社会情感财富与研发投资组合:家族治理的影响

Socialemotion wealth and R&D investment portfolio:an empirical study of the impact of family governance

自主创新是重要的国家战略,家族治理是普遍又特殊的治理机制,但我们对这种治理机制对自主创新战略有何影响却所知甚少。研发投资是培育创新能力的最有影响力的因素,不同研发投资类型具有不同的不确定性、专属收益和成本,不同的治理机制从事不同的创新类型。本文考察家族治理如何影响研发投资、研发投资组合和研发投资动力。基于全国性样本数据,本研究发现家族企业的产品研发强度低于非家族企业,但过程研发强度没有显著差异,家族企业过程研发投资占投资组合的比重高于产品研发,规模越大的低开工率家族企业越会提高产品研发投资的强度。这个发现说明了家族企业研发投资的风险规避具有一定的门槛,他们选择风险收益与保持家族社会情感财富的适当组合,具有较高的差绩容忍度。

Self-innovation is an important national strategy,and family governance is an ubiquitous and unique mechanism,but a little is known how the governance mechanism influences the strategy.R＆D is the most powerful factor fostering innovative capacity,various types of R＆D investments correspond to different uncertainty,appropriate return and cost,and various corporate governance mechanisms conduct different types of innovation.The paper examines how the family governance influences R＆D investment,R＆D investment portfolio,and investment momentum.The study,based on national sample,found family business invests less in product R＆D than non-family business,but the intensity of process R＆D is indifferent between the two types of business,as well as the ratio of process R＆D in family business exceeds the ratio of product R＆D in family business,furthermore,the larger family business facing lower utilization of capacity will increase the intensity of product R＆D.The findings indicate family business will be risk avoidance only if risk is beyond some certain threshold,they keep a trade-off between risky gains and preserving SEW,and that they have a fairly high tolerance with bad performance.