代际传承对家族企业创新投入的影响——社会情感财富理论视角

The Impact of Family Succession on Innovation Input:Based on the Theory of Socioemotional Wealth

基于社会情感财富理论,以2009-2015年394家中国A股上市家族企业为有效研究样本,就代际传承对家族企业创新投入的影响进行实证研究,考察组织环境特征变量——环境不确定性与家族企业治理主体个体特征变量——二代继承人受教育程度对该影响的调节作用。研究发现:(1)代际传承会降低家族企业创新投入水平;(2)环境不确定性会强化代际传承对家族企业创新投入的负向影响;(3)二代继承人受教育程度会减弱代际传承对家族企业创新投入的负向影响。由此提出,家族企业应将延伸型社会情感财富纳入战略决策考量,并切实加大创新投入,重视对二代继承人多维能力的考察与培养;政府应着力为家族企业代际传承与创新战略实施创造良好的金融、法制与经营等制度环境,提供智力资本与企业家网络平台等支持。

Based on the theory of socioemotional wealth,this paper not only examined the relationship between family succession and innovation inputs in 394 Chinese family listed firms from 2009 to 2015,but also examined the moderating effects of the organizational context characteristic variable,environmental uncertainty,and the individual characteristic variable of family firm's governance subject,the successor's education.The results indicate that family succession negatively affects the innovation of family firms,and environmental uncertainty aggravates the negative impact of succession on innovation investment while the successor's education eases the negative impact of succession on innovation investment.Therefore,the family firms should take the extended socioemotional wealth into account when making strategic decisions to increase the scale of innovation inputs rationally,and pay attention to improve the successor's capacity,while the government should create a favorable financial,legal and business institutional environment for the succession and innovation of family firms,and provide supports for intellectual capital and entrepreneur network platform.