家族控制、风险投资和企业R&D投资  

Famliy Control, Venture Capital and R&D Investment

作　　者：唐清泉[1] 黎文飞[1] 蔡贵龙 

机构地区：[1]中山大学管理学院,广东广州510275

出　　处：《证券市场导报》2015年第1期32-38,共7页Securities Market Herald

基　　金：自然科学基金项目<关联股东的治理角色研究>(71272202);广东省哲学社会科学规划项目<企业转型创新能力的机制研究>(GD13CGL06);广州市科技计划项目<并购转型的创新研究>(2014Y4300013)资助的研究成果

摘　　要：本文以2007~2012年A股上市家族企业为样本,研究风险投资对家族控制企业R＆D投资机制的影响。研究发现,家族控制的风险规避行为抑制了企业的R＆D投资;有风投背景的家族企业能显著地增加R＆D投资,并对家族控制权与R＆D投资关系产生调节作用,但这种调节的有效性只在家族控制权较低的企业才成立。进一步研究发现,不同特征的风投对家族控制企业的R＆D投资产生的影响不同。风投声誉越高和持股比例越多,对家族控制权与R＆D的调节作用越强;国有风投和本地风投对家族控制权与R＆D的调节作用更强,而联合风投与独立风投没有显著差别。This paper relies upon the data from A-share listed family controlled companies between 2007 and 2012 as sample to study how VC affects the R＆D investment. Our empirical analysis shows that the risk-averse behavior of the family controlled companies restrains R＆D investment.VC-backed family enterprises significantly increases R＆D investment, and the relationship between the family control and R＆D investment is adjusted. The effectiveness of this adjustment is based on the premise that the family control is loose. We further find that different types of VCs have different impacts on the R＆D investment of the family enterprises. Further analysis shows that the more visible and more shareholding of VC the more effective adjustment of family control and R＆D investment. State-owned VC and local VC are also quite effective in constraining family control on R＆D investment. However, there is no significant difference between syndicated VC and Independent VC.

关 键 词：风险投资 家族控制 研发投资 

分 类 号：F830.9[经济管理—金融学]