政治关联、制度环境与家族企业创新绩效——社会情感财富理论视角的解释

Political Connections, Institutional Environment and Innovation Performance of Family Firms ——Based on the Perspective of Socioemotional Wealth Theory

基于社会情感财富理论,以2012-2015年中国A股上市家族企业为研究样本,从研发投入与研发产出两个方面实证检验政治关联对家族企业创新绩效的影响,以及制度环境对该影响关系的调节作用。实证结果表明,无论是从研发投入还是研发产出看,政治关联都与家族企业创新绩效显著负相关,而好的制度环境则会削弱政治关联对家族企业创新绩效的抑制作用。家族企业应该权衡社会情感财富损益及政治关联得失而避免企业战略短期导向,政府则应为家族企业创新及其绩效提升营造良好的金融、法制、经营等制度环境,减少政治寻租空间。

From the perspective of socioemotional wealth theory, this paper uses the Chinese listed A-share family firms from 2012 to 2015 as research samples to analyze the effect of political connections on innovation performance of family firms, as well as the moderating effect of institutional environment on the relationship, from two aspects of R&D investment and R&D output. The empirical results show that, political connections are negatively correlated with innovation performance of family firms, both from the aspect of R&D investment and R&D output, and good institutional environment will weaken the inhibitory effect of political connections on innovation performance. So family firms should weigh the gains and losses of socioemotional wealth and political connections, to avoid short-term oriented strategies. The government should create a better institutional environment with good financial, legal and operating environment, to enhance the innovation performance of family firms and reduce the spaces for political rent-seeking.