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| One-step to the Position or Step by Step, Which Capital Strategy Stimulates Innovation More |
| Yang Songling,Shi Qianqian,Liu Tingli |
| (School of Economics and Management, Beijing University of Technology, Beijing 100124,China) |
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Abstract This paper study the influence of capital strategy choice on innovation input, based on the research framework of multi-level capital market. By comparing the differences of innovation input brought by the implementation of two different capital strategies, the first is to implement the one-step capital strategy, and the other is to implement the one-step capital strategy, and it is found that the listed companies with step by step capital strategy based on the growth of multi-level capital market have higher innovation input. On this basis, this paper also explores regulatory role of the internal decision-making mechanism, capital market medium level, and macroeconomic policy it is found that capital strategy improves the intensity of R&D expenditure and capitalization by easing the constraints of investment and financing. At the medium level, the attention of analysts plays a moderating role. The higher the attention of analysts, the higher the capitalization intensity of R&D of listed companies implementing step-by-step capital strategy. Moreover, the uncertainty of external economic policy will reduce the innovation input of enterprises, thus resulting in crowding-out effect. However, the crowding-out effect is alleviated in the listed companies implementing the step-by-step capital strategy. The conclusion of this paper has certain enlightenment significance for innovative enterprises to better use the capital market to help their own development.
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Received: 14 January 2020
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