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| Research on the Relationship between Family Participation Heterogeneity and Family Business Innovation Performance |
| Li Yanshuang,Yan Xiaojing,Dong Shaohua |
| (School of economics and management,Hebei University of technology，Tianjin 300401，China) |
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Abstract Based on the data of A-share family businesses in Shanghai and Shenzhen stock exchange during the period 2013-2019,establish a relationship model between family participation and enterprise innovation performance,focusing on the intermediary role of R&D investment,and explore the impact mechanism of family participation on enterprise innovation performance.Among them,family participation is redefined as family ownership participation,management authority participation and intergenerational inheritance participation.According to the scope of innovation achievements,innovation performance includes technology innovation performance and product innovation performance.The research indicates that:①family management rights participation and intergenerational inheritance participation has a positive effect on corporate R&D investment and innovation performance.Family ownership participation will inhibit R&D investment and have no significant influence on the company's innovation performance;②R&D investment shows some intermediary role,the involvement of family management rights and intergenerational inheritance has an indirect impact on the enterprises innovation performance through R&D investment.Therefore,it is suggested that family businesses should reduce the involvement degree of family ownership properly,abandon the thinking logic of balancing enterprise innovation with restricted social emotional wealth,and increase the intensity of R&D investment to promote the improvement of enterprise innovation performance.
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Received: 27 August 2020
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