企业集团对创新产出的影响:来自制造业上市公司的经验证据

The Impact of Business Groups on Innovation Outputs: Evidence from Chinese Manufacturing Firms

基于2003—2015年中国制造业上市公司的研究样本和手工收集的企业集团信息,本文系统检验了企业集团如何影响企业的创新产出及其影响机制。研究表明,企业集团与专利产出之间存在着显著的正向关系,并且这一关系对发明专利更为显著。基于2003年国务院国有资产监督管理委员会成立后各地区推出"企业集团促进政策"改革构建工具变量进行检验,上述发现仍然显著成立。进一步研究发现,从供给侧看,企业集团通过内部资本市场缓解了创新的"融资约束"难题,通过内部知识市场缓解了创新的"信息匮乏"难题;从需求侧看,由于专利产出可以在各成员间灵活地配置和使用,因此,企业集团创新产出的市场回报率更高。本文的研究不仅丰富了企业组织形式与创新产出的相关文献,也对推进国有经济战略布局调整、支撑创新驱动发展提供了有益启示。

Using hand-collected data of A-shared listed companies from 2003 to 2015,this paper examines the impact of business groups on corporate patents and its mechanism.The result shows that business groups are positively associated with corporate patents,especially for invention patents.We conduct Instrument Variable analysis based on provincial-level reforms on“business group promoting policies”since the establishment of the SASAC in 2003 and confirm the findings.Further analysis indicates that in view of the supply side,two potential mechanisms,internal capital market and internal knowledge market,yield the positive relation we document;in view of the demand side,innovation outputs within business groups have higher market returns because of the flexibility of allocation and usage of patents among different members.Our paper not only contributes to the literature on firm organization and innovation output,but also throws light on promoting the adjustment of the strategic layout of the state economy and supporting innovation-driven development.