资本圈子与企业创新质量研究：作用机制与经济效果

China is a human society, valuing the circle culture of “differential mode of association”, which could be graded according to the degree of familiarity, closeness and distance. This project focuses on the capital small world, investigating whether and how would circle culture affect innovation quality. First of all, by massive data mining based on web crawler technology using Python language, combined with graph theory, China’s capital small world database would be established. On the basis of European Patent Office database, China’s corporate patent citation rate database would be constructed. Then, this project intends to investigate whether capital small world play the role of “greasy money” in corporate innovation from the perspective of financing efficiency, information efficiency and media effect, validating the resource effect of capital small world. In the second place, this project would verify the role of capitalsmall world as “protection money” through two channels: the protection of intellectual property and the occupational protection of the management. And this project compares the difference in innovation of inner and outer small world. However, the existence of capital small world may reinforce the nepotism of enterprises, undermining the open and liberal environment of innovation, which in turn hinders the enhancement of innovation in quantity and quality. This project would integrate the researches of innovation with small world culture, which offers a new perspective to interdisciplinary studies on “culture and finance” and provides the supervision departments with theoretical foundations of innovation policy, guiding high level enterprises innovation.

中国是一个人情社会，讲究“差序格局”的圈子文化，圈子有内外、远近、亲疏之分。本项目以资本圈子为切入点，研究圈子文化对创新质量的影响与作用机制。基于Python爬虫技术的海量数据挖掘，项目采用图论的方法构建我国资本圈子数据库；并结合中国专利局和欧洲专利局数据库，构建我国企业专利引用率数据库。在此基础上，研究资本圈子是否通过企业的融资渠道、信息效率、媒体效应三个机制，提高企业的创新质量，发挥“润滑剂”功能。此外，通过知识产权保护、管理层的职业保护这两个机制，研究资本圈子对创新是否起到了“保护伞”功能，并且比较了内层、外层资本圈子对创新的影响差异。然而，资本的圈子化、江湖化，也可能固化资本市场的裙带关系，反而会破坏开放、自由的创新环境，降低创新质量。本项目结合这些特征，研究资本圈子对企业创新质量的影响，为中国企业创新研究提供一个新的文化视角，也为监管政策制定提供理论依据，指导企业高水平创新。

本课题通过手工搜集和爬虫技术，整理中国资本市场联合投资信息，从上市公司、私募基金的机构、基金经理、高管简历等多维度数据中，采用复杂网络技术理论，构建了中国资本市场圈子网络指标，研究发现以下几个结论：第一，校友资本圈子有助于降低市场分割程度，促进资源的跨区域流动，增加异地并购。第二，校友资本圈子可以获取优质的私有信息，显著提高社保基金资产管理业绩。第三，上市公司高管的供应链资本圈子显著提高了企业盈利能力，公司价值明显提升，表现出拓展市场的开源效应和控制成本的节流效应。第四，上市公司高管与当地官员的老乡圈子，可以获得更多的税收豁免。第五，中国基金圈子分化严重，同圈层基金经理的股票持仓和交易高度重合，存在明显的抱团效应。并且同圈层的基金经理组团实地调研的频率更高，共同分享投资信息，投资效率显著提升。此外，同圈层基金共同持仓股票的真实盈利超过分析师预期的概率更高，并且圈层内部的信息交流显著提升了投资业绩。本课题的研究为中国资本圈子的经济效应和作用机制提供了新的证据。