集团网络视角下子公司层级、业务相关性对研发投资的影响

The Effects of Subsidiary's Hierarchy and Business Relevance on R&D Investment from the Perspective of Business Group Network

子公司层级、与集团公司业务相关性反映了子公司在集团网络中的位置和关系。以411家民营制造企业为样本,检验子公司层级、业务相关性对研发的影响,探索外部供应商约束、内部业绩期望差距的调节作用。研究发现:子公司层级越高、业务相关性越强,研发投入越多;随着供应商约束增强、业绩期望差距增大,低层级子公司研发投入增加,子公司层级与研发之间的正向关系减弱;子公司地位越重要,研发投入越多,该影响随着环境恶化而减弱。

Subsidiary’shierarchy reflectsstatusin businessgroup network, whilerelevancebetween head firmand subsidiary’sbusiness reflects the relationship in business group network. By using the data of private manufacturing listed firms in China as our sample, we test the effects of subsidiary’s hierarchy and business relevance on R＆D investment, and examine the moderate effect of bargaining power of suppliers and customers and performance- aspiration gap. We find the following conclusions, the higher subsidiary is located in business group, the more R＆D investment in subsidiary, and so do business relevance. With stronger bargaining power and wider performance- aspiration gap, the positive relationship between subsidiary’s hierarchy and R＆D inputs is weaker. In further analysis, subsidiary’sstatushaspositiveimpactson R＆D inputs, which becomesweaker with both internal and external environment deterioration.