Abstract:

The high input of corporate innovation funds, the indivisibility of the innovation process, the uncertainty and weak collateralization of innovation results, the irregularity of the innovation cycle, and the information asymmetry of innovation subjects mean that corporate innovation not only requires sustained and stable funds, but also faces strong financial constraints. As an innovation subject, high-tech enterprises often fail to meet the listing standards of the exchange market in the early stage of their development, thus they can only choose to list on the National Equities Exchange and Quotations (NEEQ). But the NEEQ is only designed for small and micro enterprises, so it’s difficult for it to meet the ever-increasing financing needs of high-tech enterprises as they grow up. These enterprises need to switch to higher-level capital markets such as the Main Board, the Second Board and other exchange market boards. However, the lack of a listing-switch system between the higher-level capital markets and the NEEQ seriously hinders the development of high-tech enterprises.
Based on the data of high-tech enterprises trading on the NEEQ and taking financial constraints as the entry point and using difference in difference and propensity score matching method (PSM-DID), this paper studies whether listing switch can promote innovative performance and the underlying mechanism behind it. Firstly, combined with previous research results, we explain the significance of the multi-level capital market for financing and innovation of high-tech enterprises; secondly, we briefly discuss the reality and the influence of the lack of listing-switch system in China’s multi-level capital market, arguing that the listing-switch system is an effective method to solve the mismatch between enterprises and the market sector in which they are located in reality; finally, we analyze how listing switch promotes innovation by influencing the financial constraints. The empirical results show that the enterprises’ switching to exchange market can obviously promote innovation by three channels: changing stock liquidity, aquiring “listing credit” and improving working capital stability.
These results have important implications for the improvement of China’s multi-level capital market: (1) This paper provides empirical evidence of the significance of listing-switch system for the long-term development of the capital market. (2) This paper shows that solving the obstacles of corporate financing channels is of great importance for promoting corporate innovation. The government must not only adopt incentive policies such as intellectual property protection, tax incentives, and government subsidies, but also improve the supporting system of the capital market, so as to promote innovation continuously and effectively.

Key words: High-tech Enterprises, Listing Switch, Propensity Score Matching, Difference in Difference Method, Financial Constraints, Innovation

摘要：

我国资本市场不同板块间转板制度的缺失不利于支持高新技术企业发展。本文以新三板高新技术企业为样本,利用倾向得分匹配和倍差法结合的方法进行实证检验,考察新三板高新技术企业的成功转板能否促进创新及其背后的作用机制。实证结果表明,新三板高新技术企业转板进入场内市场可显著促进企业创新。机制检验表明,转板会通过放松企业融资约束的方式来促进企业创新,具体包括企业的股票流动性、“上市信用”认可和营运资金稳定性三个渠道。

关键词: 新三板高新技术企业, 转板, 倾向得分匹配, 倍差法, 融资约束, 创新