继承者个人特征与家族企业研发投入——以企业两权偏离度为调节

Family business successor′s personal characteristics and firm R&D investment——moderating by firm′s separation of control from ownership

以2007〜2016年沪深两市A股制造行业家族上市公司为样本,研究了继承者的个人特征对家族企业研发投入的影响以及两权偏离度对二者关系的调节作用,研究发现:①继承人海外经历、任职时间均对家族企业研发投入有正向影响;②两权偏离度对继承人受教育水平、任职时间与家族企业研发投入之间的关系具有正向调节效应,即两权偏离程度越高,继承人受教育水平和任职时间对家族企业研发投入的作用越强。我们的研究结论对于家族企业继承人有效发挥个人特征、家族企业合理调整治理结构,以促进企业创新转型具有一定的指导意义。

Using a large sample of A-share Chinese listed companies in the China’s manufacturing industry from 2007 to 2016, this paper studies not only the impact on R&D investment of family businesses brought by successor’s personal characteristics, but also the adjustment effect of the separation of control from ownership on the relationship between them. The paper finds that:(1) The overseas experience and service time of successor are positively impact with R&D investment;(2) The separation of control from ownership has positive regulating effects on the relationships between successor’s education level and successor’s service time and R&D investment of the family businesses. In other words, the higher the separation of control from ownership, the stronger the effect of successor’s education level and successor’s service time on R&D investment of the family businesses. Our research conclusions have certain guiding significance for family heirs to effectively exert their personal characteristics, family enterprises to rationally adjust governance structure, and to promote enterprise innovation and transformation.