创新是国家和企业实现持久发展的动力源泉，而资本市场作为现代金融业的核心，通过资源配置和治理机制能够影响企业的创新活动。相较发达国家资本市场，我国的资本市场起步晚、发展快，经过不断的制度创新，正在逐步完善自我、走向成熟。本文从激励和监督的角度，结合中国的制度环境，探讨中国资本市场的制度创新对于企业创新的影响。具体选取自股权分置改革以来三个典型的资本市场制度创新——股权激励计划制度、融资融券制度和沪港通制度，分别从股权激励、外部投资者监督以及境外投资者监督的视角，分析并检验其对于企业创新的影响。采用双重差分和倾向得分匹配等方法，本文发现这三种资本市场的制度创新能够促进企业创新，具体发现如下主要结论：第一，从资本市场的激励机制视角，股权激励计划通过构造良好的激励机制，对于企业创新投入和产出都有显著的促进作用。从不同激励方式看，股票期权、限制性股票都对企业创新有显著激励作用，然而在股价距离行权价（授予价）较近时，限制性股票对高管的惩罚性会影响其创新的动力，而股票期权能对高管形成保护并仍具激励效果。进一步研究显示，股权激励对于企业创新的正向影响主要在民营企业、股价信息含量高的企业以及激励对象包含核心技术人员的企业中较为显著。第二，从外部投资者监督的视角，融资融券通过激活外部投资者监督，对于国有上市公司的创新产出有显著的促进作用。融资融券对国有企业创新产出的促进作用在市场化程度较低的地区、地方国有企业、管理层控制权较弱、行业竞争程度较弱以及股价信息含量较低的国有企业上更为显著。对不同所有制而言，融资融券对于创新的正向影响在国有企业中显著，而在民营企业中较不显著。第三，从境外投资者监督的视角，沪港通通过引入境外投资者，对于A股标的企业研发投入有显著的正向影响。该正向影响在股权集中度较低、管理层控制权较弱、民营企业以及资产规模较小的企业中更加显著。结合沪港通初期的额度限制，这些结果与境外投资者监督假设相符合。此外，也发现沪港通对于企业创新的正向影响在较依赖外向融资的企业中更加显著，表明融资机制也可能是影响机制。
Technological innovation is a critical driver of a country’s economic growth and competitive advantage. Through resourse allocation and governance mechanism, stock market can affect innovation activities of litsted firms. Compared with those developed countries’ stock markets, Chinese A share market started late but has been growing very fast. During the last decade, Chinese A share market has made a lot of institutional innovations, which helped to make the market more advanced and mature. This paper tries to study the real effect of Chinese stock market institutional innovations on corporate innovation, especially from the perspective of incentives and external mornitoring. The paper will take three specific and typical institutional innovations of the A share market from 2005, i.e. the 2005 Stock Incentive Schems Program, the 2010 Margin Trading Program and the 2014 Shanghai-Hong Kong Stock Connect Program, and investigated the real effect of these reforms on corporate innovation. Using a difference-in-differences approach, the paper finds that these three reforms can positively affect innovation in different ways.Firstly, from the perspective of stock incentive, the paper finds that the stock incentive schemes from 2005 appear to have a positive, casual effect on firm innovation. Further analyses show that both stock options and restricted stocks have positive effects on firm innovation, but when the stock price is near the exercise price of stock options or restricted stocks, stock options still have positive effects on firm innovation, whereas restricted stocks do not. That is because of the difference between their yield curves. The positive effect of stock incentive schemes on innovation is only significant in non-state-owned enterprises, firms with highier stock price informativeness, and firms granting incentives to core technical staff.Secondly, from the perspective of external investors monitoring, the paper finds that the introducation of margin trading mechanism in China appears to have a positive, casual effect on state-owned enterprises (SOEs) innovation. The positive effect is more pronounced for SOEs located in provinces with lower marketization level, for local state-owned enterprises, and for SOEs with less managerial power, in less competitive industries and with lower stock price informativeness. The paper also finds that the positive effect of margin trading on innovation is only significant in SOEs, but not significant in non-SOEs.Thirdly, from the perspective of foreign investors monitoring, the paper finds that the Shanghai-Hong Kong Stock Connect Program has a positive effect on A share pilot firms’ R&D spending. Further analyses show that the positive effect is more pronounced in firms with lower equity concentration, less managerial power, lower volume of assets, and non-state controlling shareholders. Considering the controlled capital inflow from the Hong Kong stock market, these results support the foreign investors monitoring hypothesis. The paper also finds that the positive effect is more pronounced in those firms more dependent on external finance, which also supports the financing mechanism.
