资本市场对企业技术创新的影响研究
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摘要
增强科技实力是提升国家竞争力的重要途径,技术创新是增强企业竞争力的关键和提升国家竞争力的基础。上世纪90年代美国发展历程表明,在以纳斯达克市场为代表的资本市场推动背景下,高科技企业不断涌现,科技成果层出不穷,美国国家科技竞争力持续领先。中国资本市场经过20年的发展,规模和结构已初步形成。研究我国资本市场与推动企业技术创新的关系是本文立论的出发点,基于我国技术创新的发展,针对资本市场的功能和作用提出的建议则是本文立论和发现展开：
首先,本文基于资本市场对企业技术创新的内在逻辑和推动机制,从资本市场功能角度研究资本市场和技术创新之间的关系,分析资本市场对企业技术创新的风险分担机制、信息揭示机制、激励约束机制；借鉴D—D模型(Diamond和Dybvig,1983)①和Diamond (1965)②的模型,运用AK函数和两阶段动态思想,构建多渠道融资效应模型,并结合模型研究三种典型融资途径的资本供给效应,从而证明市场参与者在风险偏好和流动性偏好差异下,会造成企业技术增长率差异。
其次,多层次资本市场为企业技术创新搭建了全面的融资平台。本文分析企业特质,按照融资量、融资期限、融资成本的不同,资本市场能够提供多层次的融资,从主板到创业板,到各类投融资方式,满足一个企业从初创期到成熟期过程中各个阶段的需求。
再次,企业家是企业创新中最重要的推动者,而企业家创新意识和强度则是一个变动的过程。资本市场能够不断发掘企业家的创新本性,激发企业家的创新精神。本文分析了企业家技术创新不足的原因,研究资本市场对企业家的激励机制和约束机制,表明资本市场制度和环境因素对企业家创新意识和强度的变化至关重要。
再次之,本文实证中采用(OLS)最小二乘法方法,时间序列数据进行处理后,检验了多层次资本市场对技术创新的贡献。内容包括实证检验了中国和美国资本市场促进企业技术创新的作用,进行了两国影响的差异性分析。在研究美国资本市场的同时,研究以高科技上市公司为主的纳斯达克市场和以传统工业企业为主的纽交所对技术创新的影响差异。研究结果表明,中国资本市场对企业技术创新的作用强于纽交所而弱于纳斯达克市场。
最后,依据上述研究,分析构建我国多层级资本市场的必要性,针对我国情况提出支持科技创新投融资的多层次资本市场构建路径。并进一步研究资本市场、企业技术创新与大国战略这一全局性问题。企业技术创新不是脱离社会的自发活动,而是科技、资本、社会高度协同的产物。在未来大国博弈中,需要提升国家的产品技术水平以抢占发展先机,增强资本市场发展对企业技术创新的影响力,提升国家竞争力,巩固中国大国地位的发展战略。
To enhance the technological strength is a significantly important to increase national competition, in which technological innovation is the key to enhancing the enterprises'competitiveness and is also the foundation of upgrading the national competition. The history of 1990's in the last century witnessed the development of the United States. One of the driving forces was the NASDAQ market in the capital market to promote the blossom of high-tech companies with ever springing up of technological achievements. Thus all these have made it possible to ensure the United States continuing to take the lead in the national science and technology worldwide. Up to now China's capital market has grown up with comparative size and structure through 20 years of development. This thesis focuses on the relationships between China's capital market and its promotive actions on technological innovation. It is just from this exploratory starting point that the author makes further insight into functions and roles of Capital market based on the progress of technological innovation in China. In this thesis the author's views and suggestions are also presented.
Firstly, the thesis deals with the relationships between capital market and technological innovation from the point of functions of capital market. The argument is based on the internal logic and promoting mechanism of capital market to technological innovation. The paper analyzes risk-sharing mechanism of capital market to enterprises'technological innovation, information revealing mechanism, incentive and inhibitive mechanism. By D-D reference the model (Diamond and Dybvig,1983 and Diamond,1965), and the use of AK function and two-stage dynamic idea, effect models of multi-channel financing structures are set up.
In addition, combined with various models, the thesis makes approaches to the capital supply effect of three typical means of financing, which proves that the market participants'differences in risk preference and fluidity liking will bring about disparity in technological growth of enterprises.
Secondly, the Capital market at multi-level serve to build a comprehensive financing platform for enterprises'technology innovation. Judging by the characteristics of the corporations, the amount of financing, financing term, financing cost are variable. However, Capital market can provide financing at multi-level from the main board to the GEM, and to various types of investment and financing, to meet the need of a business from startup to maturity in the various stages.
Thirdly, the entrepreneurs are the most important propellants in enterprises' innovation, and entrepreneurs'innovation consciousness more or less is changing. Capital market has an impact on activating the innovative inherency of entrepreneurs and stimulating their innovative spirit. This paper makes study on the reasons for lack of entrepreneurial innovation, the incentives and restraint mechanisms of capital market on entrepreneurs. The study shows that the capital market system and environmental factors play a very important role in the variation of consciousness and intension of entrepreneurial innovation.
Fourthly, by means of the ordinary least squares, this study has made empirical tests on contributions of the multi-level Capital market to technological innovation after data processing of time sequence. The empirical tests include those on the positive role of China and the U.S. capital market on promoting technological innovation, the paper has also made analysis of different effect of Capital market of the two countries on technological innovation.
In study of U.S. Capital market, comparison is made on NASDAQ market dominated by high technology-based listed companies and NYSE chiefly with listed companies of traditional industrial enterprises, and on the influential difference in the technological innovation. The results have shown that, for the effect of capital market on technological innovation, China's Capital market is stronger than the NYSE but weaker than the NASDAQ market.
Finally, according to the study mentioned above, the thesis analyzes the necessities of constructing multi-level Capital market in China, and proposes ways, based on China's specific situations, to construct multi-level Capital market of investment and financing to support for technological innovation. Further still, the thesis deals with the global strategic issues concerning Capital market, technological innovation and the great countries. It is evident that technological innovation is not spontaneous activity separated from the community, but the highly synergistic product of technology, capital and society. In the coming competitive games of great powers, it is absolutely imperative to upgrade the country's level of product technology in order to seize the development opportunities and enhance impact of capital market development on the technological innovation so as to increase the national competition and steadily keep on the development strategies to consolidate the powerful status befitting to China.
首先,本文基于资本市场对企业技术创新的内在逻辑和推动机制,从资本市场功能角度研究资本市场和技术创新之间的关系,分析资本市场对企业技术创新的风险分担机制、信息揭示机制、激励约束机制；借鉴D—D模型(Diamond和Dybvig,1983)①和Diamond (1965)②的模型,运用AK函数和两阶段动态思想,构建多渠道融资效应模型,并结合模型研究三种典型融资途径的资本供给效应,从而证明市场参与者在风险偏好和流动性偏好差异下,会造成企业技术增长率差异。
其次,多层次资本市场为企业技术创新搭建了全面的融资平台。本文分析企业特质,按照融资量、融资期限、融资成本的不同,资本市场能够提供多层次的融资,从主板到创业板,到各类投融资方式,满足一个企业从初创期到成熟期过程中各个阶段的需求。
再次,企业家是企业创新中最重要的推动者,而企业家创新意识和强度则是一个变动的过程。资本市场能够不断发掘企业家的创新本性,激发企业家的创新精神。本文分析了企业家技术创新不足的原因,研究资本市场对企业家的激励机制和约束机制,表明资本市场制度和环境因素对企业家创新意识和强度的变化至关重要。
再次之,本文实证中采用(OLS)最小二乘法方法,时间序列数据进行处理后,检验了多层次资本市场对技术创新的贡献。内容包括实证检验了中国和美国资本市场促进企业技术创新的作用,进行了两国影响的差异性分析。在研究美国资本市场的同时,研究以高科技上市公司为主的纳斯达克市场和以传统工业企业为主的纽交所对技术创新的影响差异。研究结果表明,中国资本市场对企业技术创新的作用强于纽交所而弱于纳斯达克市场。
最后,依据上述研究,分析构建我国多层级资本市场的必要性,针对我国情况提出支持科技创新投融资的多层次资本市场构建路径。并进一步研究资本市场、企业技术创新与大国战略这一全局性问题。企业技术创新不是脱离社会的自发活动,而是科技、资本、社会高度协同的产物。在未来大国博弈中,需要提升国家的产品技术水平以抢占发展先机,增强资本市场发展对企业技术创新的影响力,提升国家竞争力,巩固中国大国地位的发展战略。
To enhance the technological strength is a significantly important to increase national competition, in which technological innovation is the key to enhancing the enterprises'competitiveness and is also the foundation of upgrading the national competition. The history of 1990's in the last century witnessed the development of the United States. One of the driving forces was the NASDAQ market in the capital market to promote the blossom of high-tech companies with ever springing up of technological achievements. Thus all these have made it possible to ensure the United States continuing to take the lead in the national science and technology worldwide. Up to now China's capital market has grown up with comparative size and structure through 20 years of development. This thesis focuses on the relationships between China's capital market and its promotive actions on technological innovation. It is just from this exploratory starting point that the author makes further insight into functions and roles of Capital market based on the progress of technological innovation in China. In this thesis the author's views and suggestions are also presented.
Firstly, the thesis deals with the relationships between capital market and technological innovation from the point of functions of capital market. The argument is based on the internal logic and promoting mechanism of capital market to technological innovation. The paper analyzes risk-sharing mechanism of capital market to enterprises'technological innovation, information revealing mechanism, incentive and inhibitive mechanism. By D-D reference the model (Diamond and Dybvig,1983 and Diamond,1965), and the use of AK function and two-stage dynamic idea, effect models of multi-channel financing structures are set up.
In addition, combined with various models, the thesis makes approaches to the capital supply effect of three typical means of financing, which proves that the market participants'differences in risk preference and fluidity liking will bring about disparity in technological growth of enterprises.
Secondly, the Capital market at multi-level serve to build a comprehensive financing platform for enterprises'technology innovation. Judging by the characteristics of the corporations, the amount of financing, financing term, financing cost are variable. However, Capital market can provide financing at multi-level from the main board to the GEM, and to various types of investment and financing, to meet the need of a business from startup to maturity in the various stages.
Thirdly, the entrepreneurs are the most important propellants in enterprises' innovation, and entrepreneurs'innovation consciousness more or less is changing. Capital market has an impact on activating the innovative inherency of entrepreneurs and stimulating their innovative spirit. This paper makes study on the reasons for lack of entrepreneurial innovation, the incentives and restraint mechanisms of capital market on entrepreneurs. The study shows that the capital market system and environmental factors play a very important role in the variation of consciousness and intension of entrepreneurial innovation.
Fourthly, by means of the ordinary least squares, this study has made empirical tests on contributions of the multi-level Capital market to technological innovation after data processing of time sequence. The empirical tests include those on the positive role of China and the U.S. capital market on promoting technological innovation, the paper has also made analysis of different effect of Capital market of the two countries on technological innovation.
In study of U.S. Capital market, comparison is made on NASDAQ market dominated by high technology-based listed companies and NYSE chiefly with listed companies of traditional industrial enterprises, and on the influential difference in the technological innovation. The results have shown that, for the effect of capital market on technological innovation, China's Capital market is stronger than the NYSE but weaker than the NASDAQ market.
Finally, according to the study mentioned above, the thesis analyzes the necessities of constructing multi-level Capital market in China, and proposes ways, based on China's specific situations, to construct multi-level Capital market of investment and financing to support for technological innovation. Further still, the thesis deals with the global strategic issues concerning Capital market, technological innovation and the great countries. It is evident that technological innovation is not spontaneous activity separated from the community, but the highly synergistic product of technology, capital and society. In the coming competitive games of great powers, it is absolutely imperative to upgrade the country's level of product technology in order to seize the development opportunities and enhance impact of capital market development on the technological innovation so as to increase the national competition and steadily keep on the development strategies to consolidate the powerful status befitting to China.
引文
①[荷]范·杜因(1983,1993),《经济长波与创新》,上海：上海译文出版社,1993年8月版,第158页,105-109页
①李燕燕,《外部接管与公司绩效的相关性分析》,工业技术经济,2007(2)
①李子彬,《中国中小企业发展报告(2008-2009)》,北京：中国经济出版社,2008
①虞云耀、杨春贵主编,《关于当代世界重大问题》,北京：中共中央党校出版社,2002
①宋刚等,《复杂性科学视野下的科技创新》,科学对社会的影响,2008(2)
①谭劲松,犁文靖,《国有企业经理人行为度激励的制度分析：以万家乐为例》,《管理世界》2002(]0)
②李志强,《企业家创新行为的制度分析——一个理论框架》,北京交通大学博士论文,2008
①朱孝忠,《风险投资对技术创新的作用：一个分解模型》,经济理论与政策研究,2008,10
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