The Impact of Stock Liquidity on Corporate R&D Investment: The Mediating Effect and Moderating Effect of Financing Constraint and Agency Cost

Abstract

Abstract: Based on the data of Shanghai-Shenzhen A-share listed companies from 2007 to 2017,this paper empirically tests the impact of stock liquidity on R&D investment and the mediating role of financing constraints and two types of agency costs by using regression analysis and mediation effect testing procedures.The results of the study are as follows: (1) There is a significant positive correlation between stock liquidity and corporate R&D investment,indicating that stock liquidity will promote R&D investment; (2) Stock liquidity significantly reduces financing constraints and second-class agency costs,thereby improving the R&D investment, and financing constraints and the second type of agency cost of the enterprise play a partial intermediary role in the process of stock liquidity affecting R&D investment; (3) The first type of agency cost plays a regulatory role in the process of stock liquidity affecting R&D investment. The higher cost of the first type of agency, the more significant the effect of stock liquidity on the R&D investment of enterprises. In order to overcome the endogeneity of the model, this paper chooses margin financing business as a quasi-natural experiment. By constructing the propensity matching score and the double difference estimation model, the results still support the research conclusions of this paper.

Key words: Stock Liquidity, R&D Investment, Financing Constraint, Agency Cost

摘要： 基于2007~2017年沪深A股上市公司的数据,采用回归分析和中介效应检验程序,实证检验了股票流动性对企业研发投入的影响以及融资约束和两类代理成本的中介作用和调节作用。研究结果表明:(1)股票流动性与企业研发投入之间显著正相关,股票流动性会促进企业的研发投入;(2)股票流动性显著降低融资约束和第二类代理成本,进而提高企业的研发投入,融资约束和第二类代理成本在股票流动性影响研发投入的过程中发挥部分中介作用;(3)第一类代理成本在股票流动性影响研发投入的过程中发挥调节作用,第一类代理成本越高,股票流动性对企业研发投入的促进作用越显著。为克服模型的内生性,选择融资融券业务作为准自然实验,通过构建倾向匹配得分和双重差分估计模型,所得结果仍然支持研究结论。

关键词: 股票流动性, 研发投入, 融资约束, 代理成本

CLC Number:

F830.91

DONG Zhu, ZHANG Xin, LI Yuqi. The Impact of Stock Liquidity on Corporate R&D Investment: The Mediating Effect and Moderating Effect of Financing Constraint and Agency Cost[J]. , 2020, 36(8): 73-82.

董竹, 张欣, 李雨奇. 股票流动性对企业研发投入的影响——融资约束和代理成本的中介作用与调节作用[J]. 财经论丛, 2020, 36(8): 73-82.

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