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选取2021—2025年在上交所上市的公司为样本,采用面板数据实证分析市场效率对企业创新的影响以及融资约束的中介作用,通过分组回归识别出异质性特征。研究发现:市场效率与企业创新之间存在显著的非线性关系;当市场效率超过某一临界阈值时,其积极赋能效应显现,对创新产出的影响更为显著;融资约束发挥部分中介作用,形成“市场效率提升→融资约束缓解→创新产出增加”的传导路径。异质性分析表明,这一效应在高新技术产业企业中表现更为显著。

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