Common Underwriters,Inter-Firm Technical Information Transfer and Technological Innovation
In the context of building a strong technological nation and financial services supporting the real economy,exploring whether and how underwriters can leverage the information advantages derived from their social networks to facilitate the transmission of technical in-formation,thereby supporting the innovative development of the enterprises,holds significant theoretical value and practical importance.Based on social network theory,this study constructs a staggered difference-in-differences model,using events where firms establish connections through common underwriters as a quasi-natural experiment.The findings indicate that common underwriters can promote mutual patent cita-tions among client companies,suggesting that underwriters play a role in transmitting technical information among listed companies.This ef-fect is influenced by the characteristics of common underwriters and changes in the institutional environment.Specifically,the role of common underwriters in promoting technical information transfer is more pronounced under certain conditions:when the same sponsoring representative is assigned,when the underwriter can obtain follow-up refinancing business,when analyst coverage services are provided simultaneously,and when the firm is a STAR Market-listed company.Further analysis reveals that the primary motivation for underwriters to transfer technical in-formation lies in the long-term goal of securing follow-up business from client firms.The more information shared by the common underwrit-ers and the more the number of mutual patent citations facilitated,the stronger the future technological innovation of client companies.This re-search not only enriches the relevant studies on the learning path of technological innovation and technical information network among listed companies in China,but also provides new empirical evidence on how financial institutions,especially securities firms,can serve the real econ-omy and technological innovation of listed companies based on social networks.
social networkcommon underwriterstechnical information transferpatent citationstechnological innovation
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