Research on the Impact of Private Placement on Enterprise Innovation—Evidence from Chinese A-Share Listed Companies

Dongfang Qiu, Xinlei Yu
2020 Open Journal of Business and Management  
This paper selects the data of China's A-share listed companies from 2012 to 2018, and uses propensity score matching and difference-in-difference method to analyze the impact of private placement on enterprise innovation. The research found that: private placement will promote enterprise innovation; after further subdividing the nature of ownership, compared with state-owned enterprises, the role of private placement in promoting enterprise innovation is more obvious in non-state-owned
more » ... state-owned enterprises; after subdividing the characteristics of the sector, compared to the Main board listed companies, the promotion effect of private placements on enterprise innovation is even more pronounced on GEM and SME board listed companies. Based on the empirical research in this article, regulators should further improve the private placement system, while encouraging investors to actively exercise their supervisory power, supervise the use of funds raised by private placement and actively support enterprise innovation activities, so as to enhance the innovation vitality of the entire economic market.
doi:10.4236/ojbm.2020.83064 fatcat:eh7g23xejjd6fasxdsoxabyg5u