Common Ownership and Supply Chain Collaborative Innovation:A Research based on Patent Reciprocal Citation
In recent years,with the acceleration of the globalization of the industrial chain,the competition between enterprises gradually evolves into the competition between industrial chain and supply chain clusters.At the same time,China proposes"dual circulation"development pattern,in which domestic and overseas markets reinforce each other,with the domestic market as the mainstay.Therefore,the regional segmented market will gradually develop into a unified large market.Under the increasingly fierce competition situation,how to find suitable partners to innovate with cluster advantages is an important issue for enterprises to build their own core competitiveness and achieve long-term development.At the same time,in recent years,a large number of cross-owners have emerged in recent various markets.Cross-owner means that one investor participates in two or more enterprises.Although cross-owners only participate in shares and do not directly participate in enterprise operation,they may still influence decision-making by promoting information transmission,resource integration and interest coordination among enterprises.In theory,cross-owners can coordinate the interest conflicts between enterprises.In addition,cross-owners can also integrate the existing resources of the two companies to strengthen the cooperative relationship.Based on these,we want to explore whether cross-owners can promote collaborative innovation between upstream and downstream enterprises in the supply chain.Therefore,this paper constructs a"supplier-customer"sample pair of listed companies to study the potential impact of common ownership on supply chain collaborative innovation.It should be noted that,this paper uses patent mutual citation as a proxy variable to measure supply chain collaborative innovation,that is,patent mutual citation between suppliers and customers.Using the sample of A-share listed companies from 2012 to 2019,it is found that common ownership significantly promotes supply chain collaborative innovation,and the conclusion is still valid after A series of robustness tests.Mechanism test shows that common ownership plays a role by alleviating the information asymmetry between enterprises and promoting the integration of resources between enterprises.Furthermore,when there are technology-intensive enterprises in the sample pair,the industry concentration ratio of the customer is high and the local marketization degree of the two enterprises is low,the collaborative innovation effect of the common ownership is stronger.Based on the above findings,this paper puts forward the following three policy recommendations.First,for investment institutions such as brokerages,they should make full use of the characteristics of common owners.That is,information transfer and resource integration.In this way,the collaborative innovation between the upstream and downstream enterprises of the supply chain can be strengthened and the value of the portfolio can be maximized.Secondly,for enterprises,they should actively build an effective connection network with the upstream and downstream enterprises of the supply chain.This will promote innovation cooperation between enterprises and promote the innovation development of enterprises and supply chains.Finally,the regulatory authorities should fully understand the market value of common ownership and encourage and supervise the healthy development of it.The research contributions of this paper are as follows.Firstly,starting from the indirect equity connection network cross-owners,we expand the research on upstream and downstream cooperation of supply chain and point out a new research idea.Secondly,according to the supply chain relationship,we extend the research on the economic impact of cross-owners from"horizontal"to"vertical."We explore the positive role played by vertical cross-owners in the innovation cooperation of upstream and downstream enterprises in the supply chain.Thirdly,this paper has implications for the practice of business operation and market regulation.This paper deeply explores how cross-owners solve the"risk of opportunistic behavior,"which is faced by the traditional supply chain cooperation problem.It provides new ideas for enterprise managers to formulate innovative development strategy.In addition,under the background of the Chinese government's efforts to regulate industrial monopoly,this paper helps policy makers to dialectically view different forms of capital linkages.
common ownershiphold-up problemsupply chain collaborative innovationpatent reciprocal citation
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