家族所有权、家族管理涉入与企业R&D投入水平——基于社会情感财富的分析视角

Family Ownership,Family Involvement in Management and the Level of Enterprise R&D Investment:From the Perspective of Socioemotional Wealth

家族所有权影响企业所有者的风险偏好程度与长期目标导向,家族管理涉入则影响企业的管理资源、管理能力与家族成员的利他主义行为以及家族参与企业战略决策的过程。藉此,家族所有权与家族管理涉入分别在不同程度上影响企业R&D投入水平。本文基于社会情感财富的分析视角,并基于对家族所有权与家族管理涉入的区分进行新的拓展,以2008—2011年的634家中国家族上市公司为有效研究样本,对家族所有权、家族管理涉入这两种不同维度的家族涉入方式对企业R&D投入水平的影响进行了实证研究。研究结果表明,家族所有权会降低企业R&D投入水平,家族管理涉入则有助于提高企业R&D投入水平。中国家族企业不应一味为了保护家族社会情感财富而降低其R&D投入水平,进而损害自身的长期发展,而应当尽力采取积极的R&D投入战略,并突破其中的管理资源与管理能力约束,且须通过优化股权结构、合理配置家族管理涉入,以及加强企业治理的规范化与民主化等方式,促进其家族所有权与家族管理涉入的结构性创新。

If socioemotional wealth includes enterprise R＆D investment, family ownership affects business owners＇ risk preferences and long-term goals, and family involvement in management influences the company management resources, management capabilities, altruistic behaviors of family members and family participations in corporate strategic decision-making process. So family ownership and family involvement in management affect the level of enterprise R＆D investment in different degrees. This paper is based on the perspective of socioemotional wealth, uses the data of 634 family listed companies in China during the period of 2008-2011, and explores the difference between family ownership and family involvement in management which are two different ways of family involvements that affect the level of enterprise R＆D investment. According to the study, family ownership reduces the level of enterprise R＆D investment while family involvement in management improves it. This paper makes 3 innovations. Firstly, it uses the perspective of non-economical goals instead of economical goals. That is to say, from the perspective of socioemotional wealth and based on the new exploration of the difference between family ownership and family involvement in management which are two different ways of family in volvements that affect the level of enterprise R＆D investment. This study finds new perspective between family ownership and family involvement in management in the theory and research field. Secondly, from the perspective of socioemotional wealth, this study explores the relationship between family ownership, family involvement in management and the level of enterprise R＆D investment. Thirdly, based on the new exploration of the difference between family ownership and family involvement in management, using the data of family listed companies in China, this study profoundly examines the difference between family ownership and family involvement in management which are two different ways of family involvements that affect the level of R＆D investment. It enriches and deepens the theory and research studies. Especially, it makes some breakthroughs while there are only few studies between family involvement and the level of R＆D investment. According to the study and based on the fact of the generally high ownership concentration in China＇ s family businesses and natural person ultimate control, this paper makes 3 relevant suggestions for the growth of Chinese family enterprises. Firstly, Nowadays faced with changeable and fierce environment, Chinese family corporations should be aware of that family ownership reduces the level of enterprise R＆D investment. They should pay more attention to establishing innovative corporate culture and control enterprise R＆D investment more effectively, rather than blindly reducing the level of theirs R＆D investments in order to protect theirs family socio emotional wealth, which may be detrimental to their long-term development. Secondly, Chinese family corporations should notice that family involvement in management improves the level of theirs R＆D investments and the constraints of management resources and management capabilities. So they should combine their growth with market development, promote moderately and planly training management team more professional and market-oriented and break the constraints of management resources and management capabilities to promote healthy and sustainable development. Thirdly, Chinese family corporations, which are important carriers of Chinese enterprises＇ innovation ability and national innovation capacity should raise the level of theirs R＆D investments, promote structural innovation of family ownership and family involvement in management by optimizing the ownership structure, reducing the level of family involvement in management and strengthening standardization and democratization of corporate governance. Then they can increase their innovation capacity and stress market innovation consciousness, which will effectively promote overall innovation capacity of Chinese enterprises and nation.