企业集团技术创新的同群效应  

The Peer Effect of the Technological Innovation in Business Groups

作　　者：郑丽 陈志军[2] ZHENG Li;CHEN Zhi-jun(School of Business,Qingdao University,Qingdao 266071;School of Management,Shandong University,Jinan 250100,China)

机构地区：[1]青岛大学商学院,山东青岛266071 [2]山东大学管理学院,山东济南250100

出　　处：《山西财经大学学报》2020年第12期97-108,共12页Journal of Shanxi University of Finance and Economics

基　　金：中国博士后科学基金项目(2020M672011);国家自然科学基金项目(71672102)。

摘　　要：采取2012—2019年沪深两市企业集团控股的上市子公司数据作为样本,探索集团内子公司间创新行为的同群效应。研究发现:同伴子公司的创新成功促进了焦点子公司的创新投入;同伴子公司的创新失败抑制了焦点子公司的创新投入;母公司对子公司较近的治理层级强化了集团技术创新的同群效应;子公司间的资本往来是技术创新同群效应的传导路径。进一步研究发现:子公司间资本流动的方向对同群效应的影响存在差异;集团经营多家子公司或涉及多个行业强化了技术创新的同群效应。Using the data of the listed holding subsidiaries of the business groups in Shanghai and Shenzhen Stock markets from 2012 to 2019,the paper explored the peer effect of the innovative behaviors among the subsidiaries within business groups,and found that,the successful innovation of peer subsidiaries had promoted the innovation investment of focal subsidiaries,while the failure innovation of peer subsidiaries also had inhibited the innovation input of focal subsidiaries.Furthermore,the closer governance levels of headquarter-subsidiary had strengthened the peer effect.And the transmission route of the peer effect of technological innovation was the capital transaction among subsidiaries.Further research showed that,the direction of capital flow among subsidiaries had differentially influenced the peer effect.The business groups having several subsidiaries or involving in various industries had stronger peer effect of technological innovation.

关 键 词：企业集团 技术创新 同群效应 治理层级 资本交易 

分 类 号：F270[经济管理—企业管理]