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本文基于社会情感财富视角,以2010-2014年A股上市家族企业为样本,检验了家族所有权与企业研发水平之间的关系,同时就制度环境对两者关系的调节效应做了实证检验。研究结果表明,家族所有权的提高会抑制家族企业进行研发活动,同时不完善的制度环境会加剧家族企业抑制研发活动的行为。上述结果表明家族企业在面临转型升级时,企业内部不应一味地为了保存家族社会情感财富而抑制研发投入水平,而应通过合理优化股权结构等方式进行结构性创新;外部则需要依靠完善的制度环境以引导家族企业进行研发创新。
Based on the social emotional wealth perspective, this paper examines the relationship between family ownership and firm R & D level by taking a family of A-share listed companies from 2010 to 2014 as a sample. At the same time, I empirically test the regulatory effect of the institutional environment on the relationship between the two. The results show that the increase of family ownership will inhibit family-owned enterprises from carrying out R & D activities, while the imperfect institutional environment will aggravate the inhibition of R & D activities by family-owned enterprises. The above results show that in the face of the transformation and upgrading of family businesses, enterprises should not blindly preserve the emotional wealth of the family society and inhibit the level of R & D investment, but should be structural innovations through the rational optimization of ownership structure and other means; the external need to rely on a sound system Environment to guide the family business R & D innovation.