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论文编号：	12480
作者编号：	2120192846
上传时间：	2021/6/12 19:09:44
中文题目：	家族权力涉入与企业研发投入 ——基于中国上市家族企业的实证研究
英文题目：	Family Power Involvement and R&D Investment: Based on Empirical Research of Chinese Listed Family Businesses
指导老师：	牛芳
中文关键字：	家族企业；家族权力涉入；研发投入；政治关联
英文关键字：	Family Businesses; Family Power Involvement; R&D Investment; Political Connections
中文摘要：	家族企业是中国经济高速发展的主要功臣之一，为社会稳定做出了杰出的贡献。有学者将家族企业的独特竞争优势归结于与生俱来的“家族性”。但是在创新引领经济转型的时代背景下，较之非家族企业，家族企业的研发创新能力更低。那么，是这种天然的“家族性”会对家族企业的研发决策产生影响吗？同时结合家族企业普遍存在政治关联的现象，进一步思考政治关联是否会对“家族性”与研发决策之间关系产生影响？ 本文围绕家族权力涉入这一种“家族性”展开，将家族权力细分为所有权和管理权。依托社会情感财富理论和代理理论，本文以2012-2019年中国A股上市家族企业为样本，探究家族权力涉入对企业研发投入的影响，以及政治关联的调节效应。本研究发现：第一，家族所有权涉入、家族管理权涉入抑制了企业研发投入。第二，政治关联既弱化了家族所有权涉入对企业研发投入的阻碍作用，又弱化了家族管理权涉入对企业研发投入的阻碍作用。 根据规范研究和实证分析，本文提出三点政策建议：首先，家族企业应把握适度原则，过度的家族所有权涉入和家族管理权涉入均不利于研发活动。其次，家族企业应摒弃过度追求社会情感财富的倾向，让创新精神成为企业活的灵魂，才能在市场竞争中有立足之地。最后，家族企业建立政治联系，有其合理性和有效性。在新型政商关系下，家族企业应充分利用产业创新政策，加强研发投入，重视长期发展。
英文摘要：	Family businesses have become the backbone of China's economy and have made indelible contributions to social stability. Some scholars attribute the unique competitive advantage of family businesses to the inherent "family nature". However, in the new era where innovation leads to economic transformation, family businesses have relatively low R&D and innovation capabilities compared to non-family businesses. So, will this“family nature”affect the R&D decisions of the family business? At the same time, combined with the phenomenon of the widespread political connection in family businesses, further exploring moderating effect of political connections? This paper focuses on family power involvement, which is one kind of "family nature" and subdivides family power involvement. Taking the A-share listed family businesses from 2012 to 2019 as a research sample, it is based on social emotional wealth theory and principal-agent theory. This paper explores the impact of family power involvement on R&D investment, and the moderating role of political connections on this impact. Through empirical analysis, this paper draws the following two conclusions. First, both family ownership involvement and family management involvement inhibit R&D investment. Second, political connections not only weaken the hindrance of family ownership involvement on R&D investment, but also weaken the hindrance of family management involvement on R&D investment. Combining normative research and empirical analysis, this paper puts forward the following policy recommendations. First, family businesses should grasp the principle of moderation. The excessive family power involvement is not conducive to R&D activities. Second, family businesses should abandon excessively pursuing social emotional wealth and make innovation spirit become core soul in order to gain a foothold in market competition. Finally, the establishment of political connections in family businesses has its rationality and effectiveness. Under the new political-business relationship, family businesses should make full use of industrial innovation policies, strengthen R&D investment, and emphasize long-term development.
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