长期导向投资韧性、数字化转型与家族企业国际创业

Long-Term Orientation Investment Resilience,Digital Transformation and International Entrepreneurship in Family Business

以中国2003—2020年上市家族企业为样本,实证研究家族企业长期导向投资韧性与国际创业的关系,并检验数字化转型在二者之间的中介作用,以及沉淀冗余资源和非沉淀冗余资源对二者关系的调节作用。研究发现:长期导向投资韧性与国际创业正相关,沉淀冗余资源负向调节二者之间的关系;数字化转型在家族企业长期导向投资韧性与国际创业之间发挥积极的中介作用,沉淀冗余资源负向调节数字化转型的中介作用,非沉淀冗余资源正向调节数字化转型的中介作用;拓展分析发现,市场竞争环境、高管团队教育和海外背景异质性正向调节家族企业长期导向投资韧性与国际创业的关系。

Using the listed family businesses in China from 2003 to 2020 as the sample,the paper empirically investigated the relationship between long-term orientation investment resilience and international entrepreneurship in family businesses,and examined the mediating role of digital transformation between the two,as well as the moderating role of absorbed slack resources and unabsorbed slack resources in this relation.The study found that,long-term orientation investment resilience was positively related to international entrepreneurship,and absorbed slack resources had a negatively moderating effect in the relation.Digital transformation played a positively mediating role between long-term orientation investment resilience and international entrepreneurship in family businesses.Meanwhile,absorbed slack resources had a negatively regulating effect on the mediating role of digital transformation,while unabsorbed slack resources had a positively regulating effect here.Extended analysis found that,competitive market environment,executive team cultivation and overseas background heterogeneity have all positively regulated the relationship between long-term orientation investment resilience and international entrepreneurship in family businesses.