创新投资与家族企业系统风险

Innovation Investment and Systemic Risk of Family Enterprises

家族企业是民营经济的主体,其创新行为与创新结果是国家创新驱动战略能否有效实施的关键。然而目前学术界对家族企业与创新活动的研究却存在相悖观点,其重要原因之一就是缺乏创新投资对家族企业系统性影响研究。基于社会情感财富理论,本文采用Beta系数对系统风险进行测量,探索创新投资与家族企业系统风险之间的关系。对2012-2020年沪、深两市非金融类的A股上市家族企业的实证研究结果表明:创新投资与家族企业系统风险之间存在倒U型曲线关系;只有当研发投入强度跨越门槛值(1.2%)时,创新才会显著增加家族企业系统风险,但是当研发投入强度超过门槛值(1.6%)时,创新投资会显著减少家族企业系统风险;从作用机制来看,创新投资通过对非沉淀性冗余产生作用进而影响家族企业系统风险;从作用情境来看,家族涉入程度强化了创新投资影响家族企业系统风险的作用机制。本研究为国家创新驱动发展战略的有效实施提供了依据:家族企业只有持续创新投资、突破门槛约束,才能最终降低企业系统风险。

As the main body of private economy,the innovation behavior and results of family enterprises are crucial to the effective implementation of national innovation strategy.There are inconsistent opinions in the academic researches of family enterprises and their innovation action.One of the important causes is the lack of research on the systematic impact of innovation investment on family business.Based on the social and emotional wealth theory,this paper adopts beta coefficient to measure the systemic risk and explores the relationship between innovation investment and the systemic risks of family enterprises.The empirical study of non-financial A-share listed family companies in Shanghai and Shenzhen in 2012-2020 shows that:(1)there is an inverted U-shaped relationship between R&D investment and the systemic risk of family enterprises;(2)only when the intensity of R&D investment spans the threshold(1.2%),will the innovation investment significantly increase the enterprise risk.While the intensity of R&D investment exceeds the threshold(1.6%),the R&D investment will significantly reduce the enterprise risk;(3)in terms of the mechanism,R&D investment affects the risk of enterprises through its impact on unfixed slack;(4)in terms of the boundary,family involvement strengthens the mechanism by which R&D investment affects the enterprise risk.This study offers evidence for the effective implementation of the innovation-driven development strategy of the state:family enterprises must continue their innovation investment and break through the threshold constraints so as to reduce their systemic risks.