外资股东涉入对家族企业创新的影响

Impact of Foreign Shareholder Involvement on Innovation of Family Enterprises

本文基于2006—2021年中国上市家族企业数据,采用双向固定效应模型分析外资股东涉入对家族企业创新的影响。研究发现,虽然目前我国外资股东参股在家族企业中存在“同股不同权”的现象,但是外资股东涉入依然能促进家族企业创新。其中,公司治理能力和技术吸纳能力的提高是其中介渠道。进一步研究发现,外资股东涉入促进了家族企业创新质量和创新数量,并且对直接创办型以及处于高新技术行业的家族企业创新的促进作用更明显。因此建议:进一步加大对外开放力度,放宽对外国投资者投资上市公司的限制;家族企业应合理引入外资股东参股,充分发挥异质性外资股东的技术优势与管理优势。

Based on the data of listed family enterprises in China from 2006 to 2021,this paper uses a two-way fixed-effect model to analyze the impact of foreign shareholder involvement on the innovation of family enterprises.The study shows that although there is a phenomenon of"same shares with different rights"among foreign shareholders in family enterprises,the involvement of foreign shareholders can still promote the innovation of family enterprises.Among them,the improvement of corporate governance capacity and technology absorption capacity is its intermediary channel.It is further found that the involvement of foreign shareholders promotes the quality and quantity of innovation in family enterprises,and promotes innovation more significantly in directly established family enterprises and high-tech industries family enterprises.Therefore,it is suggested to further strengthen the opening to the outside world and relax the restrictions on foreign investors investing in listed companies;family enterprises should reasonably introduce foreign shareholders to take shares and give full play to the technical and management advantages of heterogeneous foreign shareholders.