股东关系网络与企业创新：基于股东异质性的视角

Enterprises are the core and main body of the national innovation system, but in recent years, the field of corporate finance has begun to pay attention to the impact of social networks on enterprise innovation. However, the existing research has not reached a consensus on the mechanism of social network. The details are as follows: (1) The effects of different social networks are not consistent. (2) Even if it is the same network, existing research has different interpretations. Further, both "strong ties" and "weak ties" can be classified as "social networks", but the mechanism is different. However, the research in the field of corporate finance did not form a unified theoretical framework when explaining the mechanism of social network influence, which left a research space for this topic. In fact, to clarify the impact mechanism of the network, we must clarify the composition and nature of the network, which makes us unable to ignore the heterogeneity of network composition. The heterogeneity of the shareholder link network is more obvious, but it is ignored by existing research. Based on this, we focus on the issue of shareholder heterogeneity, study the impact of shareholder link network on enterprise innovation and its mechanism, and intend to supplement the limitations of existing social network research in explaining the impact mechanism.

企业是国家创新体系的核心和主体，但近年来公司财务领域才开始关注社会网络对企业创新的影响。然而，现有公司财务领域的研究并未就社会网络的影响机理达成共识，具体如下：（1）不同社会网络的作用效果并不一致。（2）即使是同一网络，现有研究也有不同的解读。进一步，“强关系”和“弱关系”都可以归为“社会网络”，但两者的作用机理有所差异。基于此，现有公司财务领域的研究在解释社会网络影响机理时没形成一个统一的理论框架，这为本课题留下了研究空间。事实上，要理清网络的影响机制，必须理清网络的构成及其性质，这让我们无法忽视网络构成的异质性问题。而股东关系网络的异质性问题更为明显，却被现有研究忽视。基于此，我们重点考虑股东异质性问题，研究股东关系网络对企业创新的影响及作用机制，意图补充了现有社会网络研究在解释影响机理上的局限性。

现有公司财务领域的研究并未就社会网络的影响机理达成共识。具体而言，现有研究并没有刻意区分“强关系”和“弱关系”，以致在理解社会网络时存在偏差。本项目利用A股上市公司数据，以股东关系网络为新视角，基于社会网络与企业创新的老问题，重新检验社会网络的影响机理，意图在解释社会网络影响机理时形成一个统一的理论框架。具体而言，我们主要理清了如下问题：（1）不同网络的影响机理可能完全不一样，而股东关系网络作为一个很重要的网络却被现有研究忽视；（2）社会网络影响机理的差异并非源自不同网络，而是源自网络的特性，即该网络的性质为“强关系”抑或“弱关系”；（3）社会网络的结构并不能完全解释网络的性质，因此还要具体分析网络的构成，即要考虑网络构成的异质性问题。本研究补充了现有社会网络研究在解释影响机理上的局限性。