Abstract：Using a sample of Chinese A-share listed firms from 2008~2019, this study investigates the impact of capital market pricing efficiency on firms’ innovation inputs and the mechanism of action. It is found that for each standard deviation increase in capital market pricing efficiency, firms’ innovation investment intensity increases by 8%. Capital market pricing efficiency enhances firms’ innovation investment through three mechanisms: helping firms to better identify investment opportunities, improving corporate governance and reducing financing constraints, specifically the above relationship is more pronounced among firms with higher investment opportunities, poorer corporate governance and higher financing constraints. Further research also finds that the promotion effect of capital market pricing efficiency on firms’ innovation activities is more pronounced in private firms, industries with a higher share of foreign capital, and regions with lower GDP growth pressure, suggesting that the capital market resource allocation function is more effective in environments with higher levels of marketization.
黄志宏，杨若明，王彩萍，李善民. 资本市场定价效率对企业创新投入的影响及作用机制研究[J]. 管理学报, 2023, 20(9): 1335-.
HUANG Zhihong，YANG Ruoming，WANG Caiping，LI Shanmin. A Research on the Effect and Mechanism of Capital Market Pricing Efficiency on Corporate R&D. Chinese Journal of Management, 2023, 20(9): 1335-.
