家族涉入对创业板企业技术创新投入影响研究：绩效困境和市场化程度的调节作用

发布时间：2018-01-14 22:19

本文关键词：家族涉入对创业板企业技术创新投入影响研究：绩效困境和市场化程度的调节作用　出处：《山东大学》2017年硕士论文　论文类型：学位论文

【摘要】：对企业而言,创新是维持其竞争优势、促进核心竞争能力形成的关键因素,尤其是对家族企业来说,创新更是保持基业长青的必要手段,随着"大众创业,万众创新"理念的提出,创新又被提高到了关乎国家命运的高度。而技术创新投入作为创新过程中的首要环节得到越来越多学者的关注,研究表明影响企业技术创新投入的因素很多,包括企业规模、企业文化、高管特征和高管激励等,但公司治理结构是技术创新投入的关键决定因素,家族治理作为最常见的治理结构,对企业的创新投入水平产生重要影响,然而目前家族治理领域的研究大多集中于家族企业内部治理以及企业绩效等方面,有关家族企业技术创新投入的研究还有待进一步深入。家族涉入是区分家族企业和非家族企业的重要特征,因此本文从探讨家族涉入与企业技术创新投入之间的关系入手,将家族涉入进一步分为家族所有权涉入,家族管理涉入和家族传承涉入,全面研究不同类型家族涉入对企业技术创新投入的影响。此外,现有研究大多只简单验证二者之间的直接关系,对于影响二者关系的其他因素探讨尚不深入,尤其是缺乏在我国转型经济背景下讨论影响二者之间关系的因素,因此本文以我国创业板家族企业为研究对象,分别从组织层面和外部环境层面出发,研究企业绩效困境和市场化程度对家族涉入和技术创新投入之间关系产生的影响。本文以创业板家族上市公司为研究样本,经过对符合条件的企业筛选,共得到178家上市公司,选择2011-2015年为研究区间,经过国泰安(CSMAR)数据库、企业年度报告和东方财富网相关信息的匹配整合,得到适用于本研究的数据库,通过Stata软件的数据处理和分析,最终得到以下结论:较高的家族所有权涉入导致较低的企业技术创新投入水平,较高的家族管理涉入导致较低的企业技术创新投入水平,较高的家族传承涉入导致较低的企业技术创新投入水平;企业绩效困境正向调节家族管理涉入、家族传承涉入和技术创新投入之间的关系,即:在企业面临绩效困境时,家族管理涉入、家族传承涉入对企业技术创新投入产生的不利影响越弱;市场化程度正向调节家族所有权、家族管理和技术创新投入之间的关系,即:当市场化程度较高时,家族所有权涉入、家族管理涉入对企业技术创新投入产生的不利影响越弱。与此同时本文也指出:企业绩效困境对家族所有权涉入和技术创新投入的关系不存在显著影响;市场化程度虽然正向调节家族传承涉入与技术创新投入之间的关系,但是调节作用并不显著。
[Abstract]:For enterprises, innovation is the key factor to maintain their competitive advantage and promote the formation of core competitive ability, especially for family enterprises, innovation is a necessary means to keep the basic industry evergreen, along with the "mass entrepreneurship". With the introduction of the idea of "numerous innovation", innovation has been raised to the height of national destiny. As the most important link in the process of innovation, the investment of technological innovation has been paid more and more attention by more and more scholars. The research shows that there are many factors that affect the investment of technological innovation, including the scale of the enterprise, corporate culture, executive characteristics and executive incentives, but the corporate governance structure is the key determinant of the investment in technological innovation. As the most common governance structure, family governance has an important impact on the level of innovation investment. However, most of the current research in the field of family governance focuses on the internal governance of family firms and corporate performance. The research on technological innovation investment of family enterprises needs to be further deepened. Family involvement is an important feature to distinguish family firms from non-family firms. Therefore, this paper discusses the relationship between family involvement and enterprise technology innovation investment, and divides family involvement into family ownership involvement, family management involvement and family inheritance involvement. In addition, most of the existing studies only simply verify the direct relationship between the two, for the other factors affecting the relationship between the two has not been further discussed. Especially in the context of China's transition economy to discuss the impact of the relationship between the factors, so this paper takes the gem family enterprises as the research object, respectively from the organizational level and the external environmental level. This paper studies the relationship between family involvement and investment in technological innovation. This paper takes the gem family listed companies as the research sample and selects the eligible enterprises. A total of 178 listed companies, selected 2011-2015 as the research interval, through Cathay's CSMAR database, enterprise annual report and Oriental Wealth Network related information matching integration. Through the data processing and analysis of Stata software, we can get the following conclusion: higher family ownership involvement leads to a lower level of enterprise technological innovation investment. Higher involvement of family management leads to lower level of technological innovation investment, and higher family inheritance leads to lower level of enterprise technological innovation investment; Enterprise performance dilemma positively regulates the relationship between family management, family inheritance involvement and technological innovation investment, that is, when enterprises are facing performance difficulties, family management involves in. The negative impact of family inheritance on the investment of enterprise technological innovation is weaker; The degree of marketization positively regulates the relationship between family ownership, family management and investment in technological innovation, that is, when the degree of marketization is high, family ownership is involved. At the same time, this paper also points out that there is no significant influence on the relationship between the involvement of family ownership and the investment of technological innovation; Although the degree of marketization positively regulates the relationship between the inheritance of regulatory family and the input of technological innovation, the regulatory effect is not significant.
【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】：F832.51;F273.1

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