集团内部资本交易、市场依赖性与子公司创新

Internal Capital Transaction,Market Dependence and Subsidiary Innovation

基于内部资本市场有效性和无效性两种截然不同的观点,运用信息不对称性研究集团内部资本交易能否提高子公司竞争优势。以2009—2017年A股上市公司为样本,实证分析发现:集团内部资本交易倒U型影响子公司创新;对内部资本市场依赖性不利于培养子公司创新能力,削弱了资本交易与创新的倒U型关系;对外部资本市场依赖性提高了子公司创新能力,弱化了内部资本交易对创新的倒U型影响。进一步分析发现:国有企业集团子公司对内部资本市场依赖性不利于提高创新能力,民营企业集团子公司可以依赖两种资本市场提高创新绩效。

How does internal capital transaction impact subsidiaries’ competition advantage? Based on the conflicts of internal capital market availability and unavailability,we employ the perspective of information asymmetry to study the relationship between internal capital transaction and subsidiary innovation. Using the samples of listed subsidiaries from 2009 to 2017,the empirical results show that: the internal capital transaction has an inverted U-shaped effect on subsidiary innovation;the dependence on internal capital market is adverse to fostering innovation capability of subsidiaries,and weakens the internal capital transaction-subsidiary innovation linkages;the dependence on external capital market is benefit to subsidiary innovation,and also weakens the inverted U-shaped relationship between internal capital transaction and subsidiary innovation. Further study shows that dependence of SOE’subsidiaries on internal capital market is adverse to fostering innovation capability,but subsidiaries of private business groups can depend on both internal and external capital markets to improve innovation performance.