母-子公司控制性投资是否促进企业集团创新投入

Does Expansion of Parent-subsidiary Controlling Investment Promote Innovation Investment of Business Groups

企业集团分部间业务往来是资金融通与知识集成的动态过程。以2007-2019年A股上市公司为样本,实证检验母-子公司控制性投资扩张对企业集团创新投入的影响。研究结果表明,母公司对子公司的控制性投资扩张有助于促进企业集团创新投入增加。进一步研究发现,上述关系对融资约束严重、产业支持力度大、行业集中度与业务复杂度高的企业更显著。同时,母公司对子公司的控制性投资扩张效应越显著,企业集团创新投入的持续性越高。中介机制检验结果表明,企业集团现金持有水平在母-子公司控制性投资与创新投入关系中起部分中介作用。

Business transaction between business groups is a dynamic process of capital financing and knowledge integration.Taking a-share listed companies in Shanghai and Shenzhen Stock Exchanges from 2007 to 2019 as samples,this paper empirically examines the impact of controlling-asset investment between parent-subsidiary companies on innovation investment of business groups.The results show that,the expansion of parent's controlling investment in its subsidiaries is helpful to increase the innovation investment of the enterprise group.Further,the above relationship is more significant in enterprises with severe financing constraints,greater industrial support,higher industry concentration and business complexity.Meanwhile,we find that the better the expansion effect of parent's controlling-investment in the subsidiaries,the stronger the sustainability of the innovation investment of the group business.The test of intermediary mechanism shows that,the level of cash holdings has a partial mediating effect on the controlling-investment to the innovation investment of enterprises.This paper enriches and expands the relevant literature on the economic consequences of the interaction between parent and subsidiaries and the influencing factors of innovation investment,and has important enlightenment significance for relevant departments and enterprises to play the advantages of internal capital market and promote enterprise innovation.