严格市场监管下的企业创新的有效性和效率:基于中国新的证券法
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Updated: Sep 14, 2025

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Design and Optimization Strategies of a High-Performance Vented Box
Published on: June 9, 2023
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1Faculty of Finance, City University of Macau, Macau, China.
PloS one
|July 23, 2025
概括
中国修订后的新证券法 (NSL) 提高了企业创新的有效性和效率. 这一以注册为基础的制度为中心的改革通过缓解融资和加强风险承担,对创新产生了积极的影响.
科学领域:
- 经济学 经济学 经济学
- 金融 金融 金融 金融 金融
- 法律 法律 法律 法律
背景情况:
- 中国的证券市场经历了重大改革,新证券法 (NSL) 的修订.
- 改革的重点是实施基于登记的系统,旨在实现以市场为导向的变革.
- 了解这项法律修订对企业行为,特别是创新的影响至关重要.
研究的目的:
- 评估新证券法 (NSL) 实施对中国企业创新的有效性和效率的影响.
- 研究NSL影响企业创新的机制,包括融资约束,风险承担和公司治理.
- 检查企业治理环境在NSL对创新的影响中的调节作用.
主要方法:
- 利用基于NSL修订的准自然实验设计.
- 使用差异差异 (DID) 方法进行实证分析.
- 分析了2015年至2022年中国A股上市公司的数据.
主要成果:
- 实施NSL显著提高了企业创新的有效性和效率.
- 调解分析证实,NSL减轻了融资约束,促进了风险承担,加强了公司治理,从而改善了创新.
- 公司治理质量减轻了NSL的积极影响,治理能力较弱减少了创新效益.
结论:
- 修订后的NSL对中国的企业创新有明显的积极影响.
- 政策干预应侧重于加强法律保护和改善公司治理,以最大限度地发挥资本市场改革的好处.
- 有效实施需要强大的法律框架和改进的治理结构,以促进创新能力.
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