证券市场导报Issue(3)：3-13,38,12.
重要股东多样性与企业连续性创新
摘要
Abstract
Continuous innovation serves as the core driving force for firms to transcend technology cycles and achieve high-quality development.As key governance entities,major shareholders exert significant influence on firms'innovation domains and investment decisions.This study categorizes major shareholders into four types:industry-oriented,technology-oriented,finance-oriented,and others.Using a sample of high-tech listed companies on the Shanghai and Shenzhen A-share markets,we examine the impact of major shareholder diversity on corporate continuous innovation.The findings reveal that excessive dispersion of major shareholder types inhibits firms'continuous innovation.The underlying mechanism is that the heterogeneous demands of diverse major shareholders lead to dispersed strategic focus,affect R&D investment intensity and reduce resource allocation efficiency,thereby weakening corporate continuous innovation.Furthermore,heterogeneity analysis demonstrates that the inhibitory effect of major shareholder diversity is more pronounced in firms with higher strategic aggressiveness and in non-state-owned enterprises.This study unveils the governance logic through which major shareholder diversity influences firms'long-term technological iteration processes,providing empirical evidence and policy implications for listed companies to optimize collaborative innovation governance mechanisms and for regulatory authorities to cultivate enabling long-term capital.关键词
重要股东/多样性/连续性创新/创新治理Key words
major shareholders/diversity/continuous innovation/innovation governance分类
管理科学引用本文复制引用
张时颖,田凌宇,程新生..重要股东多样性与企业连续性创新[J].证券市场导报,2026,(3):3-13,38,12.基金项目
国家自然科学基金项目"激励参照、组织认同与创新升级研究"(批准号:71972105) （批准号:71972105）
