股东社会网络与中国企业创新：区域聚集的视角

Shareholder social network is the networking system based on embedded relationships. It is the newest area of ownership structure literature. The Existing literature has not explored the shareholder social network effects on corporate innovation. The project adopts shareholder geographic concentration which has not been explored by the domestic literature to measure shareholder social network, and also hand collect data for shareholder geographic concentration of Chinese listed firms. The project explores three innovation-related problems：(1) how shareholder geographic concentration affects corporate innovation through stock liquidity? (2) how shareholder geographic concentration affects corporate innovation through shareholder risk-taking? (3) how shareholder geographic concentration affects corporate innovation through risk incentives of executive compensation? The project has the following importance: (1) provide theoretical guidance for policymakers using informal constraint of geographic factors to protect investors. (2) provide theoretical guidance for supporting technology innovation by geographic concentration of financial industry. (3) provide theoretical and empirical support for applying shareholder geographic concentration to other corporate finance research.

股东社会网络是股东之间基于非正式制度建立的关联网络，是2010年以来股权问题研究的新兴重要分支。国内外现有的股东社会网络研究还少见探究其对企业创新的影响。本课题选取国内尚少开展的股东区域聚集视角，手工建立中国上市公司股东区域聚集数据库，通过股东信息互通网络、股东风险共担网络与股东共同治理网络，分别作用于资本市场、股东自身和企业创新人才，从而研究与企业创新相关的三个问题：（1）股东区域聚集是否通过股票市场微观结构影响企业创新？（2）股东区域聚集是否通过股东风险承担影响企业创新？（3）股东区域聚集是否通过高管风险承担影响企业创新？本课题的研究意义是：（1）为政策引导非正式制度的软性约束以保护投资者提供理论指导；（2）为政策引导金融产业支持科技创新提供理论指导。（3）为应用股东区域聚集研究其他公司金融问题奠定基础。

股东社会网络是股东之间基于非正式制度建立的关联网络，是2010年以来股权问题研究的新兴重要分支。国内外现有的股东社会网络研究均未探究其对企业创新的影响。本课题选取国内尚未探索的股东区域聚集视角，手工建立中国上市公司股东区域聚集数据库，研究与企业创新相关的三大课题：（1）股东区域聚集如何通过股票市场微观结构影响企业创新？（2）股东区域聚集如何通过公司财务行为影响企业创新？（3）股东区域聚集如何通过高管薪酬影响企业创新？本课题的研究意义是：（1）为政策引导非正式制度的软性约束以保护投资者提供理论指导；（2）为政策引导金融产业支持科技创新提供理论指导。（3）为应用股东区域聚集研究其他公司金融问题奠定基础。