促进还是抑制:家族涉入对专精特新企业经营绩效的影响  

Facilitating or Inhibiting:The Impact of Family Involvement on Firm Performance of“SRDI”Firms

作　　者：傅颖[1] 邬爱其[2] 陈磊[3] 胡敏[2] Fu Ying;Wu Aiqi;Chen Lei;Hu Min(School of Public Policy and Administration,Nanchang University,Nanchang 330031,China;School of Management,Zhejiang University,Hangzhou 310058,China;School of Economics and Management,Nanchang University,Nanchang 330031,China)

机构地区：[1]南昌大学公共政策与管理学院,江西南昌330031 [2]浙江大学管理学院,浙江杭州310058 [3]南昌大学经济管理学院,江西南昌330031

出　　处：《浙江大学学报（人文社会科学版）》2024年第9期63-83,共21页Journal of Zhejiang University:Humanities and Social Sciences

基　　金：国家自然科学基金重点项目(72332005);国家社科青年基金项目(22CGL049);国家自然科学基金面上项目(72072159)。

摘　　要：专精特新企业是促进科技进步和提升产业竞争力的关键力量。尽管大多数专精特新企业属于家族企业,但现有研究很少关注家族涉入对专精特新企业经营绩效的影响。实证研究发现:相较于非家族专精特新企业,专精特新家族企业具有更好的经营绩效,揭示了产权性质在专精特新企业经营方面所发挥的作用;在专精特新家族企业中,董事长和总经理职位由同一人担任促进了企业经营绩效,而代际传承则对其经营绩效产生负面作用。“Specialized,refined,differential,and innovative”(SRDI)firms,as key small and medium-sized enterprises(SMEs)nurtured by the state,play a critical role in technological advancement and enhancing industrial competitiveness.The sustained high-quality development of these firms is crucial for China’s strategic goals of becoming a manufacturing and innovation powerhouse.Although most“SRDI”firms have a family business background,current research is insufficient in exploring how the nature of property rights and familial attributes impact their business performance.Family businesses exhibit uniqueness in R&D investment and international decision-making,which may result in firm performance that differs from non-family businesses.Therefore,a thorough investigation into how family involvement affects the performance of“SRDI”firms is essential for promoting their continuous high-quality development.With the aim of revealing the effect of property rights on business performance,this paper examines the performance differences between family and non-family“SRDI”firms and analyzes the impact of CEO duality and intergenerational succession on the performance of family“SRDI”firms.Taking 1,546 listed“SRDI”firms from 2010 to 2022 as research objects,we find that compared with the non-family“SRDI”firms,family“SRDI”firms have better firm performance.Moreover,for family“SRDI”firms,firm performance can be promoted when the same person is the chairman and CEO.However,when family“SRDI”firms face intergenerational succession,i.e.,when the second generation takes over the businesses,their business performance tends to decline.The theoretical contribution of this study lies in revealing the mechanism of family involvement’s influence on the business performance of“SRDI”firms.On the one hand,by comparing the business performance of family and non-family“SRDI”firms,we find that the former performs better,validating the rationality of family-run businesses and providing a new perspective for

关 键 词：专精特新企业 企业绩效 家族涉入 两职合一 代际传承 

分 类 号：F276.5[经济管理—企业管理] F272.3[经济管理—国民经济] F276.3