Can the Establishment of Off-site Subsidiaries Improve the Innovation Level of the Parent Company——Empirical Evidence from Cross-regional Investment of A-share Listed Companies

ZHAO Jing-yan; DENG Min; XU Zheng

Volume 38 Issue 2

Mar. 2023

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Article Navigation > Journal of Guangdong University of Finance & Economics > 2023 > 38(2): 60-74

ZHAO Jing-yan, DENG Min, XU Zheng. Can the Establishment of Off-site Subsidiaries Improve the Innovation Level of the Parent Company——Empirical Evidence from Cross-regional Investment of A-share Listed Companies[J]. Journal of Guangdong University of Finance & Economics, 2023, 38(2): 60-74.

Citation:

ZHAO Jing-yan, DENG Min, XU Zheng. Can the Establishment of Off-site Subsidiaries Improve the Innovation Level of the Parent Company——Empirical Evidence from Cross-regional Investment of A-share Listed Companies[J]. Journal of Guangdong University of Finance & Economics, 2023, 38(2): 60-74.

Citation:

ZHAO Jing-yan, DENG Min, XU Zheng. Can the Establishment of Off-site Subsidiaries Improve the Innovation Level of the Parent Company——Empirical Evidence from Cross-regional Investment of A-share Listed Companies[J]. Journal of Guangdong University of Finance & Economics, 2023, 38(2): 60-74.

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Can the Establishment of Off-site Subsidiaries Improve the Innovation Level of the Parent Company——Empirical Evidence from Cross-regional Investment of A-share Listed Companies

1.
School of Economics, Anhui University of Finance and Economics, Bengbu 233030
2.
School of Customs and Public Administration, Shanghai Customs College, Shanghai 201204
3.
School of Applied Economics, Renmin University of China, Beijing 100872, China

Received Date: 2022-12-24
Available Online: 2023-07-07
Publish Date: 2023-03-28

Abstract

Abstract

It has been found that the establishment of overseas subsidiaries helps to improve the innovation level of the parent company of multinational corporations. In order to explore the influence of the establishment of domestic off-site subsidiaries and the degree of diversification on the innovation level of the parent company, this article uses the data of China's A-share listed companies setting up off-site subsidiaries from 2004 to 2021, by taking the number of new off-site subsidiaries and geographical dispersion as indicators, investigates the impact of the establishment of off-site subsidiaries on the innovation of the parent company and its possible mechanism. The research shows that, the increase of the number of new subsidiaries and the improvement of geographical dispersion, can promote the innovation of the parent company, and the establishment of subsidiaries in central cities has a more obvious impact on the innovation of the parent company. Heterogeneity analysis indicates that the positive promotion effect was more significant in the samples of large enterprises, state-owned enterprises, non-high-tech enterprises and mature enterprises. Further research manifests that the establishment of subsidiaries in central cities has a more obvious impact on the innovation of the parent company; off-site subsidiaries mainly affect the innovation of the parent company by strengthening the output effect of the innovation input of the parent company and alleviating the innovation resource constraints faced by the parent company; the absorptive capacity of the parent company has a positive regulatory effect on the innovation effect of off-site subsidiaries.
- off-site investment,
- corporate innovation,
- subsidiary,
- parent company,
- geographical dispersion,
- absorptive capacity

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References(41)

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