家族涉入对企业双元创新影响的实证分析

The influence of family involvement on firm’s dual innovation performance

摘要:

企业成长过程需要不断平衡探索式创新和利用式创新之间的关系。已有研究往往将分析重点放在公司治理机制对企业双元创新的影响,鲜有对家族涉入与企业双元创新之间关系进行分析。鉴于此,本文聚焦于不同维度家族涉入与企业双元创新之间的关系。以2007-2017年沪深两市A股家族上市公司为研究样本,采用实证检验了家族涉入对企业双元创新的影响。结果表明,家族涉入可以促进企业探索式创新,抑制利用式创新,外部环境的不确定性可以增强家族涉入对企业双元创新的影响。本文丰富了公司治理与双元创新及家族涉入的相关研究,同时也具有一定的实践启示。

Abstract:

The growth process of firms needs to balance the relationship between exploration innovation and exploitation innovation. Existing studies have analyzed the impact of some corporate governance mechanisms on dual innovation, but the impact of family involvement is less emphasized. This paper focuses on the relationship between different dimensions of family involvement and firm’s dual innovation. Using a sample consisting of A-share family-owned listed companies in Shanghai and Shenzhen Stock Exchanges from 2007 to 2017, this paper empirically examines the impact of family involvement on firm’s dual innovation. The empirical results show that family involvement can promote exploration innovation, while decrease exploitation innovation. Further, environment uncertainty can strengthen the relationship between family involvement and dual innovation. The conclusions of this study enrich the relevant research on the relationship between corporate governance and dual innovation and family involvement, and also have some practical implications.