研发投入、独立董事结构与创新绩效——基于中国上市家族企业的实证检验

R&D,independent director structure,innovation performance——An empirical test on Chinese listed family enterprises

本文以2012-2015年间中国上市家族企业的面板数据为样本,实证检验家族企业的所有权程度与创新绩效的关系,考察了独立董事结构、政企关系以及区域市场化程度对二者的调节作用。研究结果表明,家族企业的所有权程度对创新绩效的影响存在倒U型的关系,家族所有权通过研发投入的中介机制对创新绩效产生影响;独立董事结构负向调节家族企业的所有权程度影响研发投入的关系;区域市场化程度正向调节家族企业的研发投入和创新绩效;高市场化程度越会削弱政企关系对家族企业的研发投入和创新绩效之间的正向调节作用。通过发现研发投入的中介机制以及独立董事、政企关系和区域市场化程度的调节机制,本文为家族所有权程度与创新绩效的关系以及影响因素做了新的理论诠释。

Employing the Panel Data of Chinese family listed enterprises over 2009 -2012, this paper empirically tests the rela- tionship between ownership degree and innovation performance, the moderate effect of government - enterprises, the structure of independent directors and regional marketization. It is found that there is an inverted u -shaped relationship between ownership degree and innovation performance. The structure of independent directors play a negative moderating role on the relationship be- tween the degree of ownership and R＆D. Regional marketization plays a positive moderate effect on the relationship between R＆D and innovation performance. High regional marketization plays a significantly negative moderating role while the Government - en- terprise relationship makes a significantly positive moderating role. Through the above results, this paper gives a new perspective to explain the relationship between ownership and innovation performance in family enterprises.