共有股东与企业创新投入

基于新兴资本市场的企业通过共有股东而相互联结的情况,以2007—2017年我国沪深A股上市公司为研究对象,实证检验了共有股东对企业创新投入行为的影响。实证检验结果表明,共有股东显著提高了企业创新投入。进一步分析发现,国有产权性质弱化了共有股东对企业创新投入的正向作用,而高新技术行业特征则强化了共有股东对企业创新投入的正向作用。

Common Ownership and Corporate Innovation Input

In order to diversify investment portfolios,listed companies’shareholders tend to holder shares of several listed companies in the same industry,making the listed companies interconnected. Does this connection affect the corporate innovation input? Based on the situation that in emerging capital markets listed companies are interconnected through common shareholders, this paper takes Shanghai and Shenzhen A-share listed companies from 2007 to 2017 as the research object,and empirically tested the influence of common shareholders on the corporate innovation input. The results of empirical test show that the common ownerships enhance the corporate innovation input. Further analysis shows that state-owned property rights weakens the positive effect of common ownership on corporate innovation input,while high-tech industry characteristics strengthen the positive effect of common ownership on corporate innovation input.