资本市场错误定价与企业创新
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摘要
文章运用2007-2016年A股制造业公司的年度数据,研究股票市场错误定价对企业创新的影响。研究发现,在错误定价影响企业创新的两种渠道中,直接的"迎合渠道"和间接的"融资渠道"均在我国存在,且以"迎合渠道"为主。文章发现的意义在于,在一定条件下高股价可能会促进企业创新,监管者可以利用股票市场高估的区间,促进企业创新,推动产业升级。
This paper studies the impact of mispricing on corporate innovation according to the data of listed firms in technology from 2007 to 2016 in China A-Share market. The results of channel analysis show that,the direct catering channel and the financing channel both play an important part in China,and the direct catering is the primary channel. These findings imply that the overvaluation of stock price can promote innovation under certain conditions. The superintendent can utilize the overvaluation of stock prices to promote innovation and foster emerging industries and promote industry upgrading.
This paper studies the impact of mispricing on corporate innovation according to the data of listed firms in technology from 2007 to 2016 in China A-Share market. The results of channel analysis show that,the direct catering channel and the financing channel both play an important part in China,and the direct catering is the primary channel. These findings imply that the overvaluation of stock price can promote innovation under certain conditions. The superintendent can utilize the overvaluation of stock prices to promote innovation and foster emerging industries and promote industry upgrading.
引文
[1]JERZMANOWSKI M,NABAR M. The welfare consequences of irrational exuberance:stock market booms,research investment,and productivity[J]. Journal of Macroeconomics,2008,30(1):111-133.
[2]STEIN J C. Rational capital budgeting in an irrational world[J]. The Journal of Business,1996,69(4):429-455.
[3]CHIRINKO R S,SCHALLER H. Business fixed investment and “bubbles”:the Japanese case[J]. The American Economic Review,2001,91(3):663-680.
[4]BAKER M,STEIN J C,WURGLER J. When does the market matter? Stock prices and the investment of equity-dependent firms[J]. The Quarterly Journal of Economics,2003,118(3):969-1005.
[5]JENSEN M C. Agency costs of overvalued equity[J]. Financial Management,2005,34(1):5-19.
[6]POLK C,SAPIENZA P. The stock market and corporate investment:a test of catering theory[J]. The Review of Financial Studies,2009,22(1):187-217.
[7]DONG M,HIRSHLEIFER D,TEOH S H. Stock market overvaluation,moon shots,and corporate innovation[J/OL]. NBER Working Paper,2017(12)[2018-04-01]. http://www. nber. org/papers/w24142.
[8]TOBIN J. A general equilibrium approach to monetary theory[J]. Journal of Money,Credit and Banking,1969,1(1):15-29.
[9]BAKER M,WURGLER J. Investor sentiment in the stock market[J]. The Journal of Economic Perspectives,2007,21(2):129-151.
[10]DONG M,HIRSHLEIFER D,TEOH S H. Overvalued equity and financing decisions[J]. The Review of Financial Studies,2012,25(12):3645-3683.
[11]HIRSHLEIFER D. Behavioral Finance[J]. Annual Review of Financial Economics,2015,7(1):133-159.
[12]KEYNES J M. William Stanley Jevons 1835-1882:a centenary allocation on his life and work as economist and statistician[J].Journal of the Royal Statistical Society,1936,99(3):516-555.
[13]MORCK R,SHLEIFER A,VISHNY R W. The stock market and investment:is the market a sideshow?[J]. Brookings Papers on Economic Activity,1990,21(2):157-215.
[14]BRADSHAW M T,RICHARDSON S A,SLOAN R G. The relation between corporate financing activities,analysts’forecasts and stock returns[J]. Journal of Accounting and Economics,2006,42(1):53-85.
[15]CAMPELLO M,GRAHAM J R. Do stock prices influence corporate decisions? Evidence from the technology bubble[J].Journal of Financial Economics,2013,107(1):89-110.
[16]郝颖,刘星.大股东控制下的股权融资依赖与投资行为研究——基于行为财务视角[J].商业经济与管理,2009(10):73-79.
[17]王正位,王思敏,朱武祥.股票市场融资管制与公司最优资本结构[J].管理世界,2011(2):40-48.
[18]李君平,徐龙炳.资本市场错误定价、融资约束与公司投资[J].财贸经济,2015(3):88-102.
[19]陆蓉,何婧,崔晓蕾.资本市场错误定价与产业结构调整[J].经济研究,2017(11):104-118.
[20]CHAVA S,OETTL A,SUBRAMANIAN A,et al. Banking deregulation and innovation[J]. Journal of Financial Economics,2013,109(3):759-774.
[21]FANG V W,TIAN X,TICE S. Does stock liquidity enhance or impede firm innovation?[J]. The Journal of Finance,2014,69(5):2085-2125.
[22]BERNSTEIN S. Does going public affect innovation?[J]. The Journal of Finance,2015,70(4):1365-1403.
[23]陈爽英,井润田,龙小宁,等.民营企业家社会关系资本对研发投资决策影响的实证研究[J].管理世界,2010(1):88-97.
[24]刘波,李志生,王泓力,等.现金流不确定性与企业创新[J].经济研究,2017(3):166-180.
[25]沈坤荣,孙文杰.市场竞争、技术溢出与内资企业R&D效率[J].管理世界,2009(1):38-48.
[26]杨洋,魏江,罗来军.谁在利用政府补贴进行创新?——所有制和要素市场扭曲的联合调节效应[J].管理世界,2015(1):75-86.
[27]余明桂,钟慧洁,范蕊.业绩考核制度可以促进央企创新吗?[J].经济研究,2016(12):104-117.
[28]江轩宇.政府放权与国有企业创新——基于地方国企金字塔结构视角的研究[J].管理世界,2016(9):120-135.
[29]孔东民,徐茗丽,孔高文.企业内部薪酬差距与创新[J].经济研究,2017(10):144-157.
[30]冯根福,刘虹,冯照桢,等.股票流动性会促进我国企业技术创新吗?[J].金融研究,2017(3):192-206.
[31]张劲帆,李汉涯,何晖.企业上市与企业创新——基于中国企业专利申请的研究[J].金融研究,2017(5):160-175.
[32]张杰,郑文平,新夫.中国的银行管制放松、结构性竞争和企业创新[J].中国工业经济,2017(10):118-136.
[33]董秀良,张婷,关云鹏.沪港通制度改善了我国股票市场定价效率吗?[J].上海财经大学学报,2018(4):78-92.
[34]徐浩萍,杨国超.股票市场投资者情绪的跨市场效应——对债券融资成本影响的研究[J].财经研究,2013(2):47-57.
[35]DENG Z,LEV B,NARIN F. Science and technology as predictors of stock performance[J]. Financial Analysts Journal,1999,55(3):20-32.
[36]FAZZARI S M,GLENN HUBBARD R,PETERSEN B C. Financing constraints and corporate investment[J]. Brookings Papers on Economic Activity,1988,19(1):141-206.
[37]吕劲松.关于中小企业融资难、融资贵问题的思考[J].金融研究,2015(11):115-123.
[38]尹志超,钱龙,吴雨.银企关系、银行业竞争与中小企业借贷成本[J].金融研究,2015(1):134-149.
[39]王永中,赵奇锋.购房压力、发明家行为与企业技术创新[J].金融评论,2018(1):40-67.
[40]KAPLAN S N,ZINGALES L. Do investment-cash flow sensitivities provide useful measures of financing constraints?[J]. The Quarterly Journal of Economics,1997,112(1):169-215.
[41]RHODES-KROPF M,ROBINSON D T,VISWANATHAN S. Valuation waves and merger activity:the empirical evidence[J]. Journal of Financial Economics,2005,77(3):561-603.
[42]TITMAN S. Financial markets and investment externalities[J]. The Journal of Finance,2013,68(4):1307-1329.
(1)历年全国科技经费投入统计公报。
(1)基于对篇幅的考虑,结果在这里没有列出,欢迎向作者索取。
(2)这里只列出了以销售额增长率作为企业成长能力代理变量的回归结果,使用托宾q衡量企业成长能力得到的回归结果是一致的。
[2]STEIN J C. Rational capital budgeting in an irrational world[J]. The Journal of Business,1996,69(4):429-455.
[3]CHIRINKO R S,SCHALLER H. Business fixed investment and “bubbles”:the Japanese case[J]. The American Economic Review,2001,91(3):663-680.
[4]BAKER M,STEIN J C,WURGLER J. When does the market matter? Stock prices and the investment of equity-dependent firms[J]. The Quarterly Journal of Economics,2003,118(3):969-1005.
[5]JENSEN M C. Agency costs of overvalued equity[J]. Financial Management,2005,34(1):5-19.
[6]POLK C,SAPIENZA P. The stock market and corporate investment:a test of catering theory[J]. The Review of Financial Studies,2009,22(1):187-217.
[7]DONG M,HIRSHLEIFER D,TEOH S H. Stock market overvaluation,moon shots,and corporate innovation[J/OL]. NBER Working Paper,2017(12)[2018-04-01]. http://www. nber. org/papers/w24142.
[8]TOBIN J. A general equilibrium approach to monetary theory[J]. Journal of Money,Credit and Banking,1969,1(1):15-29.
[9]BAKER M,WURGLER J. Investor sentiment in the stock market[J]. The Journal of Economic Perspectives,2007,21(2):129-151.
[10]DONG M,HIRSHLEIFER D,TEOH S H. Overvalued equity and financing decisions[J]. The Review of Financial Studies,2012,25(12):3645-3683.
[11]HIRSHLEIFER D. Behavioral Finance[J]. Annual Review of Financial Economics,2015,7(1):133-159.
[12]KEYNES J M. William Stanley Jevons 1835-1882:a centenary allocation on his life and work as economist and statistician[J].Journal of the Royal Statistical Society,1936,99(3):516-555.
[13]MORCK R,SHLEIFER A,VISHNY R W. The stock market and investment:is the market a sideshow?[J]. Brookings Papers on Economic Activity,1990,21(2):157-215.
[14]BRADSHAW M T,RICHARDSON S A,SLOAN R G. The relation between corporate financing activities,analysts’forecasts and stock returns[J]. Journal of Accounting and Economics,2006,42(1):53-85.
[15]CAMPELLO M,GRAHAM J R. Do stock prices influence corporate decisions? Evidence from the technology bubble[J].Journal of Financial Economics,2013,107(1):89-110.
[16]郝颖,刘星.大股东控制下的股权融资依赖与投资行为研究——基于行为财务视角[J].商业经济与管理,2009(10):73-79.
[17]王正位,王思敏,朱武祥.股票市场融资管制与公司最优资本结构[J].管理世界,2011(2):40-48.
[18]李君平,徐龙炳.资本市场错误定价、融资约束与公司投资[J].财贸经济,2015(3):88-102.
[19]陆蓉,何婧,崔晓蕾.资本市场错误定价与产业结构调整[J].经济研究,2017(11):104-118.
[20]CHAVA S,OETTL A,SUBRAMANIAN A,et al. Banking deregulation and innovation[J]. Journal of Financial Economics,2013,109(3):759-774.
[21]FANG V W,TIAN X,TICE S. Does stock liquidity enhance or impede firm innovation?[J]. The Journal of Finance,2014,69(5):2085-2125.
[22]BERNSTEIN S. Does going public affect innovation?[J]. The Journal of Finance,2015,70(4):1365-1403.
[23]陈爽英,井润田,龙小宁,等.民营企业家社会关系资本对研发投资决策影响的实证研究[J].管理世界,2010(1):88-97.
[24]刘波,李志生,王泓力,等.现金流不确定性与企业创新[J].经济研究,2017(3):166-180.
[25]沈坤荣,孙文杰.市场竞争、技术溢出与内资企业R&D效率[J].管理世界,2009(1):38-48.
[26]杨洋,魏江,罗来军.谁在利用政府补贴进行创新?——所有制和要素市场扭曲的联合调节效应[J].管理世界,2015(1):75-86.
[27]余明桂,钟慧洁,范蕊.业绩考核制度可以促进央企创新吗?[J].经济研究,2016(12):104-117.
[28]江轩宇.政府放权与国有企业创新——基于地方国企金字塔结构视角的研究[J].管理世界,2016(9):120-135.
[29]孔东民,徐茗丽,孔高文.企业内部薪酬差距与创新[J].经济研究,2017(10):144-157.
[30]冯根福,刘虹,冯照桢,等.股票流动性会促进我国企业技术创新吗?[J].金融研究,2017(3):192-206.
[31]张劲帆,李汉涯,何晖.企业上市与企业创新——基于中国企业专利申请的研究[J].金融研究,2017(5):160-175.
[32]张杰,郑文平,新夫.中国的银行管制放松、结构性竞争和企业创新[J].中国工业经济,2017(10):118-136.
[33]董秀良,张婷,关云鹏.沪港通制度改善了我国股票市场定价效率吗?[J].上海财经大学学报,2018(4):78-92.
[34]徐浩萍,杨国超.股票市场投资者情绪的跨市场效应——对债券融资成本影响的研究[J].财经研究,2013(2):47-57.
[35]DENG Z,LEV B,NARIN F. Science and technology as predictors of stock performance[J]. Financial Analysts Journal,1999,55(3):20-32.
[36]FAZZARI S M,GLENN HUBBARD R,PETERSEN B C. Financing constraints and corporate investment[J]. Brookings Papers on Economic Activity,1988,19(1):141-206.
[37]吕劲松.关于中小企业融资难、融资贵问题的思考[J].金融研究,2015(11):115-123.
[38]尹志超,钱龙,吴雨.银企关系、银行业竞争与中小企业借贷成本[J].金融研究,2015(1):134-149.
[39]王永中,赵奇锋.购房压力、发明家行为与企业技术创新[J].金融评论,2018(1):40-67.
[40]KAPLAN S N,ZINGALES L. Do investment-cash flow sensitivities provide useful measures of financing constraints?[J]. The Quarterly Journal of Economics,1997,112(1):169-215.
[41]RHODES-KROPF M,ROBINSON D T,VISWANATHAN S. Valuation waves and merger activity:the empirical evidence[J]. Journal of Financial Economics,2005,77(3):561-603.
[42]TITMAN S. Financial markets and investment externalities[J]. The Journal of Finance,2013,68(4):1307-1329.
(1)历年全国科技经费投入统计公报。
(1)基于对篇幅的考虑,结果在这里没有列出,欢迎向作者索取。
(2)这里只列出了以销售额增长率作为企业成长能力代理变量的回归结果,使用托宾q衡量企业成长能力得到的回归结果是一致的。
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