共享保荐人、公司间技术信息传递与技术创新  

Common Underwriters,Inter-Firm Technical Information Transfer and Technological Innovation

作　　者：叶艳婷 吴世农[1] 吴益兵[1] Ye Yanting;Wu Shinong;Wu Yibing(School of Management,Xiamen University)

机构地区：[1]厦门大学管理学院

出　　处：《管理世界》2025年第1期187-203,共17页Journal of Management World

基　　金：国家社会科学基金重大项目“社会主义市场经济条件下资本市场健康发展研究”(基金号:24&ZD085);国家自然科学基金重大项目“中国制度和文化背景下公司财务政策的理论与实践研究”(基金号:71790601);教育部人文社科项目“隐形知识共22YJC790141享与资本市场高质量发展”(基金号:22YJC790141)的资助。

摘　　要：在科技强国和金融服务实体经济的时代背景下,探讨保荐人能否以及如何利用社会网络中的信息优势促进技术信息传递,助力企业创新发展,具有重要的理论价值和现实意义。本文基于社会网络关系理论,以公司间通过共享保荐人建立关联的事件为准自然实验,构建多期双重差分模型,研究发现共享保荐人能够促进客户公司间的专利引用,发挥技术信息的传递作用。该作用受到共享保荐人特征和制度环境变化的影响,即当共享保荐人派出相同保荐代表人承保、能够获得后续再融资业务、同步提供分析师跟踪服务,或当企业为科创板上市公司时,共享保荐人促进技术信息传递的作用更为显著。进一步研究表明:(1)获得客户公司后续业务的长期目标是保荐人传递技术信息的主要动力;(2)共享保荐人可供共享的信息量以及促成的专利引用数量越多,客户公司未来的技术创新越强。本研究不仅丰富了关于我国上市公司技术创新学习路径和技术信息网络的相关研究,同时也为金融机构,尤其是券商,如何利用社会网络关系和信息优势更好地服务实体经济和上市公司的技术创新提供了新的经验证据。In the context of building a strong technological nation and financial services supporting the real economy,exploring whether and how underwriters can leverage the information advantages derived from their social networks to facilitate the transmission of technical in⁃formation,thereby supporting the innovative development of the enterprises,holds significant theoretical value and practical importance.Based on social network theory,this study constructs a staggered difference-in-differences model,using events where firms establish connections through common underwriters as a quasi-natural experiment.The findings indicate that common underwriters can promote mutual patent cita⁃tions among client companies,suggesting that underwriters play a role in transmitting technical information among listed companies.This ef⁃fect is influenced by the characteristics of common underwriters and changes in the institutional environment.Specifically,the role of common underwriters in promoting technical information transfer is more pronounced under certain conditions:when the same sponsoring representative is assigned,when the underwriter can obtain follow-up refinancing business,when analyst coverage services are provided simultaneously,and when the firm is a STAR Market-listed company.Further analysis reveals that the primary motivation for underwriters to transfer technical in⁃formation lies in the long-term goal of securing follow-up business from client firms.The more information shared by the common underwrit⁃ers and the more the number of mutual patent citations facilitated,the stronger the future technological innovation of client companies.This re⁃search not only enriches the relevant studies on the learning path of technological innovation and technical information network among listed companies in China,but also provides new empirical evidence on how financial institutions,especially securities firms,can serve the real econ⁃omy and technological innovation of listed companies based on social networks.

关 键 词：社会网络 共享保荐人 技术信息传递 专利引用 技术创新 

分 类 号：F83[经济管理—金融学]