宗族文化与中国民营企业创新

Clan Culture and Chinese Private Company Innovation

以2007—2018年中国民营上市公司为样本,系统考察了宗族文化对民营企业创新行为的影响及其机制。研究发现,宗族文化显著促进了民营企业创新,缓解融资约束和降低代理成本是宗族文化影响企业创新的两条潜在路径。进一步研究显示,当宗族成员治理参与较高或地区市场化程度较低时,宗族文化的影响更为明显。在区分创新类型后发现,尽管宗族文化在总体上促进了企业创新,但并未提升创新质量,即宗族文化仅促进了企业的改进型创新,却未促进突破型创新。

Taking 2007-2018 Chinese private listed companies as a sample, the paper systematically investigated the influence and mechanism of clan culture on the innovation behavior of private companies. The study found that clan culture had significantly promoted private companies innovation through two potential ways of alleviating financing constraints and reducing agency costs.Further research showed that, this positive effect was more pronounced in the enterprises with higher governance participation degree of clan members, or those located in the regions with lower marketization degree. After distinguishing innovation types, we found that,clan culture had only generally promoted enterprise innovation,but it hadn’t promoted innovation quality. That is, clan culture was conducive to promoted innovation, but not breakout innovation.