共同股东对企业创新的影响机制研究——基于国有企业与市场集中度的双重调节效应

Research on Influence Mechanism of Joint Shareholders on Enterprise Innovation

企业间共同股东形成关联的现象目前已十分常见,特别是作为重要创新主体的国有企业在混改政策实施后,各类股东交叉持股现象不断涌现,但共同股东对于企业创新的影响机制尚不明晰。本文基于2007—2022年中国沪深A股上市公司数据探讨共同股东对企业创新的影响。研究发现:共同股东能够促进企业创新,且对集中度较高行业中的国有企业创新促进作用更加明显;进一步分析结果表明,共同股东对发明专利、实用新型专利和外观专利的研发创新均具有明显的促进作用,对企业独立和联合创新行为也有显著的促进作用。因此,应在制度层面进一步深化改革,为共同股东的发展提供相适应的治理环境;继续深化国企混合所有制改革,鼓励国有企业引入更多外部多元资本;推进国有大中型企业科技创新战略合作,提高企业创新能力。

The phenomenon of joint shareholders forming an association among enterprises is now very common,especially after the implementation of the mixed reform policy in state-owned enterprises,which are important innovation subject.The phenomenon of cross-shareholding of various shareholders keeps emerging,but the influence mechanism of joint shareholders on enterprise innovation is not clear.Based on the data of Shanghai and Shenzhen A-share listed companies from 2007 to 2022,this paper explores the impact of joint shareholders on enterprise innovation.The results show that joint shareholders can promote enterprise innovation,and have a more obvious role in promoting the innovation of state-owned enterprises.Further analysis shows that joint shareholders have a significant promoting effect on the R&D and innovation of invention patents,utility model patents and appearance patents,and also have a significant promoting effect on the independent and joint innovation behavior of enterprises.Therefore,we should further deepen the reform at the institutional level to provide a suitable governance environment for the development of joint shareholders;continue to deepen the mixed ownership reform of state-owned enterprises and encourage to introduce more diversified external capital;promote strategic cooperation in scientific and technological innovation among large and medium-sized state-owned enterprises to enhance their innovation capacity.