战略共同所有权与企业全要素生产率
Strategic investor co-ownership and total factor productivity of enterprises
高雅 1王竹泉 1田宗涛 2于小悦1
作者信息
- 1. 中国海洋大学管理学院,山东青岛 266100;中国海洋大学中国企业营运资金管理研究中心,山东青岛 266100
- 2. 东南大学经济管理学院,江苏南京 210096
- 折叠
摘要
在经济高质量发展背景下,战略共同所有权能否高效赋能企业间合作与竞争,进而促进全要素生产率提升是值得探讨的重要命题.以2009-2022年A股上市公司为研究对象,利用组织场域理论构建微观层面战略共同所有权指标,并探索战略共同所有权对企业全要素生产率的影响.研究发现,战略共同所有权提升了企业全要素生产率,其原因在于投资组合企业间的良性竞合关系促使企业技术创新水平提升、资源配置优化以及管理能力增强.在一系列稳健性检验后,结果仍显著为正.进一步分析表明,在资源导向型以及低企业竞争地位分组中,战略共同所有权对企业全要素生产率的促进作用更加显著.从竞合关系和企业全要素生产率视角揭示了战略共同所有权影响企业高质量发展的基本逻辑和经验证据,对增强实体经济的内生增长动力具有一定的参考价值.
Abstract
In the context of high-quality economic development,it is important to consider whether strategic investor co-ownership can effectively enable cooperation and competition among enterprises,thus achieving the improvement of total factor productivity.This paper examines data for A-share listed companies from 2009 to 2022 and uses the organizational field theory to construct an index to measure strategic investor co-ownership at the micro level and studies its impact on firms'total factor productivity.The study finds that strategic investor co-ownership improves total factor productivity through the benign competitive and cooperative relationship between portfolio enterprises,which promotes technological innovation,the optimization of resource allocation,and enhanced management.After the robustness tests,the results are still significantly positive.Further analysis shows that strategic investor co-ownership has a more significant effect on total factor productivity in resource-oriented firms and those with a low competitive position.This paper reveals the basic logic and empirical evidence of the effect of strategic investor co-ownership on high-quality development of enterprises by examining the competitive and cooperative relationships of firms and their total factor productivity,which has value in enhancing the endogenous growth of the real economy.
关键词
战略共同所有权/全要素生产率/竞合关系/技术创新/资源配置/管理能力Key words
strategic investor co-ownership/total factor productivity/competition and cooperation relationship/technological innovation/resource allocation/management ability引用本文复制引用
基金项目
国家社会科学基金重大项目(21&ZD144)
出版年
2024
NETL
NSTL
万方数据