母子公司距离对子公司研发的影响——基于高管关联的调节作用

Research on the Impact of Parent-Subsidiary Distances on Subsidiary R&D——Based on the Moderating Effect of Interlocking Top Managers

以2006至2015年上市子公司为样本,研究母子公司制度距离、行业距离和年龄距离对子公司研发的影响。研究发现：省域间制度差异形成的母子公司制度距离对研发活动利大于弊;母子公司行业距离导致知识吸收壁垒,降低了子公司研发;在先母后子的集团中,年龄距离与子公司研发存在负相关关系;紧密的高管关联促进了制度距离优势,弥补了行业距离劣势。进一步分析表明,国有集团研发对制度差异更加敏感,而民营集团对行业多元化更加敏感。

By using the data of listed subsidiaries from 2006 to 2015, we test the influence of institutional distance, industrial distance and age distance between parent and subsidiary corporations on subsidiary RD. The research tells us as follows. Firstly,based on provincial institutional differences, the institutional distance between parent-subsidiary corporations helps subsidiary RD more than it harms. Secondly, the knowledge barriers brought by the industrial distance between parent-subsidiary corporations weaken the ability of subsidiary RD. Thirdly, when parent company was founded earlier than the subsidiary, the age distance is negative related with subsidiary RD. Finally, an intimate excutive association strengthens the advantage of institutional distance, also fills the disadvantage of industrial distance. Further research tells us that, the state-owned corporations are more sensitive to the institutinal differences, while private companies are more sensitive to industrial diversification.