去家族化对家族企业创新投入的影响——基于中国上市家族企业的实证研究

The Impact of De-familiarization on Innovation Investment of Family Business —— An Empirical Study of Listed Family Firms in China

摘要:

针对我国家族企业普遍面临的转型升级问题，利用2008-2019年中国上市家族企业数据，探讨家族企业去家族化对于企业研发投入的影响，分析两权偏离度和地区市场化进程的调节作用。研究结果表明:家族企业变更实际控制人与引入外部职业经理人均会显著抑制企业的创新投入；两权偏离度对去家族化与企业创新投入之间的抑制关系没有显著调节作用；地区市场化进程将显著弱化去家族化对企业创新投入的抑制作用。本文有助于拓展家族企业创新的研究视角，为家族企业完善公司治理提供建议。

Abstract:

This paper studies the development of family business, and uses the data of Chinese listed family enterprises from 2007 to 2016 to explore the influence of family business de-family on enterprise R&D investment and the adjustment effect of two power deviation and regional marketization process. The results show that the change of the actual controller and the introduction of external professional managers in the family business will significantly inhibit the innovation investment of the enterprise; the deviation of the two powers has no significant adjustment effect on the suppression relationship between de-familyization and enterprise innovation investment; regional marketization process Will significantly weaken the relationship between family and corporate innovation investment.