金融公司股权关联与企业技术创新——基于融资效应与治理效应的研究

Equity Relevance in Finance Companies and Enterprise Technological Innovation——Based on Financing Effect and Governance Effect

以沪深A股2006—2015年上市公司为样本,探究了金融公司股权关联对企业技术创新的影响。研究发现：金融公司股权关联有利于企业技术创新,且持股金融公司数目越多、持股比例越高,促进作用越明显;金融公司股权关联通过债务融资和治理路径促进企业技术创新;金融公司股权关联通过提高企业技术创新能力,进而提升企业全要素生产率,且这一促进作用具有可持续性。

Based on the sample of A-share listed companies of Shanghai and Shenzhen from 2006 to 2015, the study found that the equity relevance in finance companies was conducive to enterprise technological innovation. A more quantity of holding finance companies and a higher shareholding ratio both brought a stronger promoting effect. Above model took effect through debt financing and governance path. Further study found that the equity relevance in finance companies could improve the total factor productivity by enhancing the technological innovation capability, where the promotion effect was sustainable.