家族主义文化对企业创新投资的影响研究  

Research on the familism culture on corporate innovation investment

作　　者：李雪 罗进辉[2] 王雨婷 Li Xue;Luo Jinhui;Wang Yuting(School of Management,Shandong University,Jinan 250100,Shandong,China;School of Management,Xiamen University,Xiamen 361005,Fujian,China;Harbin Audit Bureau,Harbin 150010,Heilongjiang,China)

机构地区：[1]山东大学管理学院,山东济南250100 [2]厦门大学管理学院,福建厦门361005 [3]哈尔滨市审计局,黑龙江哈尔滨150010

出　　处：《科研管理》2024年第12期160-168,共9页Science Research Management

基　　金：国家自然科学基金青年项目:“民营企业‘反向混改’与资本市场信息效率:影响机制与后果”(72302133,2024.01-2026.12);山东省自然科学基金青年项目:“民营企业‘反向混改’的动因与后果:基于产权保护和资源获取视角”(ZR2023QG070,2024.01-2026.12)。

摘　　要：家族企业的创新决策具有鲜明的“家族主义”特征,家族企业主的家族主义文化观念是影响企业创新决策的重要因素。本文基于社会情感财富理论视角,利用2007-2019年中国A股家族控股上市公司数据,根据世界价值观调查数据构建家族主义文化的代理变量,考察了家族主义文化对企业创新投资的影响。结果发现:(1)家族主义文化与企业创新投资之间呈现出非线性的U型关系,意味着家族企业主较淡或较浓的家族主义文化观念均有助于促进家族企业的创新投资;(2)地区市场化环境能够强化这种U型影响关系;(3)本文进一步发现,家族企业主的家族主义文化观念也会影响企业的创新产出,两者间同样呈现U型关系;(4)本文的经济后果分析发现,家族企业主的家族主义文化观念最终会造成家族企业绩效的变化,与短期绩效呈现倒U型关系,而与长期价值呈现U型关系。本文的研究在理论上拓展了家族主义文化这一非正式制度的经济后果的研究范畴,也进一步加深了对家族企业创新决策的认识与理解,在实践上为中国新发展格局背景下如何有效提升广大民营家族企业的创新水平提供了有价值的建议。Innovation decisions in family businesses exhibit distinct"familism"characteristics,with the family business owners′familism culture values being a decisive factor influencing innovation behavior.Based on the perspective of socioemotional wealth(SEW),this paper empirically examined the impact of family owners′familism culture values on family firms′innovation investment by using a panel data sample of China′s A-share family listed firms from 2007 to 2019 and constructed proxy variables for familism culture based on the data collected from the World Values Survey in China.This study found that:(1)there is a U-shaped relationship between familism culture and firms′innovation investment,which means that there are two sides in the influence of familism culture on family firms′innovation investment;and(2)the regional development of marketization institutions strengthens the U-shaped relationship.Further analysis revealed that there is also a U-shaped relationship between familism culture and firms′innovation output.Finally,this paper found that familism culture eventually brings changes to firm performance,showing an inverted U-shaped impact on short-term operating performance and a U-shaped impact on long-term market value.Overall,this study has theoretically expanded the research scope of the economic consequences of familism culture,and further deepened the understanding about the innovation decisions of family firms,and it will also provide valuable practical implications for policymakers and entrepreneurs regarding how to effectively improve family firms′innovation activities.

关 键 词：家族主义文化 家族企业 社会情感财富 创新投资 制度环境 

分 类 号：F272[经济管理—企业管理]