资本市场开放与企业创新质量——基于中国企业重数量轻质量的“创新陷阱”视角

基于中国资本市场“沪深港通”这一准自然实验，结合不同竞争政策，研究“资本市场开放能否助力中国企业破解重数量轻质量的“创新陷阱”具有重要的学术价值和政策意义。研究发现：资本市场开放显著促进企业创新质量，表现为专利结构逐渐向高质量的发明专利偏移，以及专利引用率的提升，说明资本市场开放的确能够显著破解中国企业重数量轻质量的“创新陷阱”，上述研究结论经过系列稳健性测试后仍然成立。异质性检验发现：资本市场开放对创新质量的促进作用在竞争性行业、境外机构持股比例较高以及融资约束较大、风险承担水平更低的样本组中更显著。研究从“中国创新陷阱”破解视角证实资本市场开放以及反垄断政策的积极意义，为进一步提高资本市场开放程度以及“反垄断政策”提供理论支撑。

Capital Market Liberalization and Enterprise Innovation QualityBased on the Perspective of “Innovation Trap”of Chinese Enterprises Emphasizing Quantity over Quality

Based on the quasi-natural experiment of “Shanghai-Shenzhen-Hong Kong Stock Connect” in China’s capital market, it is of great academic value and policy significance to study whether “capital market liberalization” can help Chinese enterprises break the “innovation trap” of emphasizing quantity over quality by combining different competition policies. It is found that capital market liberalization significantly contributes to the innovation quality of enterprises, as evidenced by the gradual shift of patent structure to high-quality invention patents and the increase of patent citation rate, indicating that capital market liberalization can indeed significantly break the “innovation trap” of Chinese enterprises that emphasize quantity over quality. The above findings still hold after a series of robustness tests. The heterogeneity test shows that the promotion of capital market liberalization to innovation quality is more significant in the sample groups of competitive industries, foreign institutions with higher shareholding ratios, greater financing constraints, and lower risk-taking levels. This paper confirms the positive significance of capital market liberalization and anti-monopoly policy from the perspective of “China’s innovation trap”, and provides theoretical support for further improving the degree of capital market liberalization and “anti-monopoly policy”.