家族涉入对企业技术创新投入的影响研究

发布时间：2018-04-29 09:30

本文选题：家族涉入 + 技术创新　；参考：《山东大学》2017年硕士论文

【摘要】：改革开放以来,家族企业重新出现,焕发了蓬勃生机。家族企业面临"家业长青"的重大问题,而技术创新是家族企业得以可持续发展的重要保障,这使得对家族企业技术创新问题的研究兼具学术意义与实践意义。研究已经关注到该问题,并进行了一定探索,但仍存在较少关注相悖理论与研究情境等等不足。因此,本文选取中国大陆A股上市的数据,分析并检验家族涉入与企业技术创新投入的直接关系,并从战略选项与治理结构两个角度,实证分析可能的情境因素。上述研究设计一定程度上弥补了现有研究的不足。为深入理解家族企业及其技术创新问题,本文首先收集国内外家族企业技术创新领域经典文献,按照一定的逻辑梳理这些文献涉及的家族涉入方式,并总结现有研究对于家族企业技术创新问题的结论。进一步地,本文从家族涉入与企业技术创新直接关系的冲突观点整合、企业其他战略选项的调节作用以及企业治理因素的调节作用三个方面,展开论述并提出本文的研究假设。通过一定标准,本文选择了 1769个中国A股上市公司观测值作为研究样本。通过相关性分析、多元回归分析等手段,本文发现:首先,尽管存在相悖的逻辑,但家族涉入与企业技术创新存在显著的负相关关系,即企业"家族性"越强,技术创新水平越低;其次,国际化战略对主效应存在调节作用,在国际化程度较深的企业,家族涉入对技术创新的抑制作用较轻;第三,人力资本冗余程度对主效应有调节作用,在人力资本较丰沛的企业,家族涉入对技术创新的抑制作用较轻;第四,治理情境复杂性对主效应有调节作用,在董事会外部性比较高的企业,家族涉入对技术创新的抑制作用较重;最后,期望绩效差距对主效应存在二次调节作用,在绩效不满期望的企业,董事会外部性抑制主效应的程度更深。进一步检验的结果显示上述结论比较稳健。本文主要创新点在于:第一,充分梳理家族企业技术创新逻辑的相悖两面,并以实证证据对其净效应予以验证,较好地弥合了冲突的观点;第二,丰富对影响家族企业创新活动调节因素的认识,并证明家族涉入导致企业决策偏离经济目标,为控制家族将保护情感目标视为决策参照点的观点提供新的经验证据;第三,兼顾血缘与中国传统"礼法",基于"亲等"概念,构建了针对控制家族而言的治理情境复杂性的衡量方式;第四,发现了行为代理理论的一条适用边界:通过对立假设,发现行为代理理论可能更适用于股权分散的或所有权与经营权充分分离的情况,而当企业内治理情况复杂时,其解释有效性就会受到局限。
[Abstract]:Since the reform and opening up, the family business reappeared, coruscating vitality. Family business is faced with the important problem of "family evergreen", and technological innovation is an important guarantee for the sustainable development of family business, which makes the research on technology innovation of family business have both academic and practical significance. The research has paid attention to this problem, and has made some exploration, but there are still some shortcomings such as paying less attention to the contrary theory and the research situation and so on. Therefore, this paper selects the data of A-share listing in mainland China, analyzes and tests the direct relationship between family involvement and enterprise technological innovation investment, and empirically analyzes the possible situational factors from the perspective of strategic options and governance structure. To some extent, the above research design makes up for the deficiency of the existing research. In order to deeply understand the family business and its technological innovation, this paper firstly collects the classical literature in the field of technology innovation of family business at home and abroad, and combs the family involvement mode involved in these documents according to certain logic. And summarizes the existing research on the family business technology innovation conclusions. Furthermore, this paper discusses and puts forward the research hypotheses from three aspects: the conflict point of view of the direct relationship between family involvement and enterprise technological innovation, the regulatory role of other strategic options and the regulatory role of corporate governance factors. According to certain standards, 1769 Chinese A-share listed companies are selected as the research samples. By means of correlation analysis and multiple regression analysis, this paper finds that, first of all, despite the existence of contradictory logic, there is a significant negative correlation between family involvement and enterprise technological innovation, that is, the stronger the "familial" enterprise is, The lower the level of technological innovation, the lower the level of technological innovation. Secondly, the internationalization strategy has a moderating effect on the main effect, and in the enterprises with deeper degree of internationalization, the family involvement has a less inhibitory effect on technological innovation. Third, The degree of redundancy of human capital has a regulating effect on the main effect. In the enterprises with abundant human capital, the family involvement has a less inhibitory effect on technological innovation. Fourth, the complexity of governance situation has a regulating effect on the main effect. In the enterprises with high externality of the board of directors, the family involvement has a heavy inhibitory effect on technological innovation. Finally, the expected performance gap has a secondary role in regulating the main effect, while in the enterprises with unsatisfactory performance expectations, there is a secondary role in regulating the main effect. The externality of the board inhibits the main effect to a greater extent. The results of further tests show that the above conclusions are relatively robust. The main innovation points of this paper are as follows: first, combing the contradictory two sides of the logic of technological innovation in family enterprises, and validating its net effect with empirical evidence, which has better bridged the viewpoint of conflict; second, It enriches the understanding of the factors that influence the regulation of the innovation activities of the family business, and proves that the family involvement leads to the deviation of the business decision from the economic goal, which provides new empirical evidence for the control family to regard the protection of emotional goal as the reference point of the decision; third, Considering consanguinity and Chinese traditional "etiquette law", based on the concept of "kinship", this paper constructs a measure of the complexity of governance situation for the control family. It is found that the behavioral agency theory may be more suitable for the situation of decentralized ownership or separation of ownership and management, but when the internal governance situation is complex, the effectiveness of its interpretation will be limited.
【学位授予单位】：山东大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F273.1;F832.51

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