生命周期视角下家族所有权对研发投入的影响

The Influence of Family Ownership on R&D Investment from the Life Cycle Perspective

以社会情感财富理论为基础,从生命周期角度出发,探讨了家族所有权与研发投入之间的关系。通过对我国上市家族企业2011—2020年间手动筛选出的9928个样本数据进行实证研究。结果发现:(1)从全样本角度来看,家族所有权与研发投入呈“U”型关系。家族所有权比例较低时,企业为防止社会情感财富损失,会减少研发投入;而当家族所有权比例达到门槛水平后,家族社会情感财富有了保障,研发投入开始增加;(2)不同生命周期下家族所有权对研发投入的影响显著不同,家族所有权对研发投入的影响存在区间效应。在成长期与衰退期,家族所有权与研发投入之间呈现负向线性关系;在成熟期,家族所有权与研发投入之间呈现正“U”型关系。

Based on the socioemotional wealth theory,this paper discusses the relationship between family ownership and firm R&D investment from the perspective of the firm life cycle.Based on the data of 9928 samples manually selected from CMSAR from 2011 to 2020,it finds that,first,from the perspective of the whole sample,family ownership has a U-shaped relationship with firm R&D investment.When the proportion of family ownership is low,firms will reduce R&D investment to prevent the loss of socioemotional wealth.However,when the proportion of family ownership reaches the threshold level,family socioemotional wealth is guaranteed,and R&D investment increases.Second,the impact of family ownership on R&D investment in different life cycles is significantly different,and the impact of family ownership on R&D investment has an interval effect.A negative linear relationship exists between family ownership and R&D investment in growth and decline periods.In the mature stage,a positive U-shaped relationship exists between family ownership and R&D investment.