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| Stock Liquidity and Enterprise Innovation：Promotion or Inhibition |
| Xu Lin1,Liu Yan2,3 |
| (1.International Business Faculty,Beijing Normal University，Zhuhai 519080，China；2.Postdoctoral Research Station of Applied Economics，Fudan University，Shanghai 200433，China；3.Zhuhai Fudan Innovation Institute,Zhuhai 519000，China) |
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Abstract Based on the data of 1281 companies listed in Shanghai and Shenzhen A-share market from 2010 to 2017,this paper analyzes the impact of stock liquidity on the enterprise innovation based on enterprise heterogeneity.It is found that,on the whole,stock liquidity can inhibit the enterprise innovation,and has a greater inhibitory effect on the later stage; enterprise scale and industry factors are the important factors that affect the relationship between "stock liquidity and enterprise innovation",that is,stock liquidity promotes the innovation of large enterprises and traditional industries,but inhibits the innovation of small and medium-sized enterprises and high-tech industries.Further mechanism research shows that stable institutional investors and trading institutional investors play a double intermediary role in the relationship between stock liquidity and enterprise innovation.Although stock liquidity has opposite effect on both,they eventually lead to the decline of enterprise innovation.
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Received: 25 August 2020
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