Summary:
China attaches great importance to technological innovation. Enterprises are the main body of technological innovation. How to further increase the R&D investment of enterprises and improve their innovation capabilities is an important issue that urgently needs to be considered. The capital market has important functions and advantages in supporting enterprise innovation. In recent years, with the comprehensive deepening of capital market reform, a multi-level stock market system has gradually formed, including the Main Board, Small and Medium Enterprise Board, Growth Enterprise Market, Science and Technology Innovation Board, National Equities Exchange and Quotations, and Four Board, which can provide financing channels for enterprises of different scales, industries, and stages of development.The reform of registration system has also been fully implemented after being piloted on the Science and Technology Innovation Board, Growth Enterprise Market, and Beijing Stock Exchange.The rapid development of the stock market has created a favorable environment for innovation. On the one hand, the number of listed companies is showing a continuous increase trend. On the other hand, listed companies have a wide range of industry coverage. In this context, previous studies have explored the impact of enterprise listing on innovation from various aspects. However, there is still a lack of analysis based on the perspective of the industrial chain. Using Chinese listed companies from 2007 to 2021 as a sample, this article studies the impact of the degree of listing of enterprises in the industrial chain on enterprise innovation investment. The main conclusions are as follows: The degree of listing of enterprises in the industrial chain has a significant promoting effect on enterprise innovation investment, that is, the higher the degree of listing of enterprises in the industrial chain, the more innovation investment they make. Moreover, the degree of listing of enterprises in the industrial chainhas a long-term promoting effect on enterprise innovation investment. Mechanism analysis found that, when the degree of industry information asymmetry is low and the degree of product market competition is low, the degree of listing of enterprises in the industrial chain has a more significant promoting effect on enterprise innovation investment. This indicates that the degree of listing of enterprises in the industrial chain can promote enterprise innovation investment by reducing industry information asymmetry and intensifying product market competition. Specifically, the reduction of industry information asymmetry caused by the degree of listing of enterprises in the industrial chain can be achieved by improving the governance level of industry chain companies, the promotion effect of product market competition caused by the degree of listing of enterprises in the industrial chain can be achieved by increasing the financing demand of the industry chain. Furthermore, this article also examines the impact of enterprise specialization on the relationship between the degree of listing of enterprises in the industrial chain and enterprise innovation investment. The results indicate that when the degree of specialization of enterprise is high, that is, when the connection between the enterprise and enterprises in the same industry chain but located in other upstream and downstream links becomes closer, the degree of listing of enterprises in the industrial chain has a more significant promoting effect on enterprise innovation investment. The research findings of this article contribute to a comprehensive understanding of the positive significance of the development of the stock market. The research contributions of this article are mainly reflected in the following aspects: Firstly, it expands the research scope of enterprise listing. Unlike existing literature that focuses on and explores the impact of whether the enterprise is listed or not, changes in the status of enterprises before and after going public, the spillover effects of enterprise listing, and the number of listed enterprises, this article uses China's input-output table data over the years to construct an indicator of the degree of listing of enterprises in the industry chain, which helps to have a more comprehensive understanding of the impact of enterprise listing. Secondly, this article supplements research related to the industrial chain. Existing literature has covered various aspects such as production chain location, industry chain structure, industry chain correlation, industry chain integration, industry chain organization, and industry chain pricing. Unlike the above literature, this article focuses on the role of the degree of listing of enterprises in the industrial chain and explores the impact of the degree of listing of enterprises in the industrial chain on enterprise innovation investment, which can provide theoretical guidance for further improving the modernization level of the industry chain. Thirdly, this article takes the degree of listing of enterprises in the industrial chain as the starting point to study its impact, mechanism, and heterogeneity performance on enterprise innovation investment, which to some extent enriches the relevant research on the influencing factors of enterprise innovation investment.
李倩, 程昱, 程新生. 产业链企业上市是否影响企业创新投资?[J]. 金融研究, 2023, 521(11): 153-169.
LI Qian, CHENG Yu, CHENG Xinsheng. Does the Degree of Listing of Enterprises in the Industrial Chain Affect Enterprise Innovation Investment？. Journal of Financial Research, 2023, 521(11): 153-169.
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