定向增发能促进企业创新吗?——来自中国上市公司的经验证据
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摘要
本文研究定向增发对企业创新的影响。采用倾向得分匹配方法和双重差分模型,基于融资约束、产权性质及公司规模深入分析定向增发对企业创新的影响。研究发现,定向增发能够促进企业创新投入和创新产出,同时还发现定增促进企业创新是由于定向增发能够缓解融资约束,而且这种促进作用在非国有公司和中小板及创业板公司中效果更加明显。本文首次检验了定向增发与企业创新之间的关系,对于"融资—企业创新"问题的研究做出了增量贡献,同时,本文的研究结论对于上市公司定向增发选择和监管层关于定向增发的监管政策都有借鉴意义。
This paper studies the impact of private placement on corporate innovation. We provide evidence about the relationship between private placement and corporate innovation based on the propensity score matching method and the double difference model using the sample of 2008-2014 listed companies. Our findings suggest that private placement can promote corporate innovation, moreover,this promotion is due to private placement can alleviate the financing constraints, and this promotion effects in non state-owned companies and small companies are more obvious. This research has made incremental contribution on the topic of"financing—innovation". At the same time, the conclusion of this study is significant to listed companies for the choice of refinancing and regulators for the policy orientation.
This paper studies the impact of private placement on corporate innovation. We provide evidence about the relationship between private placement and corporate innovation based on the propensity score matching method and the double difference model using the sample of 2008-2014 listed companies. Our findings suggest that private placement can promote corporate innovation, moreover,this promotion is due to private placement can alleviate the financing constraints, and this promotion effects in non state-owned companies and small companies are more obvious. This research has made incremental contribution on the topic of"financing—innovation". At the same time, the conclusion of this study is significant to listed companies for the choice of refinancing and regulators for the policy orientation.
引文
[1]陈昆玉.上市公司技术创新、融资与成长[J].科研管理.2015(3):64-70.
[2]陈战光,宛晴,冯家丛,武传德.政府补贴、知识产权保护与研发投入[J].投资研究,2018,37(05):57-71.
[3]鞠晓生.中国上市公司企业创新投资的融资来源与平滑机制[J].世界经济.2013(4):138-158.
[4]李汇东,唐跃军,左晶晶.用自己的钱还是用别人的钱创新?-基于中国上市公司融资结构与公司创新的研究[J].金融研究.2013(2):170-183。
[5]聂辉华,谭松涛,王宇锋.创新、企业规模和市场竞争:基于中国企业层面的面板数据分析[J].世界经济.2008(7):57-66.
[6]唐跃军,左晶晶.所有权性质、大股东治理和公司创新[J].金融研究.2014(6):177-192.
[7]谢家智,刘思亚,李后建.政治关联、融资约束与企业研发投入[J].财经研究.2014(8):81-93
[8]杨星,田高良,司毅.所有权性质、企业政治关联与定向增发--基于我国上市公司的实证分析[J].南开管理评论.2016(1):134-141.
[9]张宗益,张湄.关于高新技术企业公司治理与R&D投资行为的实证研究[J].科学学与科学技术管理.2007(5):23-26。
[10]赵玉芳,余志勇,夏新平,汪宜霞.定向增发、现金分红与利益输送-来自我国上市公司的经验证据[J].金融研究.2011(11):153-166.
[11]周方召,符建华,仲深.外部融资、企业规模与上市公司技术创新[J].科研管理.2014(3):116-122.
[12]Brown,J.R.,Petersen.B.C.Financing Innovation and Growth:Cash Flow,External Equity and the 1990s R&D Boom[J].Journal of Finance.2009.64(1):151-185.
[13]Bottazzi,G.,Dosi,G.,Lippi,M.,Pammolli,F.and Riccaboni,M.Innovation and Corporate Growth in the Evolution of the Drug Industry[J].International Journal of Industrial Organization,2001.19(7):1161-1187.
[14]Gayane Hovakimian.Financial Constraints and Investment Efficiency;Internal Capital Allocation across the Business Cycle[J].Journal of Financial Intermediation.2011.20(2);264-283.
[15]H Almeida,M Campello,MS Weisbach The Cash Flow Sensitivity of Cash[J].The Journal of Finance.2004.59(4):1777-1804.
[16]Hall,B.H.Investment and Research and Development at the Firm Level.Working Paper.1992.
[17]Hall,JMB Mulkay,H Bronwyn.Firm level investment R&D in France and the United States:A comparison[J].Economics Papers.2000:229-273
[18]Harhoff D.Are there financing constraints for R&D and investment in German manufacturing firms[J].Annales Déconomie Et De Statistique.1998.49/50:421-456
[19]Hu Guangzhou,A.Ownership,Government R&D,Private R&D and Productivity in Chinese Industry[J].Journal of Comparative Economics,2001.29(1):136-157.
[20]JaffersonA.B.Demand and Supply influences in R&D intensity and Productivity Growth[J].Review of Economics and Statistics.1988(3):431-437
[21]Lee,P.M.,and O Neill,H.M.Ownership Structures and R&D Investments of US and Japanese Firms[J].Academy of Management Journal.2003.46(2):212-225.
[22]Mark Croby.Patents,Innovation and Growth[J].The Economic Record.2000.76(234),255-262
[23]Marialuz Moreno Badia,Slootmaekeis.The Missing Link Between Financial Constraints and Productivity[EB/OL].IMFWorking Paper,2009.
[24]Opler,T.C.,Titman,S.Financial Distress and Corporate Performance[J].Journal of Finance,1994.49(3):1015-1040.
[25]Porter,M..Capital disadvantage:America's failing capital investment system.Harvard Business Review[J].1992.70(5):65-82.
[26]Rosenbaum,P.,D.Rubin,The Central Role of the Propensity Score in Observational Studies for Causal Effects[J].Biometrika.1983(70):41-55.
[27]Savignac.F.The impact of financial constraints on innovation:Evidence from French manufacturing firms,MSE working paper No.06042,2006.
[28]Seru,A.,Firm boundaries matter:Evidence from conglomerates and R&D activity[J].Journal of Financial Economics.2014.111(2):381-405
[29]Silva F,Carreira C.Do financial constraints threat the innovation process?Evidence from Portuguese firms[J].Economics of Innovation&New Technology.2012.21(8):701-736.
(1)自选择带来的内生性可能表现为创新较多或者具有创新潜质的企业会进行定向增发,导致估计结果发生正向偏差;也有可能是创新不足的企业为了进行创新需要资金投入而选择定向增发,导致估计结果发生负向偏差。
(2)本文的研究主要针对定向增发这一股权再融资方式。
(1)上市公司定增融资完毕到创新产出需要一定时间,本文采用t+3年的专利数量作为被解释变量,因此2013年定增公司需要用到2016年的专利数量,随后,本文使用t+2年的专利数据进行检验,结果一致。
[2]陈战光,宛晴,冯家丛,武传德.政府补贴、知识产权保护与研发投入[J].投资研究,2018,37(05):57-71.
[3]鞠晓生.中国上市公司企业创新投资的融资来源与平滑机制[J].世界经济.2013(4):138-158.
[4]李汇东,唐跃军,左晶晶.用自己的钱还是用别人的钱创新?-基于中国上市公司融资结构与公司创新的研究[J].金融研究.2013(2):170-183。
[5]聂辉华,谭松涛,王宇锋.创新、企业规模和市场竞争:基于中国企业层面的面板数据分析[J].世界经济.2008(7):57-66.
[6]唐跃军,左晶晶.所有权性质、大股东治理和公司创新[J].金融研究.2014(6):177-192.
[7]谢家智,刘思亚,李后建.政治关联、融资约束与企业研发投入[J].财经研究.2014(8):81-93
[8]杨星,田高良,司毅.所有权性质、企业政治关联与定向增发--基于我国上市公司的实证分析[J].南开管理评论.2016(1):134-141.
[9]张宗益,张湄.关于高新技术企业公司治理与R&D投资行为的实证研究[J].科学学与科学技术管理.2007(5):23-26。
[10]赵玉芳,余志勇,夏新平,汪宜霞.定向增发、现金分红与利益输送-来自我国上市公司的经验证据[J].金融研究.2011(11):153-166.
[11]周方召,符建华,仲深.外部融资、企业规模与上市公司技术创新[J].科研管理.2014(3):116-122.
[12]Brown,J.R.,Petersen.B.C.Financing Innovation and Growth:Cash Flow,External Equity and the 1990s R&D Boom[J].Journal of Finance.2009.64(1):151-185.
[13]Bottazzi,G.,Dosi,G.,Lippi,M.,Pammolli,F.and Riccaboni,M.Innovation and Corporate Growth in the Evolution of the Drug Industry[J].International Journal of Industrial Organization,2001.19(7):1161-1187.
[14]Gayane Hovakimian.Financial Constraints and Investment Efficiency;Internal Capital Allocation across the Business Cycle[J].Journal of Financial Intermediation.2011.20(2);264-283.
[15]H Almeida,M Campello,MS Weisbach The Cash Flow Sensitivity of Cash[J].The Journal of Finance.2004.59(4):1777-1804.
[16]Hall,B.H.Investment and Research and Development at the Firm Level.Working Paper.1992.
[17]Hall,JMB Mulkay,H Bronwyn.Firm level investment R&D in France and the United States:A comparison[J].Economics Papers.2000:229-273
[18]Harhoff D.Are there financing constraints for R&D and investment in German manufacturing firms[J].Annales Déconomie Et De Statistique.1998.49/50:421-456
[19]Hu Guangzhou,A.Ownership,Government R&D,Private R&D and Productivity in Chinese Industry[J].Journal of Comparative Economics,2001.29(1):136-157.
[20]JaffersonA.B.Demand and Supply influences in R&D intensity and Productivity Growth[J].Review of Economics and Statistics.1988(3):431-437
[21]Lee,P.M.,and O Neill,H.M.Ownership Structures and R&D Investments of US and Japanese Firms[J].Academy of Management Journal.2003.46(2):212-225.
[22]Mark Croby.Patents,Innovation and Growth[J].The Economic Record.2000.76(234),255-262
[23]Marialuz Moreno Badia,Slootmaekeis.The Missing Link Between Financial Constraints and Productivity[EB/OL].IMFWorking Paper,2009.
[24]Opler,T.C.,Titman,S.Financial Distress and Corporate Performance[J].Journal of Finance,1994.49(3):1015-1040.
[25]Porter,M..Capital disadvantage:America's failing capital investment system.Harvard Business Review[J].1992.70(5):65-82.
[26]Rosenbaum,P.,D.Rubin,The Central Role of the Propensity Score in Observational Studies for Causal Effects[J].Biometrika.1983(70):41-55.
[27]Savignac.F.The impact of financial constraints on innovation:Evidence from French manufacturing firms,MSE working paper No.06042,2006.
[28]Seru,A.,Firm boundaries matter:Evidence from conglomerates and R&D activity[J].Journal of Financial Economics.2014.111(2):381-405
[29]Silva F,Carreira C.Do financial constraints threat the innovation process?Evidence from Portuguese firms[J].Economics of Innovation&New Technology.2012.21(8):701-736.
(1)自选择带来的内生性可能表现为创新较多或者具有创新潜质的企业会进行定向增发,导致估计结果发生正向偏差;也有可能是创新不足的企业为了进行创新需要资金投入而选择定向增发,导致估计结果发生负向偏差。
(2)本文的研究主要针对定向增发这一股权再融资方式。
(1)上市公司定增融资完毕到创新产出需要一定时间,本文采用t+3年的专利数量作为被解释变量,因此2013年定增公司需要用到2016年的专利数量,随后,本文使用t+2年的专利数据进行检验,结果一致。