摘要
新兴资本市场中的企业通过连锁股东建立企业间网络关系的现象日益普遍,然而连锁股东对于企业战略决策的影响目前尚无定论。为此,将传统连锁股东数量研究拓展至连锁股东治理层面,并结合我国创新驱动发展战略,探究连锁股东治理对企业创新的影响。结果发现,连锁股东治理能够有效提升企业创新,该结论在控制潜在的内生性问题后依旧成立。机制检验发现,连锁股东治理能够发挥监督效应、信息效应以及资源效应,从而提升企业创新。基于情境因素的分析发现,在经济政策不确定较低、独立董事水平较高以及审计质量较低的情境下,连锁股东治理对企业创新的积极效应更显著。基于不同持股模式下的连锁股东委派董事决策分析发现,连锁股东委派董事积极效应的发挥在一定程度上取决于连锁股东持股比重,当连锁股东股权分散与策略持股时,连锁股东委派董事有助于提升企业创新;当连锁股东绝对控股时,连锁股东委派董事会带来过度监督效应从而不利于企业创新。基于异质性连锁股东持股的分析发现,相较于国有与机构连锁股东持股,民营和外资连锁股东持股更有助于提升企业创新水平。
Innovation is the driving force of national economic growth and the decisive factor of long-term competitive advantage. As a micro subject unit of implementing innovation development strategy in China, how to stimulate corporate innovation is of great theoretical and practical significance to the construction of an innovation power. For an enterprise as an innovation subject, its effective operation requires a basic system, namely corporate governance, to ensure its sustainable development. Therefore, corporate governance is the institutional basis for corporate innovation. Looking at the influencing factors of corporate innovation from the perspective of corporate governance, ownership structure, as the logical starting point of corporate governance, plays a relatively important role.However, the existing researches on the impact of ownership structure on corporate innovation mostly regard shareholders as completely rational isolated individuals, ignoring the impact of network relationship among shareholders. Based on China’s capital market, the phenomenon of cross-ownership in China’s A-share listed companies is relatively common.As an important economic phenomenon, cross-ownership has attracted extensive attention in the theoretical circle.Cross-ownership can establish a huge network of resources and information among enterprises, and provide sufficient resources and information support for the strategic decisions of enterprises. However, some researches also think that cross-ownership increases the collusion tendency of related enterprises in the same industry in the product market,weakens the competition in the market, and distort the price mechanism in the market. Thus, it is necessary to further explore the impact of cross-ownership on corporate innovation. Further, the existing research focuses on the relationship between the number of cross-ownership and corporate strategic decisions, ignoring the direct impact of the governance of cross-ownership on corporate strategic decisions. Therefore, this study expands the research perspective of cross-ownership from the quantitative level to the governance level, and explores the impact of the governance of cross-ownership on corporate innovation in the context of China, which provides an important reference value for further understanding the governance role of cross-ownership.Based on the above analysis, this study takes the Shanghai and Shenzhen as the research object, and selects the data from 2008 to 2017 as the research sample. We find that the governance of cross-ownership can effectively promote corporate innovation, which is still reliable after controlling potential endogeneity. The mechanism test shows that the governance of cross-ownership can enhance corporate innovation through playing a supervisory effect, information effect and resource effect. Based on the analysis of situational factors, it is found that the positive effect of the governance of cross-ownership on corporate innovation is more significant under the situation of low economic policy uncertainty, high level of independent directors and low audit quality. Based on the analysis of the decision-making of directors appointed by cross-ownership under different shareholding patterns, it is found that the positive effect of directors appointed by cross-ownership depends on the proportion of shares. On the one hand, when the situation of equity dispersion and strategic shareholding, directors appointed by cross-ownership help to promote firm innovation;on the other hand, when cross-ownership is absolute control, the board of directors appointed by cross-ownership bring excessive supervision effect, which is not conducive to firm innovation. Based on the analysis of heterogeneous cross-ownership, it is found that compared with state-owned and institutional cross-ownership, private and foreign cross-ownership are more helpful to improve corporate innovation.The implications of this study are as follows: firstly, enterprises should not only pay attention to the quantity of cross-ownership, but also pay attention to the quality of cross-ownership, that is, attach importance to the role of the governance of cross-ownership. Secondly, different governance subjects should provide favorable conditions for the governance effect of cross-ownership. The government should maintain the consistency of policies and actively improve the market development environment to help enterprises to further transform to high-quality development;Enterprises should actively improve the internal governance mechanism, so as to form a joint force with the governance effect of cross-ownership,and help the enterprises to enhance their core competitiveness. Thirdly, the effect of chain shareholders’ governance needs to consider the combination of ownership structure and appointed directors comprehensively. By rationally allocating the shareholding ratio and appointed directors of cross-ownership, it can play its own governance role more effectively and optimize the strategic decision-making of enterprises. Finally, enterprises should make a choice in the choice of cross-ownership, further optimize their shareholder composition, and help enterprises to further improve their internal governance mechanisms.
作者
杜善重
李卓
DU Shanzhong;LI Zhuo(China Academy of Corporate Governance,Nankai University,Tianjin 300071,China;Business School,Nankai University,Tianjin 300071,China;Dongwu Business School,Soochow University,Suzhou 215021,China)
出处
《科学学与科学技术管理》
CSSCI
CSCD
北大核心
2022年第5期117-141,共25页
Science of Science and Management of S.& T.
基金
国家自然科学基金项目(72172063,71772094)
教育部人文社会科学重点研究基地重大项目(18JJD630002)。
关键词
连锁股东治理
企业创新
监督效应
信息效应
资源效应
governance of cross-ownership
corporate innovation
supervision effect
information effect
resource effect
