财务共享对企业集团创新的影响研究

摘要/Abstract

摘要： 中国上市公司普遍以企业集团母子公司结构存在，财务共享作为企业集团财务数字化转型和资源集中管控的创新实践，正逐渐从核算共享向多领域共享延伸，是否以及如何影响企业集团创新仍未明确。本文基于2009—2022年A股上市集团数据研究发现，财务共享能够提升企业集团创新水平，尤其有利于子公司创新，支持“促进假说”而非“抑制假说”。机制检验发现，财务共享通过风险管控、资金管控和信息管控来实现这种促进作用。企业集团面临的外部融资压力、经营压力和监管压力越大，以及面临的组织管控和业务管控难度越大，财务共享对集团创新的促进作用越强。此外，这种促进作用能够进一步提高集团技术优势、产品优势和投资价值。本文丰富了财务共享在集团资源配置和管控模式方面的研究，回应了集中管控对企业创新影响结果的争议，对企业集团世界一流财务管控体系建设和高质量发展具有一定借鉴意义。

关键词: 企业集团创新, 财务共享, 资源配置, 集团管控, 母子公司

Abstract: Chinese listed companies mostly adopt a parent-subsidiary group structure in their operations. Financial Shared Service Center (FSSC), as an innovative practice of financial digital transformation and centralized resource management within business groups, is gradually extending from accounting sharing to diversified sharing. However, whether and how it affects groups innovation remains unclear. Based on the data of A-share listed business groups and their subsidiaries from 2009 to 2022, this paper finds that FSSC enhances innovation of business groups, especially subsidiaries, which supports the “facilitation hypothesis” rather than the “inhibition hypothesis”. The mechanism test reveals that FSSC enhances groups innovation by facilitating risk management, capital control and information control. The greater the external financial, operational, and regulatory pressure faced by business groups, as well as the higher the complexity of organizational and business control, the stronger the facilitating effect of FSSC on groups innovation. Additionally, the innovation facilitation role of FSSC can further enhance business groups’ technological superiority, product competitiveness, and investment value. This paper enriches the research on FSSC and groups resource allocation and control model, responds to the debate on the impact of centralized control on enterprise innovation. It is of great significance for the construction of world-class financial management system and high-quality development of business groups.

Key words: business groups innovation, Financial Shared Service Center (FSSC), resource allocation, group control, parent-subsidiary structure

纳超洪, 李玉婷, 陈雪, 许道乾. 财务共享对企业集团创新的影响研究[J]. 管理评论, 2026, 38(7): 131-143.

Na Chaohong, Li Yuting, Chen Xue, Xu Daoqian. The Impact of Financial Shared Service Center on Business Groups Innovation[J]. Management Review, 2026, 38(7): 131-143.

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