共同所有权会促进企业创新吗?

Does Common Ownership Promote Corporate Innovation?

本文基于2007—2019年中国沪深A股市场机构投资者共同持股上市公司的数据,研究分析了共同所有权与企业创新之间的关系。实证结果表明,共同所有权与企业创新显著正相关,即与未拥有共同机构投资者的企业相比,拥有共同机构投资者的企业创新能力更高。共同所有权主要通过缓解产品市场竞争和降低信息不对称程度从而促进企业创新活动。更进一步地,当共同机构投资者为长期型机构投资者时,共同所有权与企业创新之间正向关系更为显著。相较于位于经济发达地区的上市公司,共同所有权主要提高了位于经济欠发达地区的上市公司的创新水平。本文的研究结论有助于丰富我国共同所有权的相关经济后果研究,为共同所有权与企业创新的联动关系提供了直接的经验证据。

Based on the data of listed companies jointly owned by institutional investors in the Shanghai-Shenzhen A-share market from 2007 to 2019,this paper studies and analyzes the relationship between common ownership and enterprise innovation.Empirical results show that common ownership is significantly positively correlated with corporate innovation,and that companies that do not have common institutional investors have a higher level of innovation than without common institutional investors.Common ownership mainly promotes the development of enterprise innovation behavior by alleviating the competition in the product market and reducing the degree of information asymmetry.Further,when common institutional investors are long-term institutional investors,the positive relationship between common ownership and corporate innovation is more pronounced.Compared with listed companies located in economically developed areas,common ownership mainly improves the innovation level of listed companies located in economically underdeveloped areas.The conclusion of this paper is helpful to enrich the study of the related economic consequences of common ownership and provides direct empirical evidences for the linkage between common ownership and enterprise innovation in China.