摘要
以2010—2020年中国上市家族企业为样本,研究多元化对技术创新的影响及家族治理的调节作用。结果发现:多元化对技术创新具有显著的挤出效应,家族控制和代际传承起到了扭转作用,而家族管理则加剧了这一负面影响。机制检验表明:现金配置的负向中介效应和代理成本的正向中介效应都对抑制技术创新起到了显著的传导作用。
Based on the samples of Chinese listed family enterprises from 2010 to 2020,this paper analyzes the impact of diversification strategy on innovation and the regulating effect of family governance.Results show that diversification strategy has a significant crowding out effect on innovation, family control and family intergenerational inheritance play a reverse role, and family management exacerbate this negative impact.Mechanism test finds that the negative intermediary effect of cash allocation and the positive intermediary effect of agency cost play a significant role.
作者
韩忠雪
高心仪
HAN Zhong-xue;GAO Xin-yi(School of Economic and Management,Hubei University of Technology,Wuhan 430068)
出处
《软科学》
CSSCI
北大核心
2022年第12期75-80,共6页
Soft Science
基金
国家自然科学基金项目(71572053)。
关键词
多元化
家族企业
家族治理
技术创新
diversification
family business
family governance
technological innovation
