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| Does Expansion of Parent-subsidiary Controlling Investment Promote Innovation Investment of Business Groups |
| Chen Shuai1,Chen Shen2 |
| （1.Business School, University of International Business and Economics, Beijing 100029,China;2. School of Accounting, Fujian Jiangxia University, Fuzhou 350108,China） |
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Abstract Business transaction between business groups is a dynamic process of capital financing and knowledge integration. Taking a-share listed companies in Shanghai and Shenzhen Stock Exchanges from 2007 to 2019 as samples, this paper empirically examines the impact of controlling-asset investment between parent-subsidiary companies on innovation investment of business groups. The results show that, the expansion of parent's controlling investment in its subsidiaries is helpful to increase the innovation investment of the enterprise group. Further, the above relationship is more significant in enterprises with severe financing constraints, greater industrial support, higher industry concentration and business complexity. Meanwhile, we find that the better the expansion effect of parent's controlling-investment in the subsidiaries, the stronger the sustainability of the innovation investment of the group business. The test of intermediary mechanism shows that, the level of cash holdings has a partial mediating effect on the controlling-investment to the innovation investment of enterprises. This paper enriches and expands the relevant literature on the economic consequences of the interaction between parent and subsidiaries and the influencing factors of innovation investment, and has important enlightenment significance for relevant departments and enterprises to play the advantages of internal capital market and promote enterprise innovation.
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Received: 23 June 2020
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