家族控制与企业创新投入

家族企业对社会情感财富目标的追求是其区别于非家族企业的重要特性，社会情感财富目标与企业经济利益间冲突对企业R&D投入的影响不容忽视。以社会情感财富为理论基础，基于573家上市家族企业2011-2015年的面板数据，分析受市场化程度影响时，家族涉入情境下信息透明度对企业R&D投入的影响。结果显示：信息透明度可以有效缓解信息不对称和代理冲突，促进企业R&D投入；家族控制对R&D投入有消极影响；当企业信息透明度较高时，会抑制家族所有者为个人谋取私利的动机，进而增强其对企业R&D投资的积极作用。在市场化程度更高、产权保护力度较大的地区，信息透明度会缓解家族控制权对R&D投入的消极作用。

Family Control and Enterprise Innovation Investment based on the Moderating of Information Transparency

The target of socialemtional wealth(SEW) is the important features of family firms, the conflict that between the goals aboutsocialemtional wealth(SEW) of family firms and economic interests cannot be avoided. In this study, building on the theory of SEW, we analyzed the influences of family investments and information transparency on the R&D investments based on the data of 573 listed companies between the years of 2011 and 2015. The results show that: corporate information transparency can effectively alleviate the information asymmetry and the agency conflict, then promote the R&D investment. Family control has negitive effect on the R&D investment; Family control' negative role will weeken for personal motivation when the corporate information transparency is high. In the regions with high marketization and strong property rights protection ,the impact of corporate information transparency on the relationship between family control and the R&D investment is stronger.