Stock market liberalization and innovation

被引：164
|
作者：
Moshirian, Fariborz [1 ,2 ]
Tian, Xuan [3 ]
Zhang, Bohui [4 ,5 ]
Zhang, Wenrui [6 ]
机构：
[1] Univ New South Wales, UNSW Business Sch, Sydney, NSW, Australia
[2] Univ New South Wales, Inst Global Finance, Kensington, NSW, Australia
[3] Tsinghua Univ, PBC Sch Finance, Beijing, Peoples R China
[4] Chinese Univ Hong Kong Shenzhen, Sch Management & Econ, Shenzhen, Peoples R China
[5] Chinese Univ Hong Kong Shenzhen, Shenzhen Finance Inst, Shenzhen, Peoples R China
[6] Chinese Univ Hong Kong, CUHK Business Sch, Dept Finance, Shatin, Hong Kong, Peoples R China
来源：
JOURNAL OF FINANCIAL ECONOMICS | 2021年 / 139卷 / 03期
基金：
中国国家自然科学基金; 澳大利亚研究理事会;
关键词：
Stock market liberalization; Innovation; Equity financing; Risk sharing; Corporate governance; CAPITAL-ACCOUNT LIBERALIZATION; FINANCIAL LIBERALIZATION; INSTITUTIONAL INVESTORS; CORPORATE GOVERNANCE; DARK SIDE; GROWTH; OWNERSHIP; EQUITY; GLOBALIZATION; PERFORMANCE;
D O I：
10.1016/j.jfineco.2020.08.018
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
We investigate the effect of stock market liberalization on technological innovation. Using a sample of 20 economies that experience stock market liberalization, we find that these economies exhibit a higher level of innovation output after liberalization and that this effect is disproportionately stronger in more innovative industries. The relaxation of financial constraints, enhanced risk sharing between domestic and foreign investors, and improved corporate governance are three plausible channels that allow stock market liberalization to promote innovation. Finally, we show that technological innovation is a mechanism through which stock market liberalization affects productivity growth and therefore economic growth. Our paper provides new insights into the real effects of stock market liberalization on productivity growth and the economy. (C) 2020 Elsevier B.V. All rights reserved.
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页码：985 / 1014
页数：30
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