民营企业“去家族化”能促进企业创新吗

Can Professionalization of Family Firms Promote Firm Innovation

随着"创一代"的衰老,家族企业面临严峻的传承与创新问题,传统的单一管理模式难以适应新时代的发展。以中国上市公司为样本,本文检验民营企业"去家族化"对创新的影响,并结合职业经理人市场,进一步探讨了职业经理人对企业创新的影响机制。研究发现,民营企业"去家族化"水平越高,公司越倾向于进行更多的研发投入,从而产出更多的研发成果。这说明"去家族化"促进了企业创新,即职业经理人对企业创新具有正向的推动作用。我们进一步发现,当职业经理人面临更激烈的市场竞争时,企业产出更多的研发成果,间接说明职业经理人为提高市场竞争力而推动企业创新。此外,本文的研究还表明,职业经理人对声誉的重视是其推动企业创新的重要因素。

Based on the agent theory and the labor market theory,we study Chinese listed family companies from 2009 to 2014 to analysis and test the influence of professionalization in family firms on innovation.From the perspective of the professional manager market,we discuss the mechanism of this effect.Our empirical results show that firm’s innovation input and output is enhanced as professionalization in family firm increases.Further evidence shows that professional managers tend to promote innovation when they are facing more fierce market competition,implying that professional managers tend to promote innovation in order to improve their market competitiveness.Moreover,professional managers only promote innovation when they concern their market reputation.