资本市场压力对企业集团创新结构的影响

Research on the impact of capital market pressures on the innovation structure in business groups

专利作为企业研发创新的重要成果,企业集团内部采取何种创新结构模式是加强知识产权管理,提升企业创新资源配置效率,降低企业风险的重要举措。本文利用中国上市公司披露的母子公司创新专利数据,基于集团母子公司创新结构视角,系统探讨了股权质押所引起的资本市场压力对集团创新结构的影响及其作用机制。研究发现:股权质押会促使企业集团更倾向于将创新活动分布于子公司,即分散式创新结构,以降低控制权转移风险;此外,随着股价压力与业绩压力的提升,股权质押后企业采取分散式创新结构的动机会更加显著;进一步分析,股权质押对企业集团分散式创新结构的影响在非国有公司样本中更加显著,但实质性创新结构与策略性创新结构并不存在明显差异。本文研究拓展了股权质押与企业集团创新的研究范畴,对于防范化解股权质押引起的系统性风险、加强企业集团知识产权管理、促进中国经济供给侧结构性改革具有一定借鉴意义。

Innovation is the source of shaping the competitive advantage of enterprises,and it is an important driving force leading economic development.At present,about 80%of Chinese listed companies have formed a group organization structure,and the allocation of resources between parent and subsidiary companies has become a topic of concern in theory and practice,especially the innovation structure of business group.The innovation structure refers to whether a conglomerate chooses to concentrate its R&D activities more in the parent company(referred to as"centralized innovation")or whether it prefers to decentralize them to its subsidiaries(referred to as"decentralized innovation").In addition,in recent years,the number of stock pledges in China′s capital market has continued to increase.The leverage of stock pledge magnifies financial risks.Especially when the stock price falls,the risk of control transfer increases,which brings pressure on the capital market and in turn hinders the stable development of the real economy.Therefore,this paper makes use of the data advantages of parent-subsidiary innovation patents disclosed by Chinese listed companies to study stock pledge,which has strong practical value and theoretical significance for the dynamic adjustment of innovation structure.Based on the parent-subsidiary patent data disclosed by Chinese listed companies,this paper systematically explores the impact of stock pledge on the innovation structure in business groups and its specific mechanisms based on the perspective of the parent-subsidiary innovation structure.We find that stock pledge will make innovation more decentralized in subsidiaries,called decentralized innovation.The impact is stronger for firms with the increased pressures of stock price and performance.Furthermore,the impact of stock pledge on the decentralized innovation is more significant in non-state-owned companies,but there are no significant differences between the distribution of substantive innovation and strategic innovation.This study extended the scope of research on stock pledge and corporate innovation.On the one hand,by focusing on the issue of business group innovation structure,it helps to further elucidate the operational mechanism of innovation activities in group operation environment and makes a contribution to the study of business group and corporate innovation.On the other hand,this paper revealed the mechanism of the role of stock pledge on the innovation management model of business groups,which is an important supplement to the research on stock pledge and corporate innovation.It has certain reference significance for preventing systemic risks caused by stock pledge,and promoting high-quality innovation and development of China′s economy.The research conclusions have some important enlightenment value:First,for government regulators,it is necessary to prevent the"chaos"of the controlling shareholder′s stock pledge,strengthen the supervision of the stock pledge behavior,and fundamentally be wary of the controlling shareholder′s market value management.Second,for listed companies,they should strengthen the management of innovation activities within business groups,and flexibly consider achieving organic unity between enhancing innovation vitality and strengthening supervision.In order to enhance the vitality of innovation,business groups should appropriately adopt a decentralized innovation,reduce innovation risks and improve the efficient allocation of innovation resources.