共同所有制与企业创新的溢出效应

IF 4.8 2区经济学 Q1 BUSINESS, FINANCE

Pacific-Basin Finance Journal Pub Date : 2025-01-18 DOI:10.1016/j.pacfin.2025.102677

Xiao-Lin Li , Xiaolong Xia , Xinyu Ge , Deng-Kui Si

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引用次数: 0

摘要

本文利用2010 - 2022年中国上市公司年度数据，研究了共同机构所有权（CIO）网络中投资组合公司创新的溢出效应。研究发现，企业（焦点企业）的创新受到其他企业（同行企业）创新的正向影响，表明企业创新在CIO网络中存在显著的溢出效应。此外，治理经验的溢出效应和核心公司与同行公司之间的管理层薪酬是两种潜在的经济机制。我们还发现，当焦点企业拥有长期共同机构投资者或龙头企业具有较高的创新水平时，CIO网络内的创新溢出效应更为明显。我们的研究结果为CIO与企业创新之间的关系提供了新的视角，并突出了CIO在促进公司治理和创新方面的重要作用。

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Common institutional ownership and the spillover effect of corporate innovation

This paper examines the spillover effect of innovation among portfolio corporations within the common institutional ownership (CIO) network using annual data of Chinese listed corporations from 2010 to 2022. We find that a corporation's (focal corporation) innovation is positively affected by the innovation of other corporations (peer corporations), suggesting a significant corporate innovation spillover in the CIO network. Furthermore, the spillovers of governance experience and managerial compensation between focal and peer corporations are the two underlying economic mechanisms. We also find that the spillover of innovation within the CIO network is more pronounced when focal corporations have long-term common institutional investors or leading corporations have a high level of innovation. Our findings offer new insight into the relationship between CIO and corporate innovation and highlight the important role of CIO in promoting corporate governance and innovation.

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来源期刊

Pacific-Basin Finance Journal BUSINESS, FINANCE-

CiteScore

6.80

自引率

6.50%

发文量

157

期刊介绍： The Pacific-Basin Finance Journal is aimed at providing a specialized forum for the publication of academic research on capital markets of the Asia-Pacific countries. Primary emphasis will be placed on the highest quality empirical and theoretical research in the following areas: • Market Micro-structure; • Investment and Portfolio Management; • Theories of Market Equilibrium; • Valuation of Financial and Real Assets; • Behavior of Asset Prices in Financial Sectors; • Normative Theory of Financial Management; • Capital Markets of Development; • Market Mechanisms.