企业集团层面的多元化能够缓解独立企业多元化经营所产生的负面影响，进而可能促进企业的技术创新。文章以A股上市公司2006-2016年数据为样本，研究企业集团及其多元化对企业创新活动的作用。研究结果显示：首先，企业集团的成员公司相比独立公司具有更强的创新能力，而集团多元化则能通过分散成员企业财务风险和共享集团内部的知识溢出进一步提升成员企业的创新能力；其次，企业集团及其多元化对创新的影响均存在着所有制差异，尽管民营企业集团的创新能力不及国有企业集团，但民营企业集团通过多元化提升其成员企业创新能力的作用，则显著强于国有企业集团多元化的相应效果。

Diversification at the business group level can alleviate the negative impact of diversification of independent enterprises, and thus may promote technological innovation of enterprises. Based on the data of A-share listed companies from 2006 to 2016, this paper studies the role of enterprise groups and diversification in enterprise innovation activities. The results show that: Firstly, the member companies of business group have stronger innovation ability than independent companies, while group diversification can further enhance the innovation ability of member enterprises by dispersing financial risks of member enterprises and sharing knowledge spillovers within the group; secondly, there are ownership differences in the impact of business group and their diversification on innovation, although innovation ability of private business group is inferior to that of the state-owned business group, but the effect of the private business group on improving the innovation ability of its member enterprises through diversification is significantly stronger than that of the state-owned business group.

国家自然科学基金面上项目(71874061)