工业技术经济2024，Vol.43Issue(9)：62-72,11.DOI:10.3969/j.issn.1004-910X.2024.09.007
连锁股东与企业创新绩效
Chain Shareholders and Corporate Innovation Performance
摘要
Abstract
As an emerging ownership body in China's capital market in recent years,the impact on innovation of chain shareholders has attracted extensive attention from scholars.Based on the data of Shanghai and Shenzhen A-share listed companies from 2007 to 2022,this paper explores the impact of chain shareholders on corporate innovation performance.The results show that chain shareholders can significantly improve enterprise innovation performance through collaborative governance.After a series of ro-bustness tests,such as PSM method and instrumental variable method,the conclusion of this paper is still valid.The path mecha-nism test shows that information effect and productivity effect are two important channels for chain shareholders to improve innovation performance.The expansion analysis shows that executive risk preference and enterprise digital transformation positively regulate the effect of chain shareholders on enterprise innovation performance.The heterogeneity test shows that in high-tech industries and easte-rn and western regions,chain shareholders have a more significant role in improving innovation performance.The research in this paper provides an important supplement to the existing literature on the synergistic governance effect of chain shareholders,and pro-vides guidance for current enterprises to optimize innovation strategies based on their own situations and achieve high-quality develo-pment.关键词
连锁股东/创新绩效/协同治理/信息效应/产能效应/高管风险偏好/数字化转型/异质性分析Key words
chain shareholders/innovation performance/collaborative governance/information effect/productivity effect/executive team risk appetite/digital transformation/heterogeneity analysis分类
管理科学引用本文复制引用
李香梅,宋荣哲,王静..连锁股东与企业创新绩效[J].工业技术经济,2024,43(9):62-72,11.基金项目
国家社会科学基金项目"国企混合所有制改革中公司治理对企业创新的多维影响机制与效应研究"(项目编号:20BGL073) （项目编号:20BGL073）
山东省社会科学规划研究项目"区块链技术下供应链金融生态化创新及风险管控研究"(项目编号:21CJJJ19). （项目编号:21CJJJ19）
