|
|
|
| Research on the Influence Mechanism and Path of State-owned Equity Participation on Family Business Innovation Efficiency |
| Li Huicong,Sun Yahui,Li Yishan |
| (Business School, Beijing Technology and Business University, Beijing 100048, China) |
|
|
|
|
Abstract Under the background of the mixed ownership reform and the implementation of the innovation-driven development strategy, the influence mechanism of state-owned capital's "placard" private enterprises on the enterprise innovation system needs to be studied urgently.Based on the data of listed family companies from 2008 to 2018, from the perspectives of innovation input and innovation output, this paper explores the impact of state-owned equity participation on the innovation efficiency of family companies, and this paper further analyzes the possible impact paths based on shareholder resource theory.Through the empirical findings of Heckman's two-stage model: it is found that the participation of state-owned equity has greatly promoted the innovation input and output of family enterprises, and has finally had a positive impact on the innovation efficiency; Access to government subsidies and improved innovation management capacity are two intermediary channels.The conclusion reveals that the mixed ownership reform has the important role and influence mechanism to stimulate the innovation vitality of private enterprises, and the conclusion also provides a new direction for the family enterprises to improve their innovation efficiency.
|
|
Received: 25 January 2021
|
|
|
|
|
|
| [1] 王斌.股东资源与公司财务理论[J].北京工商大学学报（社会科学版）,2020,63(2):9-21.[2] LPEZ-DELGADO P，DIGUEZ-SOTO J.Lone founders, types of private family businesses and firm performance[J].Journal of Family Business Strategy,2015,6(2):73-85.[3] 宋增基,冯莉茗,谭兴民.国有股权,民营企业家参政与企业融资便利性——来自中国民营控股上市公司的经验证据[J].金融研究,2014,57(12):133-147.[4] 邓永勤,汪静.国有参股股东能够促进企业创新吗[J].科技进步与对策,2020,37(10):81-89.[5] 罗宏,秦际栋.国有股权参股对家族企业创新投入的影响[J].中国工业经济,2019，36(7):174-192.[6] 郝阳,龚六堂.国有、民营混合参股与公司绩效改进[J].经济研究,2017，33(3):124-137.[7] 陆瑶,何平,吴边.非控股国有股权,投资效率与公司业绩[J].清华大学学报(自然科学版),2011, 51(4):513-520.[8] 周琳.民企引入新股东不应“扣帽子”[N].经济日报,2018-09-26(009).[9] 陈建林.家族所有权与非控股国有股权对企业绩效的交互效应研究——互补效应还是替代效应[J].中国工业经济, 2015，32(12):99-114.[10] 朱沆,ERIC KUSHINS,周影辉.社会情感财富抑制了中国家族企业的创新投入吗[J].管理世界,2016，32(3):99-114.[11] 李京文, 袁页, 甘德安.“家文化”与家族企业创新投入的关系研究[J].科技管理研究, 2017,37(12):31-36.[12] 李婧, 贺小刚, 茆键.亲缘关系、创新能力与企业绩效[J].南开管理评论, 2010, 13(3):117-124.[13] 黄海杰,吕长江,朱晓文.二代介入与企业创新——来自中国家族上市公司的证据[J].南开管理评论,2018,21(1):6-16.[14] 李艳双,烟小静,董少华.家族涉入异质性与家族企业创新绩效关系研究[J].科技进步与对策,2020,37(24):90-98.[15] 严若森,杜帅.代际传承对家族企业创新投入的影响——社会情感财富理论视角[J].科技进步与对策,2018,35(8):84-91.[16] 宋增基,尚秋丽.国有股权、社会资本与银行融资便利性——来自中国民营控股上市公司的经验证据[J].商业研究, 2015, 58(6):138-145.[17] 严若森,肖莎.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[J].科技进步与对策, 2019, 36(6):75-84.[18] 余汉,杨中仑,宋增基.国有股权能够为民营企业带来好处吗——基于中国上市公司的实证研究[J].财经研究, 2017, 43(4):109-119.[19] DAILY C M, DOLLINGER M J.An empirical examination of ownership structure in family and professionally managed firms[J].Family Business Review, 2010, 5(2):117-136.[20] SCHULZE W S, LUBATKIN M H, DINO R N, et al.Agency relationships in family firms: theory and evidence[J].Organization Science, 2001, 12(2):99-116.[21] BLOCK J H.R&D investments in family and founder firms: an agency perspective[J].Journal of Business Venturing, 2012, 27(2):248-265.[22] SCHULZE W S, LUBATKIN M H, DINO R N.Toward a theory of agency and altruism in family firms[J].Journal of Finace,2003, 18(4):473-490.[23] SU W, LEE C Y.Effects of corporate governance on risk taking in Taiwanese family firms during institutional reform[J].Asia Pacific Journal of Management, 2013, 30(3):809-828.[24] SCIASCIA S, MAZZOLA P.Family involvement in ownership and management: exploring nonlinear effects on performance[J].Family Business Review, 2010, 21(4):331-345.[25] 王遂昆,郝继伟.政府补贴,税收与企业研发创新绩效关系研究——基于深圳中小板上市企业的经验证据[J].科技进步与对策, 2014，31(9):92-96.[26] 陈玲,杨文辉.政府研发补贴会促进企业创新吗——来自中国上市公司的实证研究[J].科学学研究,2016,34(3):433-442.[27] DIAZ-MORIANA V, CLINTON E, KAMMERLANDER N, et al.Innovation motives in family firms: a transgenerational view[J].Entrepreneurship Theory and Practice, 2020,44(2):256-287.[28] GMEZ-MEJ A L R, K T HAYNES M,NUNEZ-NICKEL, et al.Socioemotional wealth and business risks in family-controlled firms: evidence from Spanish olive oil mills[J].Administrative Science Quarterly, 2007, 52(1):106-137.[29] 王明琳,徐萌娜,王河森.利他行为能够降低代理成本吗——基于家族企业中亲缘利他行为的实证研究[J].经济研究,2014,49(3):144-157.[30] 苏启林,朱文.上市公司家族控制与企业价值[J].经济研究, 2003，19(8):36-45.[31] 李常洪,郭嘉琦,焦文婷,等.家族控制与企业创新投入——信息透明度的调节效应[J].科技进步与对策,2018,35(23):106-112.[32] 顾露露,蔡良,雷悦.家族治理、所有权变更与企业创新——基于中国家族企业的实证研究[J].管理科学,2017,30(2):39-53.[33] 胡元木.技术独立董事可以提高R&D产出效率吗[J].南开管理评论,2012,15(2):136-142.[34] 杨洋,魏江,罗来军.谁在利用政府补贴进行创新——所有制和要素市场扭曲的联合调节效应[J].管理世界,2015，31(1):75-86.[35] ANG J S, COLE R A, LIN J W.Agency costs and ownership structure[J].Journal of Finance, 2000, 55(1):81-106.[36] 温忠麟,张雷,侯杰泰,等.中介效应检验程序及其应用[J].心理学报, 2004,59(5):111-117. |
|
|
|
