The Impact Of Stock Liquidity On Enterprise Innovation Capability

Innovation is an important driving force for a country's economic development.Only by making great progress in technology can we have the right to speak in the entire market and occupy a dominant position.With the development of the economy,China has also paid more and more attention to the level of innovation and research and development,so the output of innovation has been growing,but compared with developed countries,whether it is innovation investment or final innovation output,there is a certain gap with developed countries..The contribution of innovation output to social progress cannot keep up with economic development.Under such circumstances,the government needs to pay more attention to innovation,because the development of the economy requires the support of industry.Only when all aspects have made great progress can we ensure that the rapid development of the economy will not become a bubble.The management of the company needs to maintain steady growth in performance,but the risk of innovation output is high and the return time is long,which is not conducive to the overall performance of the company.Therefore,the company management may avoid long-term investment in the company when selecting the project.Under such circumstances,you can choose to study the multi-faceted factors that affect the innovation of enterprises,and explore how to improve the innovation ability of enterprises from these influencing factors.Stock liquidity is one of the influencing factors.Changes in stock liquidity will affect the flow of funds of listed companies,and will inevitably have a certain impact on innovation output.This paper analyzes through measurement methods to study how the stock liquidity will have an impact on the innovation ability of the enterprise in the context of the current government's massive release of liquidity and the stock market becoming an important channel for corporate finance.This paper selects the non-balanced panel data of 1524 listed companies from 2009 to 2017 for analysis.Firstly,it uses the fixed effect model to study the impact of stock liquidity on enterprise innovation,and finds that stock liquidity has an inhibitory effect on enterprise innovation.The motherboard and the GEM market are different.Then,the dynamic output of the lag-phase innovation output is added to the model,and the conclusion shows that the enterprise innovation has a cumulative effect.Then,using the DID analysis method,we studied the impact on the company's innovation ability in the case of the IPO suspension in 2013.The IPO's lockout will directly affect the liquidity of corporate stocks.The IPO suspension as an exogenous shock provides a good external environment for further research on the impact of stock liquidity on corporate innovation capabilities,and the external impact on the GEM and The impact of the main board will be different,so the data will be classified according to the main board and the GEM.The results of the DID show that the suspension of the IPO will increase the liquidity of the listed companies' stocks,thus inhibiting the innovation ability,and such suppression will be The main board market is more obvious,and the impact on the GEM market is relatively weak.Before the empirical research,this paper studies some possible theoretical mechanisms,and analyzes the mechanism of the influence of stock liquidity on the innovation ability of enterprises through combing theory: First,when the stock liquidity of enterprises increases,the number and investment of short-term institutional investors The amount will increase,and short-term institutional investors will force management to abandon some long-term investments in order to obtain their own short-term interests.In addition,due to the existence of principal-agent problems,management will prove their management ability in order to make excellent performance.It is biased towards some projects with high short-term returns.Secondly,as the company's stock liquidity increases,companies will face greater risk of being acquired,which also prompts companies to pay more attention to current performance and avoid being exposed to the risk of hostile takeovers.In the end,combined with the empirical conclusions and theoretical analysis of the article,some policy recommendations are given: When the state releases the liquidity to promote the development of the capital market,it must be gradual and gradual,and it will not be too hasty,otherwise it will be counterproductive.At the same time,it is necessary to strengthen the regulatory constraints on some influencing factors in the industry,such as institutional investors,to form a benign competitive environment,and to tilt the policy to the main board market.This series of conclusions and recommendations will bring some innovation to the enterprise.The actual meaning.