连锁股东与企业创新

Common Ownership and Corporate Innovation

同行业企业通过连锁股东形成经济联结的现象较为常见,其治理引起学者广泛关注,基于2009—2020年沪深A股上市公司数据,考察连锁股东对企业创新的影响,研究发现:连锁股东显著促进了企业创新,存在协同治理效应,在采用Heckman两步法、PSM-DID方法、工具变量法、安慰剂检验以及其他稳健性检验后基本结论依然成立。进一步地,退出威胁放大了连锁股东的创新激励效应;此外,连锁股东促进企业创新的作用在高新技术行业和市场竞争激烈的企业中更显著;相比而言,非同行业连锁股东对企业创新无显著影响。作用路径方面,连锁股东通过委派董事参与公司治理、提高创新意愿两个渠道促进企业创新。基于以上结果提出以下建议:一是连锁股东应积极发挥协同治理效应促进企业创新,二是连锁股东应合理利用管理工具维护自身合法权益。

It is particularly common for companies in the same industry to generate economic linkages through common ownership, and their governance effects have attracted extensive attention from scholars. This paper examines the impact of common ownership on corporate innovation based on the data of A-share listed companies in Shanghai and Shenzhen from 2009 to 2020. It is found that common ownership can significantly promote corporate innovation and there is a synergistic governance effect, and the basic findings still hold after adopting the Heckman two-step method, propensity matching score method, instrumental variables method and other robustness tests. Further, the threat of exit and reduction control further amplify the innovation incentive effect of common ownership. In addition, the role of common ownership in promoting companies’ innovation is more significant in high-tech industries and companies with fierce market competition;by contrast, there is no significant effect of nonco-industry common ownership on companies’ innovation output. In terms of the path of action, common ownership promotes corporate innovation through two channels: appointing directors to participate in corporate governance and increasing willingness to innovate. This paper provides new evidence on the synergistic governance effect of common ownership, expands the research on the influencing factors of corporate innovation, and provides reference for decision-making authorities to formulate innovation policies.