银企共同大股东与民营企业创新  

The Impact of Joint Bank-Enterprise Shareholders on Innovation in Private Firms

作　　者：杜勇[1] 胡红燕 Du Yong;Hu Hongyan

机构地区：[1]西南大学经济管理学院,400715 [2]中央财经大学会计学院,100081

出　　处：《会计研究》2024年第11期104-121,共18页Accounting Research

基　　金：国家自然科学基金面上项目(72072146);2024年重庆市技术预见与制度创新专项项目(2024TFII-OIX0269);重庆教委科学技术研究项2023年重点项目(KJZD-02300201)的资助

摘　　要：在金融错配与创新不足的双重压力下,建立实体与金融之间的风险共担与利益制衡机制是促进金融有效支持实体企业创新的重要问题。本文从银企共同大股东的视角探讨该问题。结果发现,银企共同大股东主要通过信息桥梁效应、信任纽带效应以及决策干预效应三个机制促进民营实体企业的创新。异质性分析表明,银企共同大股东对民营企业创新的促进作用在技术密集型企业、金融机构来自异地的数量较多以及属于前五大行、长期和非金融投资机构共同大股东占比多的样本中更为显著,且该创新促进效应显著提升了民营企业的价值。本文不仅从跨行业共同持股的视角拓展了已有同行业共同大股东的相关研究,也为探寻金融有效支持实体经济的新路径提供了启示。Amid financial mismatches and limited innovation,establishing a mechanism for shared risk and balancing interests between the real economy and finance is crucial for promoting effective financial support for innovation.This paper examines how joint shareholders in banks and enterprises can enhance innovation in private firms.The findings show that joint shareholders significantly promote innovation,primarily through the information bridge,trust bond,and decision-making intervention effects.Heterogeneity analysis reveals that the positive impact is stronger in technology-intensive firms,and those with more out-of-region financial institutions,as well as in samples with the top five banks long-term investors,and non-financial institutions as joint shareholders.This innovation boost also increases the value of private enterprises.This study expands on existing research by examining cross-industry joint ownership and offers insights into new ways for finance to support the real economy.

关 键 词：银企共同大股东 产融合作 企业创新 

分 类 号：F273.1[经济管理—企业管理] F276.5[经济管理—国民经济] F832