促进还是抑制:家族涉入对专精特新企业经营绩效的影响

Facilitating or Inhibiting:The Impact of Family Involvement on Firm Performance of“SRDI”Firms

专精特新企业是促进科技进步和提升产业竞争力的关键力量。尽管大多数专精特新企业属于家族企业,但现有研究很少关注家族涉入对专精特新企业经营绩效的影响。实证研究发现:相较于非家族专精特新企业,专精特新家族企业具有更好的经营绩效,揭示了产权性质在专精特新企业经营方面所发挥的作用;在专精特新家族企业中,董事长和总经理职位由同一人担任促进了企业经营绩效,而代际传承则对其经营绩效产生负面作用。

“Specialized,refined,differential,and innovative”(SRDI)firms,as key small and medium-sized enterprises(SMEs)nurtured by the state,play a critical role in technological advancement and enhancing industrial competitiveness.The sustained high-quality development of these firms is crucial for China’s strategic goals of becoming a manufacturing and innovation powerhouse.Although most“SRDI”firms have a family business background,current research is insufficient in exploring how the nature of property rights and familial attributes impact their business performance.Family businesses exhibit uniqueness in R&D investment and international decision-making,which may result in firm performance that differs from non-family businesses.Therefore,a thorough investigation into how family involvement affects the performance of“SRDI”firms is essential for promoting their continuous high-quality development.With the aim of revealing the effect of property rights on business performance,this paper examines the performance differences between family and non-family“SRDI”firms and analyzes the impact of CEO duality and intergenerational succession on the performance of family“SRDI”firms.Taking 1,546 listed“SRDI”firms from 2010 to 2022 as research objects,we find that compared with the non-family“SRDI”firms,family“SRDI”firms have better firm performance.Moreover,for family“SRDI”firms,firm performance can be promoted when the same person is the chairman and CEO.However,when family“SRDI”firms face intergenerational succession,i.e.,when the second generation takes over the businesses,their business performance tends to decline.The theoretical contribution of this study lies in revealing the mechanism of family involvement’s influence on the business performance of“SRDI”firms.On the one hand,by comparing the business performance of family and non-family“SRDI”firms,we find that the former performs better,validating the rationality of family-run businesses and providing a new perspective for the family business research.On the other hand,the finding that CEO duality boosts performance while intergenerational succession has negative impacts highlights the key issues to address in terms of the high-quality sustained development of family“SRDI”firms,particularly mitigating the negative impacts of succession.This study offers valuable practical insights for the sustained high-quality development of“SRDI”firms.First,family businesses should implement the“SRDI”strategy by focusing on the niche areas to achieve specialization and innovation,thereby enhancing economic returns.Second,family“SRDI”firms should optimize their governance structures to ensure centralized power and efficient decision-making mechanisms,which will boost overall performance.Finally,prioritizing the training of successors is crucial for smooth succession and long-term growth.Specifically,introducing external experts can bring fresh perspectives to address changes and meet challenges,supporting the firm’s sustainable development.