产业政策的股票市场信号效应及其对企业创新的影响:综述与展望

在我国,产业政策一直是激励企业创新活动、提升企业技术竞争力的重要力量,而金融市场则是其发挥作用不可或缺的一环。正如讨论宏观经济政策对产出结果的影响时应当注意商品市场之外的金融市场作用,在研究产业政策影响企业创新活动的过程时,产业政策的股票市场信号效应也值得特别关注。本文针对该领域研究碎片化的问题,基于信号传递理论阐释了产业政策通过信号效应向股票市场传递企业特征信息的原理,然后从实证资料出发系统梳理了上述信号效应对股价和交易量两方面股票交易结果的影响;同时,还结合资本市场与企业创新的固有关系,进一步总结了产业政策股票市场信号效应对企业创新活动的潜在影响和作用机制。在上述以问题为导向的文献回顾基础上,本文参考我国产业政策的实践需要,就产业政策股票市场信号效应在企业创新研究中的前景进行了展望,为未来的研究提供了方向性参考。

The Signal Effect of Industrial Policy on the Stock Market and Its Influence on Corporate Innovation: Review and Prospects

Along with the process of industrial policy making effect on corporate innovation, the signal effect of industrial policy on the stock market is worthy of special attention. In order to integrate the fragmented writings that concern this question, we first explain the theoretical foundation of the reason why industrial policy transmit the information about firms" characteristics based on signaling theory. Then, we summarized the empirical evidence indicating the signal effect on two sides of stock exchange, stock prices and trading volume. Also, we combine the studies of the relationship between capital market and corporate innovation and summarize the potential effect of stock exchange phenomenon caused by industrial policy"s signal effect on corporate innovation. At last, based on the integrated literature, we refer to the research progress in innovation management and the executives of Chinese industrial policy and prospect the outlook for studies about signal effect of industrial policy in the field of corporate innovation.