8709 
2861流动性对资本市场的重要性不言而喻，但其能否促进企业创新在学界一直存在争议。流动性对创新的影响是否与企业所处资本市场有关，目前鲜有研究。基于此，本文以服务中小企业创新发展的两个重要市场——创业板和新三板为研究对象，对比研究了不同资本市场中流动性对企业创新投资影响的差异及其作用机制。研究发现：创业板中股票流动性对企业创新投资有抑制作用，而新三板中股票流动性可促进企业创新投资。基于机构投资者监督视角的机制检验发现，创业板中流动性的提高可通过机构投资者持股比例的增加促进企业创新投资，而新三板中流动性的提高会通过机构投资者持股比例的增加抑制企业创新投资。进一步将机构投资者划分为独立型和非独立型后发现，在创业板起到促进作用的是独立型机构投资者，而新三板中是非独立型机构投资者抑制了企业创新投资。本文的研究结果有助于辩证认识资本市场流动性对企业创新投资影响的异质性，为市场监管者通过制度安排调整市场流动性以促进企业创新提供了实践证据。
推手还是杀手：流动性对中小企业创新投资的影响——基于新三板和创业板的比较研究
摘要
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引用本文
薛海燕, 张信东. 推手还是杀手：流动性对中小企业创新投资的影响——基于新三板和创业板的比较研究[J]. 外国经济与管理, 2021, 43(6): 105-119.
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