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- Title
股权再融资促进制造业企业创新了吗 --基于竞争视角的解释.
- Authors
宋玉臣; 任浩锋; 张炎炎
- Abstract
Innovation is the main way for enterprises to gain competitive advantage, and equity financing is an important source of funds for enterprise innovation. In order to improve the ability of the capital market to serve the real economy, the regulatory authorities have repeatedly relaxed the barriers to entry for equity refinancing in an attempt to provide broader financial support for corporate innovation activities. So, does the equity refinancing behavior of listed companies promote the level of corporate innovation? At a time when refinancing rules are constantly changing, the answer to this question becomes very important. The 2021 government work report proposes to "strengthen the basic position of competition policy." This article further answers: what role does competition factor play between corporate equity refinancing and innovative behavior? Based on the above background, this article takes China's A-share manufacturing listed companies from 2006 to 2019 as research samples, regards the equity refinancing behavior of listed companies as a quasi-natural experiment, and constructs a Difference-in-Difference model based on the principle of natural experiment based on the propensity score matching method, empirically studies the impact of equity refinancing of listed manufacturing companies on the level of corporate innovation, and explains its impact mechanism based on the perspective of competition. The study finds that equity refinancing has significantly improved the innovation level of enterprises, and this conclusion is still valid after a series of robustness tests. The test of the influence mechanism based on the competition perspective shows that the fierce competition within the industry can enhance the net effect of equity refinancing on corporate innovation investment. Furthermore, the company's consideration of the pursuit of competitive advantage was added, and the impact of equity refinancing on the level of innovation of the company under the heterogeneity of the company's competitive advantage was discussed from the three aspects of capital shortage, bargaining power, and life cycle stage. The results showed that: Companies with a high degree of capital shortage, weak bargaining power, and insufficient competitive advantages in the start-up and growth stages, after equity refinancing, will promote innovation more significantly than companies with stronger competitive advantages. Finally, the difference in the improvement effect of the innovation level under the heterogeneous refinancing method is tested, and it is found that only non-public issuance and cash subscription refinancing can significantly promote corporate innovation, while public issuance and asset subscription have no significant impact on the innovation level. The conclusions of this paper not only enrich the research on the economic consequences of equity refinancing, but also provide theoretical basis and data support for the refinancing policy formulation of regulatory authorities.
- Publication
Nankai Business Review, 2022, Vol 25, Issue 5, p41
- ISSN
1008-3448
- Publication type
Article