家族涉入、多元化战略与企业研发投资  

Family Involvement,Heterogeneous Diversification Strategy and R&D Investment of Enterprises

作　　者：张玉明[1] 李荣[1] 闵亦杰[1] 

机构地区：[1]山东大学管理学院,山东济南250100

出　　处：《科技进步与对策》2015年第23期72-77,共6页Science & Technology Progress and Policy

基　　金：国家社会科学基金项目(07BJY008);山东省社会科学基金项目(09CJGZ64)

摘　　要：基于代理理论、资源基础观与社会情感财富理论,利用1 745个中国家族上市公司年度观测值,实证检验了家族涉入与研发投资的关系,并探究了企业国际化战略(地区多元化的一种)、产品多元化战略及其组合的调节作用。结果发现:家族涉入阻碍企业研发投资;国际化战略缓和了家族涉入对研发投资的阻碍作用,但产品多元化战略加剧了上述阻碍作用;同时采取国际化战略与产品多元化战略可以缓和家族涉入对研发投资的阻碍作用。不同类型多元化战略的作用不同,应重视不同的多元化战略及其后果。Based on the agency theory,resource-based view and social motional wealth theory,using 1745 sets of data of Chinese family-controlled listed firms,this paper analyzes the impact of family involvement on R＆D investment.Furthermore,it investigates how the above impact depends on regional diversification（international strategy）,products diversification and the combination of the above two.The empirical results show that family involvement blocks R＆D investment,and the negative effect of family involvement is weaker with higher international strategy,while it becomes stronger with higher product diversification.Further analysis reveals that the combination of regional diversification and product diversification will weaken the negative effect of family involvement on R＆D investment.

关 键 词：家族涉入 研发投资 国际化战略 多元化战略 产品多元化 

分 类 号：F276.5[经济管理—企业管理]