家族涉入的异质性对企业研发投入的影响研究——市场化程度与政治关联的调节作用  

The Impact of the Heterogeneity of Family Involvement on R&D Investment: The Moderating Effects of Marketization Degree and Political Connections

作　　者：严若森[1] 钱向阳 肖莎 李浩[1] YAN Ruo-sen;QIAN Xiang-yang;XIAO Sha;LI Hao(Economics and Management School,Wuhan University,Wuhan 430072,China)

机构地区：[1]武汉大学经济与管理学院

出　　处：《中国软科学》2019年第11期129-138,共10页China Soft Science

基　　金：教育部人文社会科学研究规划基金项目“中国家族企业的创始人政治关联、社会情感财富与控制权代际锁定”(18YJA630126);教育部新世纪优秀人才支持计划项目(NCET-11-0412)

摘　　要：本文将家族涉入按照所有权涉入、控制权涉入、管理权涉入进行分类,以2012-2016年中国沪深两市A股上市家族企业为研究样本,探讨家族股权涉入、家族董事会涉入、家族管理涉入对企业研发投入的影响,以及正式制度环境因素市场化程度与非正式制度因素政治关联对此影响的调节作用。研究结果表明:(1)家族股权涉入、家族董事会涉入均与企业研发投入负相关,家族管理涉入则与企业研发投入正相关;(2)市场化程度对家族股权涉入、家族董事会涉入、家族管理涉入各自与企业研发投入之间的关系均起到负向调节作用,而政治关联对家族董事会涉入、家族管理涉入各自与企业研发投入之间的关系亦起到负向调节作用,但政治关联对家族股权涉入与企业研发投入之间关系的调节作用并不显著。本文揭示了家族涉入的异质性对企业研发投入的影响,能够为家族企业通过调整家族涉入的方式与程度而促进创新与发展提供启示,亦能够为政府制定宏观政策、完善制度环境、引导家族企业加大创新投入提供参考。In this paper, family involvement is classified into family equity involvement, family board involvement and family management involvement. Based on the heterogeneity of family involvement, this paper explores how these three kinds of family involvement affect the R&D investment and the moderations of marketization degree and political connection, which are formal and informal institutional factors respectively. Using the A-share listed family businesses in Shanghai and Shenzhen stock exchange during the period 2012-2016 as empirical samples, the research results show:(1)Family equity involvement and family board involvement are both positively related to the R&D investment, while family management involvement is negatively related to the R&D investment.(2) As for the relationships between three kinds of family involvement and the R&D investment, the marketization degree negatively moderate them all. The political connection is also a negative moderating factor in the relationships between the three family involvements and the R&D investment, except the moderating effect is not significant on the relationship between family equity involvement and R&D investment. This paper reveals how the heterogeneity of family involvement influences the R&D investment and suggests that family businesses can adjust the manners and degrees of family involvement to promote innovation and development. Also, the paper can provide a reference to formulate macro policies, improve the institutional environment and guide family businesses to increase their R&D investments.

关 键 词：家族企业 家族涉入 企业研发投入 市场化程度 政治关联 

分 类 号：F272[经济管理—企业管理]