目标兼容性、投资视野与家族控制:以研发资金配置为例  

Compatibility Goal, Investment Horizon, and Family Control:Evidence from R&D Fund Allocation

作　　者：吴炳德[1] 王志玮[1] 陈士慧[2] 朱建安[3] 陈凌[4] 

机构地区：[1]福州大学经济与管理学院 [2]宁波大学商学院 [3]浙江大学城市学院 [4]浙江大学管理学院

出　　处：《管理世界》2017年第2期109-119,共11页Journal of Management World

基　　金：国家自然科学基金(项目批准号:71272040;71272172;71102066);福建省社科基金(项目批准号:2014B114;FJ2015C113);福建省自然科学基金(项目批准号:2016J01335);福州大学社科科研扶持基金(项目编号:15SKF18);浙江省自然科学基金(项目编号:LY17G020012);浙江省社科重点项目(项目编号:17NDJC031Z);中央财政支持地方高校发展专项基金福州大学工商管理学科建设项目(项目编号:036690)的资助

摘　　要：治理模式与投资视野的关系是一个重要但仍存争论的问题,以往以研发投资作为考察这个问题出发点的研究存在基本假设和研究情境两方面的缺陷。本研究按回报周期将研发投资分成短期和长期两种类型,从SEW理论视角,以转型经济下民营企业研发行为为考察对象,建立了一个从短期和长期角度比较主导联盟目标与企业目标是否兼容的理论模型,探讨新常态时期家族控制与投资视野的关系。基于全国工商联民营企业健康调研的大样本数据的实证研究显示,家族企业短期研发投资的力度低于非家族企业,长期研发投资的力度高于非家族企业,并且,这种行为特点受两种相反力量的调节,充裕的内部研发资源放大了这种特性,动态的外部行业技术抑制了这种特性。这个研究揭示了在损失厌恶的决策模式下,目标兼容性在投资决策中的决定性作用,从时间维度揭示了家族企业投资视野的特点:家族企业兼具长期财务风险偏好和短期风险厌恶的研发投资特点,但这种特点受到企业内部研发资源、外部行业技术动态性因素的调节效应,这为全面认识家族企业的研发投资提供了一个较为全面的分析框架。The relationship between governance mechanism and investment horizon is an important and still controversial theme,current studies,basing on examining R&D input,have two defect including basic assumption and research context.The study divides R&D input into short-term and long-term components according payback period,designing a theory model deriving from SEW perspective comparing the compatibility of dominant alliance’s goal with firm’s goal through examining the R&D investment of private firm in the transition economic,and probing the relationship between governance mechanism and investment horizon.Basing on ACFIC survey sample,the study found the short-term R&D intensity in family business is less than in non-family business,and the long-term R&D intensity in family business is more than in non-family business,and the growth rate of long-term investment in family business exceeds in non-family business and the growth rate of short-term investment is lower in family business when the R&D input is increased,and the industrial technological dynamic negatively moderates the relationship between family business and long-term R&D intensity as well as positively moderates the relationship between family business and short-term R&D intensity.The results indicate the compatibility goal is a determining factor in investment decision,and reveals the feature of investment horizon in family business:financially,family business combines risk-seeking in long-term and risk aversion in short-term,meanwhile,the feature is positively moderated by the abundant resource and negatively moderated by the industrial technological dynamic.The study provides an integrated theory framework about family business’s R&D decision.

关 键 词：损失厌恶 家族企业 研发投入 时间视野 目标兼容性 

分 类 号：F273.1[经济管理—企业管理]