企业集团现金分散配置能提升创新产出吗?--基于创新动机和创新效率的双重视角

Can the Decentralized Allocation of Cash within Business Groups Promote Innovation Output?Based on the Dual Perspective of Innovation Motivation and Innovation Efficiency

企业集团是国家创新体系的中坚力量,其创新产出的内在影响机制受到广泛关注。本文以A股上市公司为样本,考察企业集团现金分散配置对创新产出的影响。研究发现,企业集团现金在母子公司间的分散程度与创新产出呈现倒U型关系,且上述关系主要源自现金分散程度对创新动机、创新效率影响的交互作用。进一步分析发现,上述倒U型关系主要集中在包含并购子公司的样本中,且在母子公司中同样成立。此外,企业集团内部控制质量越高,该倒U型关系越陡峭。本文不仅有助于揭示企业集团创新产出的内在影响机制,而且进一步丰富了企业集团(现金)资源配置经济后果的相关文献。

Business groups are the backbones of the national innovation system.Their inherent influencing mechanism of innovation output attracts extensive attention.This paper takes A-share listed companies as samples to investigate the impact of decentralized allocation of cash within business groups on innovation output.The results show that the overall innovation output of business groups shows an inverted U-shaped trend with the decentralization of the cash allocation between parent and subsidiary companies.The inverted U-shaped relationship is derived from the interactive impact of cash allocation on innovation motivation and innovation efficiency.Further analysis also shows that the inverted U-shaped relationship mainly exists in business groups with acquired subsidiaries,and remains valid in both parent and subsidiary companies within business groups.The inverted U-shaped relationship is steeper in business groups with high internal control quality.The research conclusion of this paper reveals the inherent influence mechanism of innovation output.It also enriches the academic literature in the field of economic consequences of(cash)resource allocation of business groups.