夫妻共同持股与企业创新投入:基于婚姻契约的视角  

Co-ownership by couples and corporate innovation investment:Based on the perspective of marriage contract

作　　者：陈元 贺小刚 闫静波 彭屹 CHEN Yuan;HE Xiaogang;YAN Jingbo;PENG Yi(College of Business,Shanghai University of Finance and Economics,Shanghai 200433,China;The Department of Business Administration,Shanghai University of Finance and Economics Zhejiang College,Jinhua 321000,China;Antai College of Economics and Management,Shanghai Jiao Tong University,Shanghai 200030)

机构地区：[1]上海财经大学商学院,上海200433 [2]上海财经大学浙江学院工商管理系,浙江金华321000 [3]上海交通大学安泰经济与管理学院,上海200030

出　　处：《管理工程学报》2024年第4期17-35,共19页Journal of Industrial Engineering and Engineering Management

基　　金：国家自然科学基金项目(72272096、71972121、71672105)。

摘　　要：夫妻组合作为中国家族企业中最为常见的治理模式之一,其在企业战略决策中的作用正日益突显。本文以2008—2016年中国家族上市公司为研究样本,实证分析了夫妻共同持股对企业创新投入的影响及其制约机制与内在机理。研究结果表明:(1)相较于其他家族治理模式,夫妻共同持股更有利于促进企业创新投入,且该结果在利用工具变量法、倾向匹配得分法、安慰剂检验等多种稳健性检验后依然成立;(2)家族系统的夫妻差异,比如教育水平与婚前嵌入的儒家文化差异激发了夫妻间的关系冲突,将显著弱化夫妻共同持股对企业创新投入的促进作用。企业系统的经营困境,比如当前组织下滑与预期盈利压力激发了夫妻间的同心效应,有助于强化夫妻共同持股对企业创新投入的促进作用;(3)进一步研究发现,夫妻共同持股促进企业创新投入的关键在于长期导向的传导效应。本文基于婚姻契约的独特性验证了夫妻组合模式的创新激励效应,为深入理解家族企业的创新问题提供了新的理论视角。Innovation offers prerequisites for enterprises to construct core competitiveness,which is the power source for family firms to maintain sustainable development.In recent years,with researchers′further analysis of the internal family governance structure,more and more scholars have called for the study of family firm innovation to pay more attention to the heterogeneity within the family firm group,rather than simply comparing family firms with non-family firms.As a more prevalent family governance model,the influential role of co-ownership by couples in the development of family firms is becoming increasingly prominent.Several studies have been conducted to explore the impact of couple combinations on corporate risk decisions,however,they came to different conclusions.It may be exposed to the following factors:first,the suitability of the theoretical basis.The theoretical perspective of femininity overemphasizes the role of wives and pays less attention to the synergy of couples;The research of social-emotional wealth theory and agency theory is mainly concentrated on the exploration of the enterprise level,as a consequence,it is tough to clarify the impacts of different kinships on the differentiation of enterprises.Second,the inconsistency of the concept range of couple combinations.Marital ownership and marital leadership are the cruxes of defining the couple combination for the current research,whereas,there are essential differences between them.Third,there are no clear boundary conditions for the research,especially for the couple′s relationship with the family system,and the financial status with the enterprise system.Considering that there are some deficiencies in the existing research,this paper attempts to explore the impact of co-shareholding by couples on corporate innovation investment based on the perspective of marital contract.To be more specific,compared with other family governance models,the commitment mechanism of the marital contract promotes the consciousness of risk-sharing in a long t

关 键 词：夫妻共同持股 家族企业 婚姻契约 企业创新投入 长期导向 

分 类 号：F270[经济管理—企业管理]