Stock market liberalization and innovation
Publication in refereed journal
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香港中文大學研究人員

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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 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.
出版社接受日期26.11.2019
著者Fariborz MOSHIRIAN, Xuan TIAN, Bohui ZHANG, Wenrui ZHANG
期刊名稱Journal of Financial Economics
出版年份2020
國際標準期刊號0304-405X
語言美式英語
關鍵詞Stock market liberalization, Innovation, Equity financing, Risk sharing, Corporate governance

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