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论文编号：	15318
作者编号：	1120201108
上传时间：	2025/6/5 11:20:22
中文题目：	民营上市公司股东社会资本、数字化转型与利用式创新
英文题目：	Shareholder Social Capital, Digital Transformation and Exploitative Innovation of Private Listed Companies
指导老师：	武立东
中文关键字：	股东社会资本；数字化转型；利用式创新；民营上市公司；公司治理
英文关键字：	shareholder social capital; digital transformation; exploitative innovation; private listed companies; corporate governance
中文摘要：	数字化技术的蓬勃发展为民营企业的利用式创新带来新契机，不仅提供多 样化的创新手段，还推动利用式创新与市场需求深度融合，促进企业与外部生态 协同创新。尽管现有研究对民营企业创新有所涉猎，但在外部资源对民营企业利 用式创新的影响，尤其是数字化转型背景下企业整合内外部资源实现创新的研 究方面，仍存在不足。股东社会资本作为潜在的关键外部资源，其对民营企业利 用式创新的影响及数字化转型在其中的作用亟待深入探究。基于此，本文基于资 源基础理论、社会资本理论、动态能力理论以及数字创新理论，以 2010-2023 年 沪深 A 股民营上市公司数据为样本，系统剖析股东社会资本、数字化转型与企 业利用式创新的关系。 首先，本文通过辨别公司在观测年度所获各专利的专利分类号（IPC）前 4 位是否曾在过去 5 年中出现，确定利用式专利数量从而构建利用式创新数据；从 程度中心度、中介中心度、接近中心度及特征向量中心度等四个网络中心度平均 值刻画股东社会资本中心度指标。研究发现，股东社会资本对企业利用式创新有 显著正向促进作用，能有效提升企业利用式创新水平，且该结论经替换自变量、 倾向得分匹配（无放回 1：1 最邻近匹配、核匹配、半径匹配及马氏匹配）、工 具变量回归、考虑前十大股东存在“一致行动人”情况、安慰剂测试以及外部冲 击事件等一系列严格的稳健性检验后依然稳健。为了排除其他可能的假设对研 究结论的挑战，本文也排除了其他可能解释（排除国有股东的影响、排除高科技 行业的影响、排除宏观经济环境的影响），以证实研究结论的稳健性。 其次，影响机制研究方面，本文使用文本分析法和专家打分法构建制造业企 业的数字化转型指数。研究发现，经根据 Sobel 检验和 Goodman 检验得知，中 介效应存在，说明股东社会资本通过提升企业的数字化转型，从而提升企业利用 式创新水平。数字化转型是股东社会资本影响民营上市公司利用式创新的中介 变量，股东社会资本通过推动企业数字化转型进而提升利用式创新水平。 再次，在异质性分析方面，从股东社会资本特质来看，相比于基于金融机构 的股东社会资本，非金融机构股东形成的连接对企业利用式创新产生更显著的 正向影响；相比于不具有地理关联的股东社会资本，具有地理关联形成的社会资本对企业利用式创新产生更显著的正向影响；相比于不具有行业关联的股东社 会资本，相同行业关联形成的社会资本对企业利用式创新的正向影响更大。从影 响两者关系的因素分析，地区营商环境会显著正向调节股东社会资本与企业利 用式创新之间的正向关系；行业竞争压力会显著正向调节股东社会资本与企业 利用式创新之间的正向关系；数字化转型显著调节股东社会资本与企业利用式 创新之间的正向关系。 最后，进一步研究方面，第一，本文进行了股东社会资本影响企业数字化转 型战略机理分析，研究显示，股东社会资本可能通过提高信息技术背景高管的数 量、提高无形资产投入以及构建数字技术能力，进而推动企业数字化转型战略的 实施。第二，本文探索了股东社会资本与企业探索式创新直接的关系。结果显示， 股东社会资本会显著促进企业利用式创新，而没有显著影响探索式创新，这一结 论在进行替换自变量、倾向得分匹配、工具变量回归以及考虑前十大股东存在 “一致行动人”情况等一系列稳健性检验后，仍然保持稳健。第三，本文基于资 源配置视角、战略配置视角以及风险管理视角，探索了股东社会资本对利用式创 新与探索式创新影响的差异性来源。从资源配置视角看，股东社会资本通过优化 信息流动和资源整合，显著推动了企业对利用式创新的投入调整，但对探索式创 新的投入调整影响不显著。从战略配置视角看，股东社会资本通过其信息流动、 资源整合和决策协同等机制，显著促进了企业在利用式创新上的战略调整，而对 探索式创新的战略调整影响不显著。从风险管理视角，股东社会资本倾向于减少 对高失败率项目的容忍度，增加对低失败率项目的支持，从而显著推动企业的利 用式创新。第四，本文进行了股东社会资本与企业双元平衡的关系检验。结果显 示，股东社会资本倾向于推动企业在利用式创新和探索式创新之间的失衡，偏向 于支持一种创新模式，而非平衡地进行两种创新。第五，本文分析了股东社会资 本提升利用式创新的增量效应。研究发现，股东社会资本通过促进企业的利用式 创新，能够显著增强企业的供应链韧性以及提升企业供应链效率。 本研究的创新点主要体现在以下方面：其一是拓展了利用式创新的理论边 界，从以往聚焦企业内部视角转向关注股东社会资本这一关键外部资源，系统探 讨其对民营企业利用式创新的影响，并引入数字化转型作为中介变量，揭示技术 驱动因素在资源整合与能力转化中的作用；其二是创新性地构建了股东社会资 本影响利用式创新的微观机制分析框架，将其从传统融资、并购领域延伸至创新 管理领域，丰富了创新理论的研究视角。通过整合资源基础理论、社会资本理论与数字创新视角，本文深化了对民营企业在复杂环境下实现外部资源向内部创 新能力转化路径的理解，为推动双元创新提供了新的理论支撑。其三，研究内容 新颖丰富。一方面，综合考量股东社会资本特质（如金融与非金融机构股东、地 理关联、行业关联）以及多种内外部因素（地区营商环境、行业竞争压力、数字 化转型程度）对股东社会资本与利用式创新关系的异质性影响，全面深入地剖析 了两者关系在不同情境下的变化规律；另一方面，进一步探究了股东社会资本影 响企业数字化转型战略的机理，对比分析其对利用式创新和探索式创新的差异 影响及根源，还检验了与企业双元创新平衡的关系并挖掘其提升利用式创新的 增量效应，拓展了企业创新研究的广度和深度，丰富了相关领域的研究内容。 本研究成果对民营企业的发展具有一定的启示意义。研究表明，民营企业在 资源受限的环境下，可通过发挥股东社会资本作用、推动数字化转型，有效整合 外部资源、优化内部能力配置，从而提升利用式创新水平。基于研究结果，建议 企业强化与关键股东的战略合作，积极构建以“工匠精神”为文化底蕴的创新体 系，提升产品和服务的持续改进能力。同时，政府与相关机构应进一步优化营商 环境、支持企业数字化转型进程，增强民营企业的创新活力与市场竞争力。此外， 本文还有以下不足，其一为本研究仅以沪深 A 股民营上市公司为样本，限制了 结论的普适性，因此，后续的研究中可以继续从其他板块或其他类型公司进行深 入分析。其二，由于数据限制，未能深入探讨股东社会资本在企业创新不同阶段 的作用机制，在后续研究中可以结合实验研究方法，设定场景，进行深入分析。 其三，研究未能全面考虑股东社会资本在不同经济周期和市场环境下的异质性 影响，因此，未来研究可进一步从更多可能的外部环境变化中识别可能影响股东 社会资本与企业利用式创新关系的异质性变量，进一步挖掘两者关系的边界条 件。
英文摘要：	The booming development of digital technologies has brought new opportunities for the exploitative innovation of private enterprises. It not only provides diverse means of innovation but also promotes the in-depth integration of exploitative innovation with market demands and encourages collaborative innovation between enterprises and the outside world. Although existing research has touched upon the innovation of private enterprises, there are still gaps in studying the impact of external resources on the exploitative innovation of private enterprises, especially in research on how enterprises integrate internal and external resources to achieve innovation in the context of digital transformation. As a potentially crucial external resource, the impact of shareholder social capital on the exploitative innovation of private enterprises and the role of digital transformation in this process remain to be explored in depth. Based on this, this paper draws on basic theories, such as social capital theory, dynamic capabilities theory, and digital innovation theory. Taking the data of privately listed companies on the Shanghai and Shenzhen A-share markets from 2010 to 2023 as a sample, it systematically analyzes the relationships among shareholder social capital, digital transformation, and enterprise exploitative innovation. Firstly, this paper constructs the data on exploitative innovation by identifying whether the first four digits of the International Patent Classification (IPC) of each patent obtained by the company in the observation year had appeared in the past five years to determine the number of exploitative patents. The shareholder network centrality index is characterized by the average value of four network centrality measures: degree centrality, betweenness centrality, closeness centrality, and eigenvector centrality. The research finds that shareholder social capital has a significant positive promoting effect on enterprise exploitative innovation and can enhance the level of enterprise exploitative innovation. This conclusion remains robust after a series of strict robustness tests, including replacing the independent variable, eliminating the impact of the COVID-19 pandemic, propensity score matching (1:1nearest neighbor matching without replacement, kernel matching, radius matching, and Mahalanobis matching), instrumental variable regression, considering the situation of “persons acting in concert” among the top ten shareholders, placebo tests, and external shock events. To rule out challenges to the research conclusion from other possible hypotheses, this paper also excludes other possible explanations (such as excluding the influence of shareholders, the influence of high-tech industries, and the influence of the macro-economic environment) to confirm the robustness of the research conclusion. Secondly, in terms of the research on the impact mechanism, this paper constructs a digital transformation index for manufacturing enterprises using text analysis and expert scoring methods. The research findings, based on the Sobel test and Goodman test, indicate the existence of a mediating effect. This shows that shareholder social capital enhances the level of enterprise exploitative innovation by promoting the digital transformation of enterprises. Digital transformation serves as a mediating variable in the relationship between shareholder social capital and the exploitative innovation of private listed companies. Shareholder social capital boosts the level of exploitative innovation by driving the digital transformation of enterprises. Thirdly, in the analysis of heterogeneity: From the perspective of the characteristics of shareholder social capital, compared with shareholder social capital based on financial institutions, the connections formed by non-financial institution shareholders have a more significant positive impact on enterprise exploitative innovation. Compared with shareholder social capital without geographical connections, the social capital formed through geographical connections has a more significant positive impact on enterprise exploitative innovation. Compared with shareholder social capital without industry connections, the social capital formed by the same-industry connections has a greater positive impact on enterprise exploitative innovation. Regarding the analysis of the factors influencing the relationship between the two, the regional business environment significantly and positively moderates the positive relationship between shareholder social capital and enterprise exploitative innovation. The industry competition pressure significantly and positively moderates the positive relationship between shareholder social capital and enterprise exploitative innovation. Digital transformation significantly moderates the positive relationshipbetween shareholder social capital and enterprise exploitative innovation. Finally, in further research, first, this paper analyzed the mechanism of how shareholder social capital affects enterprises’ digital transformation strategies. The research shows that shareholder social capital may promote the implementation of enterprises’ digital transformation strategies by increasing the number of senior executives with information technology backgrounds, increasing intangible asset investment, and building digital technology capabilities. Second, this paper explored the relationship between shareholder social capital and enterprises’ exploratory innovation. The results show that shareholder social capital significantly promotes enterprises’ exploitative innovation but has no significant impact on exploratory innovation. This conclusion remains robust after a series of robustness tests, such as replacing independent variables, eliminating the impact of the COVID-19 pandemic, propensity score matching, instrumental variable regression, and considering the situation of “persons acting in concert” among the top ten shareholders. Third, from the perspectives of resource allocation, strategic configuration, and risk management, this paper explored the differential sources of the impact of shareholder social capital on exploitative and exploratory innovation. From the resource allocation perspective, shareholder social capital significantly promotes enterprises’ adjustment of investment in exploitative innovation by optimizing information flow and resource integration, but has no significant impact on the adjustment of investment in exploratory innovation. From the strategic configuration perspective, shareholder social capital significantly promotes enterprises’ strategic adjustment in exploitative innovation through mechanisms such as information flow, resource integration, and decision-making synergy, while having no significant impact on the strategic adjustment of exploratory innovation. From the risk management perspective, shareholder social capital tends to reduce the tolerance for high-failure-rate projects and increase support for low-failurerate projects, thus significantly promoting enterprises’ exploitative innovation. Fourth, this paper tested the relationship between shareholder social capital and enterprises’ ambidextrous balance. The results show that shareholder social capital tends to drive an imbalance between exploitative and exploratory innovation in enterprises, favoring one innovation model rather than balancing the two. Fifth, this paper analyzed theincremental effect of shareholder social capital in enhancing exploitative innovation. The research finds that shareholder social capital can significantly enhance enterprises’ supply chain resilience and improve supply chain efficiency by promoting enterprises’ exploitative innovation. The possible contributions of this study are mainly reflected in the following aspects: Firstly, the research topic has significant practical value. This study focuses on the exploitative innovation of private listed companies in an environment of limited resources and fierce competition, which is closely related to the development dilemmas of private enterprises. In the current economic situation, private enterprises urgently need effective innovation methods to break through development bottlenecks and enhance their competitiveness. By exploring the relationships among shareholder social capital, digital transformation, and exploitative innovation, this research provides practical guidance for private enterprises to optimize their innovation paths and integrate external resources. It helps enterprises balance resource investment and innovation risks in a complex market environment and thus has strong practical application value, which can assist private enterprises in achieving sustainable development. Secondly, the theoretical framework is innovative and comprehensive. This study integrates the resource-based theory, social capital theory, dynamic capabilities theory, and digital innovation theory to construct an analytical framework supported by multiple theories. It innovatively incorporates shareholder social capital into the research scope of private enterprises’ exploitative innovation and deeply explores the mediating and moderating roles of digital transformation. This breaks the limitations of previous single-theory research and reveals the collaborative mechanism between external resources and internal enterprise transformation in the innovation process from a new perspective, providing a new logical approach for the development of enterprise innovation theory. Thirdly, the research content is novel and rich. On the one hand, this study comprehensively considers the heterogeneous impacts of shareholder social capital characteristics (such as financial and non-financial institution shareholders, geographical connections, and industry connections) and various internal and external factors (regional business environment, industry competition pressure, and degree of digital transformation) on the relationship between shareholder social capitaland exploitative innovation. It deeply analyzes the changing rules of this relationship in different situations. On the other hand, it further explores the mechanism of how shareholder social capital affects enterprises’ digital transformation strategies, comparatively analyzes its impacts on exploitative and exploratory innovation and their sources, tests the relationship with the ambidextrous innovation balance of enterprises, and explores the incremental effect of enhancing exploitative innovation. This expands the breadth and depth of enterprise innovation research and enriches the research content in related fields. This paper has certain practical implications: (1) It provides some references for private enterprises to enhance their competitiveness. This research reveals the impact mechanisms of shareholder social capital and digital transformation on the exploitative innovation of private enterprises. It helps private enterprises, under the condition of limited resources, integrate external resources with the help of shareholder social capital, and rely on digital transformation to improve resource allocation and innovation response capabilities. By doing so, they can balance resource investment and innovation risks, achieve innovation breakthroughs, and thus enhance their competitiveness in the market. (2) It effectively promotes the cultivation of the “craftsman spirit” and builds a unique competitive advantage. Exploitative innovation is in line with the concept of the “craftsman spirit”, providing a practical ground and innovation impetus for the cultivation of the “craftsman spirit”, while the “craftsman spirit” provides cultural support, spiritual guarantee, and sustainable motivation for exploitative innovation. Enterprises can, based on the research results, cultivate and practice the “craftsman spirit” during the process of exploitative innovation. By continuously improving products and services, they can form a unique competitive advantage. (3) It stimulates the vitality of private enterprises and promotes high-quality economic development. This research offers a basis for decision-making by the government and relevant institutions. The government can refer to the importance of external resource integration and internal capacity optimization in this research, optimize the business environment, promote digital transformation, and facilitate collaborative innovation among enterprises. In this way, it can formulate policies that better meet the actual needs of private enterprises, create favorable external conditionsfor the innovation of private enterprises, and thus promote high-quality economic development. Moreover, this study has the following limitations. First, the research only uses private listed companies from the Shanghai and Shenzhen A-shares as samples, which limits the generalizability of the conclusions. Therefore, future studies can continue to explore other sectors or types of companies. Second, due to data limitations, the study did not deeply explore the role of shareholder social capital in different stages of corporate innovation. Future research could incorporate experimental methods, set specific scenarios, and conduct more detailed analyses. Third, the study did not comprehensively consider the heterogeneous effects of shareholder social capital under different economic cycles and market environments. Thus, future research can further identify potential external environmental changes that may affect the relationship between shareholder social capital and corporate innovation, and explore the boundary conditions of this relationship.
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