连锁股东与企业创新绩效——来自制造企业的经验证据

Chain Shareholders and Corporate Innovation Performance——Evidence From Listed Manufacturing Enterprises

连锁股东作为资本市场新兴所有权主体,对创新的影响引起广泛关注。本文基于2007~2022年沪深A股上市公司数据,探究连锁股东对企业创新绩效的影响。研究发现:连锁股东通过协同治理显著提升企业创新绩效。在采用PSM法、工具变量法等进行稳健性检验后,本文结论依然成立。路径机制检验表明,信息效应与产能效应是连锁股东提升企业创新绩效的两条重要渠道。拓展性分析发现,高管风险偏好和企业数字化转型均正向调节连锁股东对企业创新绩效的提升作用;异质性检验发现,连锁股东对企业创新绩效的提升作用在高科技企业和东、西部地区企业中更为显著。本文为连锁股东发挥协同治理效应的现有文献提供了重要补充,为当前企业基于自身情境优化创新战略,实现高质量发展提供指引。

As an emerging ownership body in China's capital market in recent years,the impact on innovation of chain shareholders has attracted extensive attention from scholars.Based on the data of Shanghai and Shenzhen A-share listed companies from 2007 to 2022,this paper explores the impact of chain shareholders on corporate innovation performance.The results show that chain shareholders can significantly improve enterprise innovation performance through collaborative governance.After a series of robustness tests,such as PSM method and instrumental variable method,the conclusion of this paper is still valid.The path mechanism test shows that information effect and productivity effect are two important channels for chain shareholders to improve innovation performance.The expansion analysis shows that executive risk preference and enterprise digital transformation positively regulate the effect of chain shareholders on enterprise innovation performance.The heterogeneity test shows that in high-tech industries and eastern and western regions,chain shareholders have a more significant role in improving innovation performance.The research in this paper provides an important supplement to the existing literature on the synergistic governance effect of chain shareholders,and provides guidance for current enterprises to optimize innovation strategies based on their own situations and achieve high-quality development.