家族治理与企业创新投入——基于中国私营企业调查数据的分析  

Family Governance and Firm Innovation Investment:An Analysis Based on Survey Data of Chinese Private Enterprises

作　　者：马骏 何轩 Ma Jun;He Xuan(School of Business,Jiangnan University,Wuxi 214122;School of Economics and Trade,Guangdong University of Foreign Studies,Guangzhou 510006)

机构地区：[1]江南大学商学院,无锡214122 [2]广东外语外贸大学经济贸易学院,广州510006

出　　处：《管理评论》2024年第8期79-92,共14页Management Review

基　　金：国家自然科学基金青年项目(72102088);中国科协“科技智库青年人才计划”重点项目(20230504ZZ07240029);教育部人文社会科学研究规划基金项目(21YJA6300026)。

摘　　要：家族企业治理实际是企业治理和家族治理的共同过程,但既有研究大多从企业系统关注企业治理问题,忽视了家族内部的治理问题。尤其是,随着越来越多的中国家族企业进入一二代交接班进程,仅仅关注企业治理显然无法保证企业的稳定经营和顺利传承,家族治理机制的设计和实施将变得不可或缺。鉴于此,本文利用第十四次中国私营企业调查数据库,重点关注家族治理对企业创新投入的影响机制和效应。研究发现:家族治理显著提升了企业的创新投入水平。进一步,随着企业生命周期的发展、家族涉入水平以及企业主对家族身份认同的提升,家族治理的积极作用逐渐增强,其与企业治理的联合效应也从替代转变为协同作用。机制检验发现,家族治理能够通过强化家族传承意愿、降低人力和融资成本来提升企业的创新投入水平。本文有助于加深对家族企业中家族治理效应的认识和理解,从而为家族企业如何适时、适当地设计和实施家族治理提供一定的现实启示。Family business governance is a process of both corporate governance and family governance,but most of existing researches focus on corporate governance from the corporate system,ignoring the governance within the family.In particular,as more and more Chinese family businesses enter the first⁃and second⁃generation succession process,it is obvious that just focusing on corporate govern⁃ance cannot guarantee the stable operation and smooth inheritance of the company,and the design and implementation of family govern⁃ance mechanisms will become indispensable.In view of this,this paper uses the database of the 14th China Private Enterprise Survey to focus on the impact mechanism and effect of family governance on corporate innovation investment.The study finds that family governance significantly improves the level of innovation investment of enterprises.Furthermore,with the development of firm life cycle,the level of family involvement and the improvement of level of owner’s identification with family business identity,the positive role of family govern⁃ance is gradually enhanced,and the joint effect between family governance and corporate governance is also transformed from substitution to synergy.Mechanism test shows that family governance can enhance the level of innovation input by strengthening family succession in⁃tention and reducing labor and financing costs.This paper helps to deepen the knowledge and understanding of the effect of family gov⁃ernance in family business,and thus provides some practical inspiration on how to design and implement family governance in a timely and appropriate manner.

关 键 词：家族企业 家族治理 企业治理 企业创新 

分 类 号：F273.1[经济管理—企业管理] F271[经济管理—国民经济] F276.5F275