集团系族化经营、成员企业研发投资及其市场价值

Group Genealogy Management,R&D Investment and Market Value of Member Enterprises

系族化经营是近年来我国企业集团发展的主要趋势,对成员企业行为及其结果具有重要影响。本文在已有研究基础上,将我国集团控制上市公司划分为系族企业和'独生子'企业两种类型,实证检验集团系族化经营对成员企业研发投资的影响及其经济后果。研究发现,当集团控股股东掏空程度较低时,集团系族化经营能提高成员企业的研发投资强度。区分产权性质后发现,国有集团系族化经营提高了企业研发投资强度,民营集团系族化经营反而降低了研发投资强度。进一步研究显示,集团系族化经营降低了成员企业研发投资的市场价值,且这种价值减损效应在民营企业中更加显著。本文的结果有助于更加全面地理解企业集团系族化经营对创新的影响及其经济后果。

Recently, group genealogy management is the main trend of the development of business groups in China, which has a significant influence on the behavior and behavioral outcomes of member enterprises. Based on the existing researches, we divide the Chinese group-controlled listed companies into two types: genealogy enterprises and 'one-child' enterprises and then empirically examine the influence and economic consequences of group genealogy management on R&D investment of member enterprises. We find that group genealogy management improves the R&D investment intensity of member enterprises on the condition of low level of tunneling by controlling shareholders. After distinguishing the nature of ownership, we find that the group genealogy management of state-owned groups improves the R&D investment intensity, while the group genealogy management of private groups decreases the R&D investment intensity. Further analysis shows that the group genealogy management reduces the market value of R&D investment of member enterprises, which is more prominent in the private enterprises. The results of this paper help better understand the innovative impact and economic consequences of group genealogy management.