There is a growing trend among publicly listed companies to adopt a limited part-nership agreement structure as a fundamental framework for corporate governance.Whether the limited partnership agreement structure can exert the corresponding governance ability and pro-mote enterprise innovation level is the research question of this paper.This paper empirically tests the impact of limited partnership agreement structure on enterprise innovation,and the results show that limited partnership agreement structure has a significant promoting effect on the im-provement of enterprise innovation level.A heterogeneity analysis revealed that strong internal and external governance mechanisms amplify the positive impact of the limited partnership agreements on corporate innovation.Further mechanism analysis finds that limited partnership agreement can improve GPs risk appetite,then finally promote the innovation level of enterprises.Further re-search indicates that the facilitative effect on innovation is especially marked in firms with higher information quality and reduced investment in firm-specific human capital.These insights offer fresh evidence for evaluating the economic impacts of a limited partnership agreement structure as a novel governance mechanism and provide policy-making guidance for government entities craf-ting regulatory strategies.
万方数据
维普
