高管兼任与企业创新——来自集团型上市公司及其子公司的经验证据

Common Managers and Corporate Innovation——Evidence from Listed Group Companies and their Subsidiaries

本文分别以2005-2016年A股集团型上市公司及其子公司作为样本,研究了上市公司内部母子公司高管兼任对企业研发创新的影响。研究发现,高管兼任不仅提高了上市公司子公司的创新产出,对上市公司整体的创新水平也有显著的促进作用。机制检验发现,高管兼任通过促进集团内部研发合作,改善集团内部信息环境这两个渠道提高集团创新水平。本文的研究有助于我们理解集团内部研发创新的运作机理,同时也丰富了纵向高管兼任和企业创新的研究。

Based on the data of A-share companies in China and its subsidiaries from 2005 to 2016,this paper studies whether the presence of parent-subsidiary common managers affect corporate innovation.We find that the presence of common managers can help improve the innovation output of both the whole group company and its subsidiaries.The results show that by promoting R&D cooperation and improving the information environment,the presence of common manager can help improve the innovation level of the whole group company.In sum,this paper further shows the operation mechanism of R&D innovation within the group company and enriches the research on vertical affiliated management and enterprise innovation.