家族涉入对企业创新行为的影响研究

Research on the Impact of Family Involvement on Corporate Innovation Behaviors

本文选取我国上市家族企业2011—2021年的数据,主要研究家族涉入与家族企业创新投入强度之间的关系,研究过程中控制上市家族企业的资产负债率、营业收入、高管人数、公司规模等,并进行时间行业固定效应实证研究。结果表明:(1)家族领导权涉入对家族企业创新投入强度具有积极的促进作用;(2)家族所有权涉入和家族成员参与管理对家族企业创新投入强度具有先促进后抑制的双重作用;(3)在低家族成员参与管理情境下,家族领导权涉入与家族成员参与管理存在负向的交互效应;而在高家族成员参与管理情境下,两者交互效应不显著。

This paper selects the data of China's listed family firms from 2011 to 2021,and focuses on the relationship between family involvement and the intensity of innovation investment in family firms,controlling for the asset-liabilty ratio,operating income,the number of executives,and company size of listed family frms during the research process,as well as conducting empirical research on the time-industry fixed effects.The results show that:1)family leadership involvement has a positive role in promoting the intensity of inovation investment in family fims;2)the involvement of family ownership and the participation of family members in management have a dual role of first promoting and then inhibiting the intensity of innovation investment in family firms;3)with the low participation management of family members,there is a negative interaction effect between family leadership involvement and family member participation management,while with the high participation management of family members,the interaction effect is not significant.