共同股东对企业创新的影响机制研究——基于国有企业与市场集中度的双重调节效应
张容嘉 1张秦天 2戴培超 3周源2
作者信息
- 1. 中国社会科学院数量经济与技术经济研究所(北京 100732)
- 2. 清华大学公共管理学院(北京 100084)
- 3. 南京财经大学公共管理学院(江苏 南京 210003)
- 折叠
摘要
企业间共同股东形成关联的现象目前已十分常见,特别是作为重要创新主体的国有企业在混改政策实施后,各类股东交叉持股现象不断涌现,但共同股东对于企业创新的影响机制尚不明晰.本文基于 2007-2022 年中国沪深A股上市公司数据探讨共同股东对企业创新的影响.研究发现:共同股东能够促进企业创新,且对集中度较高行业中的国有企业创新促进作用更加明显;进一步分析结果表明,共同股东对发明专利、实用新型专利和外观专利的研发创新均具有明显的促进作用,对企业独立和联合创新行为也有显著的促进作用.因此,应在制度层面进一步深化改革,为共同股东的发展提供相适应的治理环境;继续深化国企混合所有制改革,鼓励国有企业引入更多外部多元资本;推进国有大中型企业科技创新战略合作,提高企业创新能力.
Abstract
The phenomenon of joint shareholders forming an association among enterprises is now very common,especially after the implementation of the mixed reform policy in state-owned enterprises,which are important innovation subject.The phenomenon of cross-shareholding of various shareholders keeps emerging,but the influence mechanism of joint shareholders on enterprise innovation is not clear.Based on the data of Shanghai and Shenzhen A-share listed companies from 2007 to 2022,this paper explores the impact of joint shareholders on enterprise innovation.The results show that joint shareholders can promote enterprise innovation,and have a more obvious role in promoting the innovation of state-owned enterprises.Further analysis shows that joint shareholders have a significant promoting effect on the R&D and innovation of invention patents,utility model patents and appearance patents,and also have a significant promoting effect on the independent and joint innovation behavior of enterprises.Therefore,we should further deepen the reform at the institutional level to provide a suitable governance environment for the development of joint shareholders;continue to deepen the mixed ownership reform of state-owned enterprises and encourage to introduce more diversified external capital;promote strategic cooperation in scientific and technological innovation among large and medium-sized state-owned enterprises to enhance their innovation capacity.
关键词
共同股东/企业创新/国有企业/市场集中度Key words
joint shareholders/enterprise innovation/state-owned enterprises/market concentration引用本文复制引用
基金项目
中国社科院经济大数据与政策评估实验室项目(2024SYZH004)
中国社科院青启计划(2024QQJH129)
江苏省高等学校哲学社会科学研究一般项目(2023SJYB0265)
南京市软科学研究计划(202303014)
出版年
2024
NETL
NSTL
万方数据