行业同业持股、企业规模、创新质量

IF 6.9 2区经济学 Q1 BUSINESS, FINANCE

Finance Research Letters Pub Date : 2025-04-12 DOI:10.1016/j.frl.2025.107343

Yumiao Deng , Yongling Ding , Chen Li , Sichao Ma

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引用次数: 0

摘要

企业技术创新是经济增长和竞争优势的重要驱动力。所有制结构对企业创新战略和成果有着重要影响。本文以 2016 年至 2022 年的上市公司为样本，研究了同行业持股对创新质量的影响。实证结果表明，同行持股比例越高，创新质量越高，这体现在平均专利引用率的提高上，尤其是在小型企业中。机制分析表明，同行持股能显著降低研发投资的波动性，提高研发活动的多样性，从而促进小企业的创新活动。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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Shareholding by industry peers, firm size, and innovation quality

Corporate technological innovation is a critical driver of economic growth and competitive advantage. The ownership structure significantly influences corporate innovation strategies and outcomes. Based on a sample of listed companies from 2016 to 2022, this paper investigates the impact of industry peer shareholding on the innovation quality. Empirical results indicate that a higher proportion of shareholding by industry peers is associated with higher innovation quality, reflected in elevated average patent citation rates, particularly among small firms. Mechanism analysis suggests that peer shareholding significantly reduces the R&D investment volatility and improves the diversity of R&D activities, thus promoting innovation activities of small firms.

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来源期刊

Finance Research Letters BUSINESS, FINANCE-

CiteScore

11.10

自引率

14.40%

发文量

863

期刊介绍： Finance Research Letters welcomes submissions across all areas of finance, aiming for rapid publication of significant new findings. The journal particularly encourages papers that provide insight into the replicability of established results, examine the cross-national applicability of previous findings, challenge existing methodologies, or demonstrate methodological contingencies. Papers are invited in the following areas: Actuarial studies Alternative investments Asset Pricing Bankruptcy and liquidation Banks and other Depository Institutions Behavioral and experimental finance Bibliometric and Scientometric studies of finance Capital budgeting and corporate investment Capital markets and accounting Capital structure and payout policy Commodities Contagion, crises and interdependence Corporate governance Credit and fixed income markets and instruments Derivatives Emerging markets Energy Finance and Energy Markets Financial Econometrics Financial History Financial intermediation and money markets Financial markets and marketplaces Financial Mathematics and Econophysics Financial Regulation and Law Forecasting Frontier market studies International Finance Market efficiency, event studies Mergers, acquisitions and the market for corporate control Micro Finance Institutions Microstructure Non-bank Financial Institutions Personal Finance Portfolio choice and investing Real estate finance and investing Risk SME, Family and Entrepreneurial Finance