创新的影响因素备受学者们的关注,但是目前还鲜有学者从我国的股票流动性这一市场微观结构视角探讨对企业创新投入的影响。从2009-2014年的上海证券交易所市场质量报告中提炼出多个维度的股票流动性衡量指标,采用固定效应模型,深入细致地探究了我国企业的股票流动性对其创新投入的影响,发现股票流动性对企业创新投入有显著的促进作用。在进一步分析与检验中,替换了创新投入的衡量,并且将不同维度的流动性衡量指标综合起来构建了股票流动性综合得分,发现上述结果依然成立,此外,股票流动性对创新投入的促进作用在国有与非国有企业中均显著,非国有企业中的促进作用更为强烈。

Scholars have paid more and more attention to study what affect innovation, but there is little research about the effect of China’s stock liquidity on enterprises’ innovation input which starts from the perspective of the market microstructure structure. Refining indexes which measure stock liquidity from multipleSdimensions from 2009-2014 market quality reports which were reported by Shanghai stock exchange, and using fixed effects model, we explore the effect of China’s stock liquidity on enterprises’ innovation input thoroughly and carefully. The result shows that stock liquidity enhances enterprises’ innovation input significantly. In our further analysis and testing, we replace the measurement of innovation input, and construct an aggregate measure of stock liquidity based on stock liquidity indexes from multipleSdimensions, our finding is that previous result remains valid. Besides, the positive influence of stock liquidity on enterprises’ innovation input is valid in both state-owned and non-state-owned enterprises, but it’s more powerful in non-state-owned enterprises.

F273.1;F830.91

山西省教育厅专项经费项目“山西省企业研发投入与技术创新研究”（2012205）；教育部人文社科研究项目“市场微观结构、流动性风险与MAX效应”（13YJA790154）