Abstract:

Different companies are held by the same shareholders to form a social network of shareholders, which is suitable for sociological analysis. This paper uses the listed companies in Shanghai and Shenzhen A stock markets from 2007 to 2019 as samples to analyze the impact of the shareholder network location on the corporate R&D expenditure and the regulatory role of the regional cultural differences. According to the research, the location of the shareholder network will restrain the R&D expenditure of enterprises. Specifically, both the shareholder network center location and the shareholder network intermediary location play a significant role in retraining enterprises’ R&D expenditure, and this conclusion still holds true after replacing variables, replacing samples and considering endogeneity. Further research finds that regional cultural differences have a significant regulatory role between the shareholder network location and the corporate R&D expenditure. The cultural difference between the north and the south intensifies the inhibitory effect of the shareholder network position on the R&D expenditure, and the cultural diversity also strengthens this inhibitory effect, but the blending of the north and the south culture can significantly alleviate the inhibitory effect of the shareholder network position on enterprises’ R&D expenditure. Based on these findings, this paper puts forward relevant suggestions.

Key words: Location of Shareholder Network, R&D Expenditure, North-South Cultural Differences, Cultural Diversity

摘要：

不同公司被同一股东持有而形成股东社会网络,这适合运用社会学方法进行分析。本文利用2007年~2019年沪深A股上市公司为样本,分析股东网络位置对企业R&D支出的影响以及区域文化差异的调节作用。研究发现:股东网络位置会抑制企业的R&D支出。具体而言,股东网络中心位置、股东网络中介位置都显著拟制企业R&D支出,这一结论在替换变量、替换样本以及考虑内生性后都成立。进一步研究发现:区域文化差异在股东网络位置与企业R&D支出间起显著调节作用。南北文化差异加剧了股东网络位置对R&D支出的抑制作用,文化多样性也强化了这种抑制作用,但是南北文化的交融能显著缓解股东网络位置对企业R&D支出的抑制作用。

关键词: 股东网络位置, R&D支出, 南北文化差异, 文化多样性