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| Parent Company Holding,Financial Constraints and Enterprise Innovation |
| Liu Zhixiong |
| (Business School,China University of Political Science and Law,Beijing 102249,China) |
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Abstract Based on the data of Chinese listed companies from 2012 to 2017,this paper examines the effect of parent company holding on innovation investment.The results show that subsidiary companies are significantly less willing to invest in innovation.Further analysis shows that financial constraints weaken the relationship between parent company holding and enterprise innovation investment intention.After the transformation model estimation method and variable processing method,the conclusion is still very robust.This analysis provides empirical evidence for the limited liability theory of law and economics and the "prospect theory" and "threat rigidity model" of management,thus enriching the literature in these fields.At the same time,this paper has a certain reference significance for innovative management in group corporate governance in China.
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Received: 16 January 2020
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