附属企业集团的上市公司技术创新能力更强吗?——来自中国制造业上市公司的经验证据  

Is Business Group Affiliation Beneficial to Listed Company's Technology Innovation?——Empirical Evidence from China's Manufacturing Listed Companies

作　　者：任海云[1,2] 冯根福[2] REN Hai-yun;FENG Gen-fu(International Business School of Shaanxi Normal University,Shaanxi,Xi＇an,710119,China;School of Finance and Economies of Xi＇an Jiaotong University,Shaartxi,Xi＇an,710061,China)

机构地区：[1]陕西师范大学国际商学院,陕西西安710119 [2]西安交通大学经济与金融学院,陕西西安710061

出　　处：《中国软科学》2018年第9期130-137,共8页China Soft Science

基　　金：教育部人文社会科学研究规划基金"企业集团内部资本市场对R&D投资的融资效应研究"(15YJA630052);中国博士后科学基金"企业集团内部资本市场;公司治理与R&D投资"(2015M582681)

摘　　要：大多数中国企业集团没有整体上市,因此,中国资本市场有一个显著的特点,就是附属集团的上市公司与独立的上市公司并存。在新兴市场经济国家,企业集团通常被看作是对外部不完善的制度和市场的替代,那么,附属企业集团是否有利于上市公司技术创新?企业集团对附属上市公司技术创新的影响是否与企业集团的性质、外部金融及法律等市场环境发展水平有关?采集中国制造业上市公司的数据,对上述问题进行实证分析,结果表明:中国企业集团在技术创新中的正面效应发挥不好,附属企业集团尤其是附属民营企业集团,不利于上市公司技术创新。而且,外部金融和法律环境越差,企业集团对附属上市公司技术创新的负面作用越强。Many Chinese business groups do not have an overall listing. Therefore, one notable feature of Chinese capital market is the coexistence of listed companies in an affiliate group with independent listed companies. In emerging market economy countries, business groups are usually regarded as a substitute for the imperfect system and market. So, compared with the independent enterprises, are the listed companies affiliated to business groups have stronger technological innovation ability？ Is the influence of business group on affiliated public companies technological innovation related to the type of business group and the developing level of the external financial and legal environment？ We use a sample of Chinese manufacturing listed companies to investigate this issue. The results show that business group affiliation is not beneficial to listed company＇ s technology innovation. But this negative effect exists only in private business group. Moreover, this negative effect is offset by the development of the external financial and legal environment.

关 键 词：企业集团 上市公司 技术创新 企业集团性质 外部市场环境 

分 类 号：F425[经济管理—产业经济]