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| Does Stock Liquidity Enhance Technological Innovation? |
| FENG Genfu, LIU Hong, FENG Zhaozhen, WEN Jun
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| (School of Economics and Finance, Xi’an Jiaotong University |
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Abstract Based on the 2006-2013 A-share high frequency data to measure stock liquidity, this paper studied the causal relationship between stock liquidity and the technological innovation from two aspects: patent granted number and the R&D efficiency, and use the split-share structure reform and adjustment of stamp duty as exogenous shocks of quasi-natural experiment, combining propensity score matching and difference in differences estimation method, further verified the robustness of conclusion. Study found that the relationship between China's capital market stock liquidity and the enterprise technological innovation is moderated by firm nature; the enterprise's technological innovation level increases with the increase of stock liquidity in State-Owned enterprise; but instead, stock liquidity reduces the enterprise technological innovation in non-State-Owned enterprises. This article also puts forward appropriate policy recommendations on how to improve technological innovation of the listed company according to the research conclusions.
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Published: 18 January 2018
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