母公司控股、融资约束与企业创新投入

Parent Company Holding,Financial Constraints and Enterprise Innovation

利用2012-2017年我国A股上市公司数据,检验母公司控股对企业创新投入的作用。结果发现:子公司创新投入意愿明显不足。进一步分析发现,融资约束弱化了母公司控股与企业创新投入意愿之间的关系。运用变换模型估计和变量处理方法检验后,结论仍然十分稳健。结论为法学和经济学的有限责任理论、管理学的前景理论与威胁刚性模型提供了经验证据,从而丰富了上述领域文献。同时,对我国集团型公司治理中的创新管理具有一定借鉴意义。

Based on the data of Chinese listed companies from 2012 to 2017,this paper examines the effect of parent company holding on innovation investment.The results show that subsidiary companies are significantly less willing to invest in innovation.Further analysis shows that financial constraints weaken the relationship between parent company holding and enterprise innovation investment intention.After the transformation model estimation method and variable processing method,the conclusion is still very robust.This analysis provides empirical evidence for the limited liability theory of law and economics and the"prospect theory"and"threat rigidity model"of management,thus enriching the literature in these fields.At the same time,this paper has a certain reference significance for innovative management in group corporate governance in China.