关键词:

中国股份回购, 企业创新, 11制度激励效应, 治理效应, 挤出效应

Abstract:

 Is the impact of share repurchases on corporate innovation in China an incentive effect or a crowding-out effect? This question warrants in-depth exploration. Based on competitive hypotheses, this paper empirically examines the relationship and mechanism between share repurchases and corporate innovation in China using data on share repurchases and innovation activities of A-share listed companies from 2015 to 2023. The results show that: Share repurchases in China significantly enhance corporate innovation levels, and this promotional effect is more pronounced in private enterprises, growth–stage enterprises, and firms facing intense competition. Mechanism analysis reveals that share repurchases in China promote innovation through institutional incentive effects and governance effects. Therefore, it is necessary to further optimize the classified regulatory framework from the policy perspective and construct a financing coordination mechanism between "repurchases and innovation" to drive enterprises to achieve rapid innovation breakthroughs and development.

Key words:

Chinese share repurchases, corporate innovation, institutional incentive effect, governance effect, crowding–out effect