连锁股东与企业创新绩效OA北大核心CHSSCDCSSCICSTPCD

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.