母公司董事会治理对子公司技术创新的影响：基于中国上市公司的经验证据

王海成1; 杨金晓2

母公司董事会治理对子公司技术创新的影响：基于中国上市公司的经验证据

引用本文：王海成1，杨金晓2.母公司董事会治理对子公司技术创新的影响：基于中国上市公司的经验证据[J].湖南大学学报社会科学版,2025,(2):44-54

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作者	单位
王海成1，杨金晓2	(1.北京师范大学经济与工商管理学院，北京 100875；2.湖南大学经济与贸易学院，湖南长沙 410079)

中文摘要:聚焦企业集团治理与技术创新的重要议题，以2007—2022年A股上市公司及其母公司为研究样本，系统考察母公司董事会治理对子公司技术创新的影响。研究发现，扩大董事会规模和提升独立董事占比能够显著增强子公司的技术创新能力，而母公司董事兼任子公司高管则对子公司技术创新产生抑制效应。母公司董事会治理对子公司技术创新的影响存在显著的异质性，非国有子公司、与母公司同地区子公司以及中小规模子公司受益更为显著。机制分析表明，母公司董事会治理通过减少子公司融资约束、缓解委托代理问题以及提升资源配置效率等多种路径，促进了子公司技术创新。

中文关键词:母公司子公司董事会治理技术创新

The Impact of Parent Company Board Governance on Subsidiary Technological Innovation: Empirical Evidence from Chinese Listed Companies

Abstract:This paper focuses on the crucial topic of corporate group governance and technological innovation, using the data from A share listed companies and their parent companies between 2007 and 2022. It systematically examines the impact of the parent company’s board governance on subsidiaries’ technological innovation. The findings reveal that enlarging the board size and increasing the proportion of independent directors significantly enhance the subsidiaries’ technological innovation capacity, while parent company directors concurrently serving as senior executives in subsidiaries exerts an inhibiting effect on innovation. Moreover, there exists a prominent heterogeneity effect: non state owned subsidiaries, subsidiaries located in the same region as the parent company, and smaller scale subsidiaries benefit more from the parent company’s board governance. Mechanism analysis reveals that parent company board governance promotes subsidiaries’ technological innovation through multiple channels, including mitigating subsidiaries’ financing constraints, lowering agency costs, and improving resource allocation efficiency.

keywords:parent company subsidiary board governance technological innovation

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