiency of the transformation from authorized patents to new products is much higher than that of state-owned enterprises.The main reasons are as follows:fiurstly,the shareholders and management of private enterprises have more consistent interests,and shareholders have more incentives and autonomy to encourage and supervise the management to achieve the goal of maximizing enterprise value.Therefore,managers pay more attention to the market signal of stock price information when making decisions,and improve the efficiency of innovative decision-making by learning from managers'market.Second,private enterprises are more free in the process of decision-making and implementation.Managers can formulate a more reasonable enterprise strategy according to the characteristics of the industry,and make more scientific personnel appointment and salary management in combination with the strategy,so as to improve the resource utilization rate of managers,and thus enhance the efficiency of enterprise research and development.