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治理模式与投资视野的关系是一个重要但仍存争论的问题,以往以研发投资作为考察这个问题出发点的研究存在基本假设和研究情境两方面的缺陷。本研究按回报周期将研发投资分成短期和长期两种类型,从SEW理论视角,以转型经济下民营企业研发行为为考察对象,建立了一个从短期和长期角度比较主导联盟目标与企业目标是否兼容的理论模型,探讨新常态时期家族控制与投资视野的关系。基于全国工商联民营企业健康调研的大样本数据的实证研究显示,家族企业短期研发投资的力度低于非家族企业,长期研发投资的力度高于非家族企业,并且,这种行为特点受两种相反力量的调节,充裕的内部研发资源放大了这种特性,动态的外部行业技术抑制了这种特性。这个研究揭示了在损失厌恶的决策模式下,目标兼容性在投资决策中的决定性作用,从时间维度揭示了家族企业投资视野的特点:家族企业兼具长期财务风险偏好和短期风险厌恶的研发投资特点,但这种特点受到企业内部研发资源、外部行业技术动态性因素的调节效应,这为全面认识家族企业的研发投资提供了一个较为全面的分析框架。
The relationship between governance model and investment horizon is an important but still controversial issue. In the past, research on R & D investment as the starting point for examining this issue had some flaws in both basic assumptions and research situations. This research divides R & D investment into short-term and long-term according to the report cycle. From the perspective of SEW theory, taking R & D behavior of private enterprises under transitional economy as the research object, this study establishes a comparison between short-term and long- Theoretical model to explore the relationship between family control and investment horizon in the new normal period. Empirical research based on the large sample data of the National Federation of Private Sector Health Survey shows that the short-term research and development investment of family-owned enterprises is lower than that of non-family-owned enterprises, the long-term research and development investment is higher than that of non-family-owned enterprises, and this behavior is affected by two Conversely, the power of regulation, ample internal research and development resources to amplify this feature, dynamic external industry technology to suppress this feature. This study reveals the decisive role of goal compatibility in investment decision-making under loss-averse decision-making paradigm, revealing the characteristics of family business investment horizon from the time dimension: family-owned R & D investment with both long-term financial risk appetite and short-term risk aversion However, this characteristic is subject to the adjustment effect of internal R & D resources and external industry technical dynamic factors, which provides a more comprehensive analysis framework for fully understanding the R & D investment of family-owned enterprises.