风险容忍度与企业创新:基于家族企业二代接班者视角的检验

Risk Tolerance and Enterprise Innovation:The Test Based on the Perspective of the Second Generation Successor in Family Business

家族企业作为民营企业重要组成部分,近年来正面临着创新转型和代际传递的双重挑战。本文试图验证家族企业二代接班对企业创新能力的影响,从而为家族企业面对权杖交接的"惊险一跃"时,如何继续保持产业的基业长青、代代相传提供证据。基于内生及外生性处置效应模型的研究发现:(1)由于家族企业二代接班者长远的投资眼光和战略意图,以及构建自身权威和合法性的需要,他们往往具有更强的风险容忍度,从而倾向于促进企业创新投入;(2)在促进企业创新的路径选择上,"企二代"不仅会通过加大研发投入促进企业原发性创新,还会通过资本运作,例如并购或与其他创新型企业合营为企业带来外部创新。上述结论在经双重差分法剔除"自选择"和"非时变不可观测异质性"等内生扰动后依旧保持稳健。本文的结论不仅拓宽了有关家族企业的研究边界,而且也对中小企业如何促进企业创新以及创新路径选择问题提供了较真实的参考。

As an important part of private enterprises,family enterprises are facing the double challenges of innovation transformation and intergenerational transmission in recent years.This paper attempts to verify the influence of the second generation succession of family business on the innovation ability of the enterprise,so as to provide evidence for how to keep the foundation of the industry evergreen and pass on from generation to generation when the family business faces the "thrilling leap" of the scepter handover.Based on the endogenous and exogenous disposal effect model,we found that:(1)Because of the long-term investment vision and strategic intention of the second generation of family business successors,as well as the need to build their own authority and legitimacy,they tend to have stronger risk tolerance,which tends to promote the innovation investment of enterprises.(2)In the path selection of promoting enterprise innovation,the "second generation of enterprises" will not only promote enterprise primary innovation by increasing R & D investment,but also bring external innovation to the enterprise through capital operation,such as merger and acquisition or joint venture with other innovative enterprises.The above results are still robust after eliminating endogenous disturbances such as "self selection" and "non time variant non observable heterogeneity" by double difference method.The conclusion of this paper not only broadens the research boundary of family business,but also provides a more real reference for small and medium-sized enterprises how to promote enterprise innovation and how to choose innovation path.