Stock liquidity and enterprise innovation: new evidence from China

@inproceedings{Wen2017StockLA,
  title={Stock liquidity and enterprise innovation: new evidence from China},
  author={Jun Wen and Gen-Fu Feng and Chun-Ping Chang and Zhao-Zhen Feng},
  year={2017}
}
We employ data of 6194 firm-year observations for 1058 listed companies in the period 2006–2013 to investigate the interaction between stock liquidity and enterprise innovation in China and confirm that an increase in stock liquidity raises the number of patents granted, R&D investment, and the innovation efficiency of state-owned enterprises, while it decreases innovation significantly in private firms. These findings are also supported by quasi-natural experiments under the split-share… CONTINUE READING

Similar Papers