本研究主要探討產品多角化、企業集團與創新之間的關係。對於以前相關研究在產品多角化、創新與企業集團之間的關係甚少。 本研究涵蓋了全中國上市公司,資料期間橫跨2001年至2011年,共21,978個樣本數,本研究之數據蒐集是來自於TEJ以及IPTECH,我們使用公司每年的專利數來衡量公司的創新。 在我們的研究中發現,產品組合對創新產生正向積極的影響。表示企業追求產品多樣化,會促進創新動能。當一家公司是隸屬於企業集團,將會有更大的資源可以提供給提高企業的創新活動,我們還發現,創新和企業集團之間的關係是非線性的,並呈現U形。產品多角化,企業集團之間的相互作用對創新之影響是負性關係。這意味著,集團下屬企業進行高度的產品多角化將會降低企業的創新。
This study examines the relationships among product diversity, business groups, and firm innovation. The previous shows limited knowledge about product diversity in the relationship of business groups and innovation. In our study, we found that product combination has a positive influence on patents. As a result, enterprises pursue product diversification to foster innovation. When a firm is affiliated with a group, additional resource can be provided to improve the firm’s innovation activity. These resources include financial capitals, knowledge, valuable experience and technology. We also found that the relationships between patents and business groups are nonlinear and U shaped. The interaction of product diversification and business groups is negative. This means that group-affiliated firms that conduct high-level product diversification would reduce the innovation of the firm. A possible reason for this is that the firm consumes too much resource for its innovation. Our sample of Chinese listed firms are over a 11-year period from 2001 to 2011, with a total of 21978 observations. We measure an enterprise’s innovation by the patent numbers a firm owned in each year. The result shows that the relationships between innovation and business groups are nonlinear and U-shaped. Meanwhile, the interaction of product diversification and business groups is negative. However group affiliation moderates the relationship between product diversity and innovation. When firm affiliated with groups, the effect on innovation turns out to be positive. JEL Classification: F23, G3, G34 Keywords: Product Diversity, Innovation, Patents, Business group