集团数字化与子公司创新

摘要/Abstract

摘要： 数字技术的发展极大地提高了分工精细、结构复杂的集团型企业内部的信息透明度，而信息透明度的提升也可能诱发集团公司针对子公司的机会主义行为，但鲜有研究对此加以探讨。本文以2007—2020年A股上市集团公司为研究对象，发现集团数字化对子公司创新具有负向影响。机制检验表明，集团数字化并非因为“协调”问题与“标准化”问题阻碍子公司创新，而是由于集团数字化带来的信息透明增加了子公司的“套牢”风险，降低了子公司的风险承担意愿。异质性分析发现，集团数字化对子公司创新的负向影响在分权管理与地理分散度较高的样本中更明显。研究结论对全面理解企业集团数字化的经济后果与促进公司整体创新能力提升具有重要启示意义。

关键词: 集团数字化, 子公司创新, 套牢困境

Abstract: The development of digital technology has greatly improved the information transparency of group enterprises with fine division of labor and complex structure. The improvement of information transparency may induce opportunistic behavior of group companies towards subsidiaries, but few studies have explored this topic. This paper takes A-share listed business groups from 2007 to 2020 as the research object and analyzes the relationship between group digitalization and innovation of subsidiaries. It is found that group digitization has a significant negative impact on the innovation of subsidiaries. The mechanism test shows that the information transparency brought by group digitization reduces the willingness of subsidiaries to take risks, and then inhibits the innovation of subsidiaries. Further, this paper rules out the mechanisms that group digitization hinders subsidiary innovation through “system coordination problem” and “system standardization”. In the heterogeneity analysis, we find that the negative impact of group digitalization on subsidiary innovation is more significant in the samples under decentralized management and with high geographical dispersion. The conclusions of this paper have significant implications for a comprehensive understanding of the economic consequences of group digitalization and promoting the improvement of the overall innovation ability of enterprises.

Key words: group digitization, subsidiary innovation, hold-up problem

陈瑶, 余渡. 集团数字化与子公司创新[J]. 管理评论, 2026, 38(2): 108-120.

Chen Yao, Yu Du. Group Digitization and Subsidiary Innovation[J]. Management Review, 2026, 38(2): 108-120.

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