共同股东与企业创新——来自公募基金的经验证据

Common Ownership and Corporate Innovation——Empirical Evidence from Mutual Fund

本文利用2007-2021年中国A股上市企业数据,检验由公募基金形成的共同股东对企业创新的影响。研究发现:共同股东显著促进企业创新,且影响具有连续性;背后的逻辑机制主要由信息效应、治理效应和资源效应发挥作用;异质性分析结果显示,在民营企业、小规模企业和低杠杆率企业中的影响更强。本文的研究结论拓展了共同股东和公募基金治理的相关研究,为监管机构正确认识和分类监管共同股东提供了经验证据。

This paper examines the impact of common ownership formed by mutual fund on corporate innovation using data from Chinese A-share listed firms from 2007 to 2021.The study finds that:common ownership significantly promote corporate innovation and the impact is continuous;the logical mechanism behind is mainly played by the information effect,governance effect and resource effect;and the results of heterogeneity analysis show that the impact is stronger among private firms,small-sized firms,and firms with low leverage ratios.The findings of this paper expand the research related to common ownership and mutual fund governance,and provide empirical evidence for regulators to correctly understand and categorise the regulation of common ownership.