Does Technological Innovation of Subsidiary of Business Group Have the Peer Effect: Data from Listed Companies from 2012 to 2019
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摘要: 基于同群效应理论，以2012—2019年附属于企业集团的上市子公司为样本，考察子公司的创新决策是否受同伴子公司创新行为的影响。实证得出：集团内子公司的技术创新存在同群效应；相较于绩效良好子公司，绩效较差子公司的技术创新受同伴子公司创新行为的正向影响更明显；子公司间较低的行业差异性促进了技术创新同群效应的发挥；外部同行公司创新程度越低，子公司技术创新越受集团同伴子公司创新行为的影响。进一步探索技术创新同群效应的方向性和经济后果发现：子公司在集团内不仅模仿学习比其创新程度高的同伴子公司，还会向比其创新程度低的同伴子公司学习；对同伴子公司创新行为的模仿学习提高了子公司的创新产出。研究为母公司评估子公司创新价值、促进技术创新同群效应提供了借鉴，也为子公司创新决策的模仿学习时机、模仿学习对象的选择提供了参考。Abstract: Based on the theory of peer effect, employing the data of listed subsidiaries affiliated to business groups from the year 2012 to 2019, the paper investigates whether the innovation decision of the focal subsidiary is affected by the innovation behaviors of peer subsidiaries. It is found that the peer effect exists in the technological innovation of subsidiaries within the business group; compared with subsidiaries with good performance, the technological innovation of subsidiaries with poor performance is more positively affected by the innovation behavior of peer subsidiaries; the low industry differences among subsidiaries promote the development of the peer effect in technology innovation; the lower the innovation degree of the companies in the same industry, the more focal subsidiaries' technological innovation is affected by the peers within business groups. From the perspectives of the direction and economic consequences of the peer effect of technological innovation, it is found that focal subsidiaries not only imitate and learn their peers with higher innovation degree, but also pay attention to those with lower innovation degree; the imitation and learning of the innovation behavior of peer subsidiaries can improve the innovation output of the focal subsidiary. The results provide some suggestions for headquarters to assess the value of subsidiaries' innovation behaviors and reference for playing the peer effect of innovation, and some references for subsidiaries to imitate and learn in innovation decision-making.
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表 1 变量定义
变量名称 变量符号 计算方式 子公司技术创新 R&D 研发投入占营业收入的比值 同伴子公司创新行为 InnoP 集团内除自身外其他上市子公司创新专利数平均值加1后的自然对数值 子公司的绩效状况 ROAI 子公司经营绩效与同行公司平均绩效的差值 子公司间的行业差异性 Nind 集团内上市子公司所处行业的数量 同行公司创新行为 InnoO 与子公司处于同一行业的公司创新专利数平均值加1后的自然对数值 子公司资源冗余 Slack 流动资产与流动负债的比值 母子公司控制层级 Level 母公司与子公司之间跨越的金字塔链条数 子公司间的资本往来 PRT 与同一母公司控股下的子公司间担保、借款等资本交易总额占营业收入的比值 母公司控制权 Equity 母公司对子公司的最终控制权 企业集团产权性质 State 企业集团为国有企业记为1，否则记为0 子公司的上市年限 Age 公司上市年限加1后的自然对数值 子公司的规模 Size 总资产的自然对数值 子公司的资本结构 Lev 总负债与总资产的比值 
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表 2 变量的描述性统计与相关性分析
变量 平均值 标准差 R&D InnoP ROAI Nind InnoO Slack R&D 4.315 7.708 1.000 InnoP 1.383 1.742 0.144*** 1.000 ROAI -0.010 0.064 0.014 -0.008 1.000 Nind 2.501 1.428 -0.016 0.339*** -0.036** 1.000 InnoO 1.945 1.381 0.332*** 0.250*** -0.018 -0.074*** 1.000 Slack 1.752 1.784 0.085*** 0.012 0.133*** -0.036** 0.018 1.000 PRT 0.306 0.771 -0.079*** -0.046*** -0.109*** 0.056*** -0.141*** -0.022 Level 1.951 1.027 -0.006 0.035** -0.028* 0.151*** -0.044** 0.111*** Equity 0.418 0.150 -0.040** 0.049*** 0.103*** 0.077*** 0.029* -0.041** Size 22.836 1.434 -0.070*** -0.047*** 0.084*** 0.057*** 0.016 -0.283*** State 0.862 0.345 0.032* 0.177*** -0.064*** 0.111*** 0.068*** -0.076*** Age 2.633 0.557 -0.035** 0.007 -0.076*** 0.040** -0.087*** -0.090*** Lev 0.525 0.208 -0.130*** -0.028 -0.240*** 0.065*** -0.055*** -0.585*** 变量 PRT Level Equity Size State Age Lev PRT 1.000 Level 0.003 1.000 Equity -0.001 -0.107*** 1.000 Size 0.008 -0.179*** 0.280*** 1.000 State -0.001 -0.039** 0.155*** 0.077*** 1.000 Age 0.110*** 0.106*** -0.202*** 0.003 0.024 1.000 Lev 0.179*** -0.075*** 0.008 0.433*** 0.063*** 0.122*** 1.000 注：*、**、***分别表示在10%、5%、1%的水平显著。下表同。
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表 3 同伴子公司创新行为、子公司创新动机影响的回归结果
变量 (1) (2) (3) (4) (5) InnoP 0.157**(2.02) 0.290***(2.88) 0.096(0.87) ROAI -1.485(-0.85) Level -0.318*(-1.84) -0.323*(-1.89) -0.318*(-1.85) -0.340*(-1.66) -0.249(-0.99) PRT -0.491***(-3.11) -0.490***(-3.10) -0.496***(-3.13) -0.381**(-2.03) -1.114***(-3.82) Equity -0.861(-0.72) -0.979(-0.83) -0.820(-0.69) -0.749(-0.52) -2.921*(-1.73) Size -0.578***(-3.99) -0.569***(-3.97) -0.560***(-3.83) -0.631***(-3.73) -0.227(-1.07) State 1.696***(3.09) 1.561***(2.86) 1.685***(3.07) 1.434**(2.15) 1.305*(1.83) Slack 0.042(0.46) 0.039(0.43) 0.042(0.45) 0.019(0.16) 0.147(1.03) Age -0.664**(-2.08) -0.690**(-2.19) -0.671**(-2.11) -0.805*(-1.85) -0.786**(-1.99) Lev -0.009(-0.01) -0.077(-0.08) -0.200(-0.20) -0.818(-0.69) -0.984(-0.63) Local 是 是 是 是 是 Year 是 是 是 是 是 _cons 26.214***(7.87) 26.097***(7.91) 25.896***(7.73) 28.824***(7.20) 18.674***(3.94) N 3 375 3 375 3 375 2 026 1 348 R-sq 0.310 0.317 0.311 0.332 0.319 Wald χ2 2 144.90 2 141.63 2 144.01 1 246.69 812.87
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表 4 子公司间行业差异性、同行公司创新状况影响的回归结果
变量 (1) (2) (3) (4) (5) (6) InnoP 0.217**(2.25) 0.087(0.61) 0.046(0.44) 0.176***(2.01) Nind -0.124(-0.99) InnoO 1.265***(11.47) Level -0.292*(-1.68) -0.183(-0.83) -0.386(-1.36) -0.263*(-1.68) -0.440*(-1.94) -0.045(-0.27) PRT -0.490***(-3.10) -0.704***(-3.23) -0.131(-0.57) -0.418***(-2.70) -0.402(-1.31) -0.169(-1.22) Equity -0.813(-0.68) -1.375(-0.95) -1.058(-0.53) -1.223(-1.12) -0.511(-0.32) -0.992(-0.83) Size -0.573***(-3.96) -0.510***(-2.85) -0.829***(-3.50) -0.568***(-4.33) -0.484**(-2.45) -0.455***(-3.29) State 1.747***(3.17) 1.686***(2.80) 1.837*(1.68) 1.402***(2.87) 2.292***(3.13) 0.331(0.63) Slack 0.042(0.46) 0.075(0.66) 0.016(0.10) 0.044(0.50) 0.028(0.21) 0.081(0.89) Age -0.666**(-2.09) -0.795**(-2.08) -0.624(-1.17) -0.681**(-2.37) -1.053**(-2.56) -0.675***(-2.12) Lev 0.021(0.02) 0.143(0.12) 0.162(0.10) -0.136(-0.15) -0.709(-0.51) -0.309(-0.32) Local 是 是 是 是 是 是 Year 是 是 是 是 是 是 _cons 26.298***(7.89) 25.725***(6.22) 30.156***(5.50) 23.971***(7.92) 30.313***(6.76) 17.775***(5.52) N 3 375 2 137 1 238 3 375 1 686 1 689 R-sq 0.311 0.340 0.294 0.402 0.479 0.175 Wald χ2 2 145.93 1 430.81 716.58 2 279.19 2 281.84 384.70
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表 5 子公司技术创新同群效应的方向及后果的回归结果
变量 (1) (2) (3) (4) (5) (6) InnoP 0.393*(1.93) 0.840***(5.09) 0.186**(2.15) 0.540***(3.57) 0.049***(2.82) 0.048***(2.81) R&D 0.012***(3.18) Slack 0.217(1.25) 0.002(0.02) 0.042(0.41) -0.099(-0.53) -0.000(-0.01) -0.001(-0.07) Level -0.611**(-2.38) -0.142(-0.73) -0.300*(-1.68) -0.166(-0.55) -0.042(-1.11) -0.036(-0.97) PRT -0.253(-0.87) -0.667***(-3.64) -0.315*(-1.65) -0.859***(-3.17) -0.069*(-1.94) -0.064*(-1.80) Equity -3.979**(-2.24) -0.672(-0.49) -1.297(-1.03) -3.349(-1.51) -0.114(-0.44) -0.118(-0.46) Size -0.559***(-2.60) -0.603***(-3.68) -0.377**(-2.44) -0.891***(-3.48) 0.019(0.61) 0.028(0.91) State 1.816*(1.81) 1.270**(2.25) 1.091*(1.95) 2.038**(2.19) 0.232*(1.94) 0.215*(1.83) Age -1.305***(-2.85) -0.569(-1.58) -0.946***(-2.90) -1.296**(-2.17) -0.159**(-2.29) -0.152**(-2.24) Lev -1.252(-0.79) -0.057(-0.05) -0.720(-0.68) -1.739(-0.94) -0.181(-0.84) -0.200(-0.94) Local 是 是 是 是 是 是 Year 是 是 是 是 是 是 _cons 30.062***(5.98) 25.515***(6.80) 23.752***(6.72) 35.882***(6.04) 0.432(0.60) 0.073(0.10) N 1 209 2 166 2 514 861 3 375 3 375 R-sq 0.348 0.322 0.351 0.270 0.035 0.054 Wald χ2 812.81 1 241.34 1 737.51 446.27 44.01 56.33
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