摘要
有效地促进子公司创新,是实现企业集团高质量发展,进而实现国民经济高质量发展的核心动力。本文以2003~2020年中国A股上市公司为样本,基于社会资本理论研究了企业集团母子公司董事长校友关系这一非正式关系对子公司创新的影响。研究发现,在促进子公司创新方面,母子公司董事长校友关系发挥了显著的促进效应,子公司盈利状况与金融环境在两者关系中起调节作用。此外,本文还发现,母子公司董事长校友关系能够为子公司带来更多的资源,降低子公司的融资成本,进而促进子公司的创新发展。研究结果一方面丰富了母子公司校友关系的相关研究,另一方面也有利于上市公司明确社会资本的重要性,并有针对性地利用社会资本。
Effectively promoting subsidiary innovation is a core driver for achieving high-quality development of corporate groups and,in turn,the national economy.Using a sample of Chinese A-share listed companies from 2003 to 2020,the paper investigates the impact of the informal relationship of alumni relationship between the chairmen of the parent and subsidiary of an enterprise group on subsidiary innovation based on social capital theory.It is found that the alumni relationship between parent and subsidiary chairmen plays a significant supportive role in promoting subsidiary innovation,while subsidiary profitability and financial environment play moderating roles in the relationship between the two.In addition,this paper also finds that alumni relations between the chairmen of parent and subsidiary companies can bring more resources to the subsidiaries and reduce the financing costs of the subsidiaries,thus promoting the innovation development of the subsidiaries.The results of the study on the one hand enrich the research related to the alumni relationship between parent and subsidiary companies,and on the other hand help listed companies to identify the importance of social capital and make targeted use of it.
作者
王凯
茹思雨
高皓
陈茜
Wang Kai;Ru Siyu;Gao Hao;Chen Xi
出处
《金融学季刊》
2023年第3期47-70,共24页
Quarterly Journal of Finance
基金
北京市属高等学校优秀青年人才培育计划项目(BPHR202203163)
首都经济贸易大学青年学术创新团队(QNTD202106)的资助
关键词
校友关系
企业集团
子公司创新
社会资本
alumni relationship
enterprise group
subsidiary innovation
social capital
作者简介
王凯,首都经济贸易大学中国ESG研究院、首都经济贸易大学工商管理学院副教授;茹思雨,首都经济贸易大学工商管理学院硕士研究生;通讯作者:高皓,清华大学五道口金融学院助理研究员,联系方式:高皓,北京市海淀区成府路43号,E-mail:gaoh.@pbesf.tsingbua.edu.cn;陈茜,首都经济贸易大学工商管理学院硕士研究生。
