社会网络视角下的企业集团与企业创新

Business Group and Firm Innovation in Perspective of Social Network

本文基于2004—2017年中国A股上市企业控股关系数据,考察了集团成员企业网络位置对企业创新的影响。研究发现:相比于独立企业,集团附属成员企业具有更高的创新水平;且集团成员企业网络中心度越大,企业创新水平越高。机制研究发现,网络中心度较大成员企业更强的融资约束缓解作用,及其获得的更多技术溢出“红利”,有助于促进企业创新;此外,网络中心度较大成员企业处汇集的信息激发了企业外部创新动力,促使其通过技术型并购与企业风险投资提高了企业创新水平。本文研究从企业网络互动关系视角打开了企业集团内部结构“黑箱”,为深入理解企业集团与创新之间的作用关系提供了思路和证据。

Using a sample of China's A-share listed companies from 2004 to 2017,we examine whether the affiliated firms' network positions will affect the firms' innovations.The results suggest that,compared with standalone firms,business groups are more positively associated with firm innovations,and the greater the network centrality of an affiliated firm,the higher innovation of the company.There is evidence that affiliated firms with greater network centrality have a stronger role in mitigating financing constraints,and gain more technological spillover to promote innovations.In addition,the information gathered by affiliated firms with greater network centrality encourages enterprises to acquire more innovative firms,and invest more in corporate venture capital,which increases their future patents.This paper helps to open the “black box” of the internal structure of business groups,and provides empirical evidence for understanding the interactions between group members.