家族涉入方式的差异如何影响企业双元创新意愿?

文章以2012-2017 年中国上市家族企业的数据,基于社会情感财富理论,分析了家族在股权与管理层两种不同涉入方式下的战略偏好与目标导向,进而探究出其对于双元创新的影响,并结合产品市场竞争环境下的情形,进一步分析了市场竞争的加剧对于股权涉入和管理层涉入与双元创新关系的调节效应。结果发现：家族在股权涉入与利用式创新呈显著的正相关,但与开发式创新呈负相关,而家族管理层涉入与利用式创新和开发式创新均呈现显著的正相关;产品市场环境的竞争能够加强家族股权涉入与利用式创新的正向关系和家族管理层涉入与开发式创新的正向关系。     

Does wage justice hamper creativity? Pay gap and firm innovation in China

Although the pay gap between executives and employees has received considerable attention, its economic consequences remain unclear due to the unavailability of data. In this study, we examine the effects of the pay gap on firm innovation by using data from Chinese listed firms. We show that: 1) the first-order effect of pay gap on firm innovation is significantly positive, supporting the tournament theory; 2) however, when pay gap is relatively high, the importance of comparison theories increases; 3) high management pay premiums provide incentives for management to devote to innovation activities, while pay premiums for ordinary employees impede firm innovation; and 4) both the employee's human capital and state ownership play significant roles in the negative effects of employee pay premiums on firm innovation. Overall, we provide critical insights and a serious challenge for regulators in China. The policy implications of this study could be of interest to regulators who intend to encourage firm innovation.     

Management innovations in family firms after CEO successions: Evidence from Japanese SMEs

We examine management innovation of family and non-family firms after CEO successions by using data of small- and medium-sized enterprises (SMEs) in Japan. Consistent with predictions based on the resource-based view and agency theory, we find that family firms managed by non-family professional CEO successors are less innovative than those managed by family CEO successors or non-family firms. Further analyses indicate that limited access to family-based resources is a key determinant of the conservativeness of professional CEO successors. Our findings suggest the importance of the congruence of ownership and management in family firms due to CEOs’ access to family-based resources.     

The effects of corporate governance and ownership on the innovation performance of Chinese SMEs

We investigate the degree to which corporate governance and ownership affect the innovation performance of firms in China with a particular focus on privately owned small and medium enterprises. Using the appropriate theoretical frameworks, we derive hypotheses regarding the impact of ownership concentration, board size and composition, and the background of the CEO on innovative activity. These hypotheses are tested using a unique sample of 370 mostly private and relatively small Chinese firms in Zhejiang province, for the period 2004–2006. Using two measures of innovation, invention patents and new product sales, and a variety of estimation methods appropriate to each measure, we find limited evidence that corporate governance affects innovation performance, but the results do depend on the measure of innovation. In general, the results suggest that for this sample, corporate governance and ownership affect innovation activity more strongly when innovation is measured by patenting activity, rather than new product sales. We conclude with a discussion about why this might be.     

家族涉入与企业技术创新:国际化战略与人力资本冗余的调节作用

基于控制家族保护自身情感财富的视角,文章利用2010-2013年度中国上市公司数据,研究了家族涉入与企业技术创新投入之间的关系,并关注了国际化战略与人力资本冗余程度的调节作用。研究发现：家族涉入程度越高,企业技术创新投入越少;当企业国际化程度或人力资本冗余程度较高时,家族涉入所致的负向影响均受到削弱。上述结论验证了家族企业将情感目标视为核心利益的观点;并证明家族涉入会导致企业决策偏离单纯经济目标,这为家族企业将其情感目标作为决策参照点的观点提供了新的证据。研究还发现,家族涉入对技术创新的阻碍作用主要来源于家族控股的控制性质而非股权集中的控制结构。     

家族二代涉入如何提升企业价值——基于中国上市家族企业的经验研究

现有文献从不同理论视角解释了家族企业内部治理、家族成员的所有权和管理权配置以及家族成员特征等对企业价值的影响,忽视了处于传承阶段的家族二代涉入问题及其对企业的作用。本文从所有权和管理权涉入两个方面分析家族二代涉入对家族企业价值的影响机制,通过对616家上市家族企业的实证研究结果发现：家族二代所有权涉入程度凸显了家族财富的传承意愿,对资本市场的价值反映具有积极意义。同时,管理权涉入的调节作用表明,家族二代的管理权配置是对家族所有权继任行为形成的“一致性承诺”,使二代家族所有权涉入和管理权涉入形成较好的效率配置形式,强化了家族企业持续经营的长期战略导向。本文的研究结论对于家族传承方面的研究提供了理论参考和未来研究方向,对于家族企业管理也具有一定的现实意义。     

Role of Institutional Quality in Determining the R＆D Investment of Chinese Firms

This study adds to the understanding of China ＂s innovation prospects by examining how variations in institutional quality within China impact on the R ＆D efforts of firms located in different provincial regions. In the process of identifying the effect of institutional quality, the roles of other factors such as ownership types and market structures are revealed, which provides interesting insight into firms ＂ R＆D behavior. The key findings suggest that institutional quality positively affects the decision offirms to engage in R＆D activities. Once firms start to engage in R ＆D, the subsequent expansion of firm-level R ＆D intensity depends on factors such as market structure. Therefore, strengthening domestic institutional quality is the first critical step towards the goal of building a knowledge-intensive economy in China. Efforts to nurture market development are also important for achieving this goal.     

Relevance of Own R&D and Sources of Knowledge Transfer for Industrial Innovation in China

This study investigates industrial innovation and innovation patterns in China with a comparison to the Asian Newly Industrialized Economies (NIEs). It estimates knowledge production functions based on an original firm‐level dataset. Estimation results suggest that even though firms in China carry out various innovation activities at the same time, the innovation pattern found among their counterparts in the Asian NIEs is still relevant for contemporary China. In particular, sourcing knowledge and technologies from their OEM customers still plays a crucial role for Chinese firms' process innovation. In contrast, firms cannot rely on this knowledge source for realizing more sophisticated, knowledge‐intensive innovation outcomes, such as product innovation and patenting, for which their own R&D engagement is more significant.     

家族承诺何以影响企业的风险承担?

企业创新创业活动具有很强的风险承担属性，创新创业研究离不开对风险承担的关注。本文考察家族承诺对家族企业风险承担的影响机制，基于2015年全国范围内非公有制企业调研，对877个家族企业样本的研究结果显示，家族承诺正向促进企业的风险承担，企业长期导向在家族承诺和企业风险承担的关系中起部分中介作用。通过引入企业长期导向，文章弥补了家族涉入到企业产出之间"缺失的一环"。与此同时本文验证了企业长期导向在中国家族企业情境下，并非有碍而是促进了家族企业风险承担。     

Quantifying the vulnerabilities of China’s corporate sector with contingent claims

This paper measures and analyzes the default risk and debt sustainability of China’s non-financial corporate sector both on an aggregate level and within a sector by employing the contingent claims approach (CCA). Our results suggest that the vulnerabilities of Chinese firms are heterogenous in terms of investment source, ownership group, corporate form, industry type, and geographic unit etc. First, foreign capital enterprises have a lower default risk than domestic capital enterprises. Within domestic capital enterprises, state-owned firms have the lowest default risk, whereas private and collective firms are most unsustainable despite that they have the highest returns on assets. Second, state-controlled firms, private stock limited firms, and Chinese foreign cooperative firms are least vulnerable in the state-owned corporate sub-sector, the private corporate sub-sector and the foreign corporate sub-sector, respectively. Third, all industries except the coal industry are sustainable by industry type. Fourth, the vulnerabilities of local state-owned sub-sectors are diverse across China’s administrative regions. Moreover, we provide robustness tests which support our findings. In Sum, our study shed key light on ensuring the soundness of China’s non-financial corporate sector and thereby maintaining the stability and sustainability of the Chinese economy.     

股权的家族化、家族高管与家族企业业绩

文章利用2004-2015年中国A股家族控股上市公司的相关年度数据,从家族企业股权家族化视角出发,实证检验了股权家族化对家族企业业绩以及对企业是否聘任家族成员担任公司高管的经验影响关系。结果发现：（1）同等条件下,控股家族股权分配的家族化水平越高,其经营业绩表现越差;（2）家族成员担任CEO或董事长等关键高管会加剧股权家族化对家族企业业绩的负向影响关系;（3）同等条件下,公司股权的家族化更可能促使家族企业聘请家族成员担任CEO或董事长。此外,文章进一步分析发现,非核心家族成员参股企业会降低股权家族化与聘请家族成员担任公司CEO之间的正向影响关系。     

Foreign trade and innovation sustainability: Evidence from China

By using data on firms listed on Chinese A-share markets from 2011 to 2017, this study analyzes whether the implementation of China’s the Belt and Road Initiative (BRI) affects the sustainable innovation ability of firms. To address endogeneity concerns, we construct a quasi-natural experiment that focuses on firms with overseas business relationships, which had further expanded its foreign trade scale due to the BRI policy in 2014 to explore the casual relation between foreign trade and firm innovation sustainability. Baseline results indicate that the sustainable innovation ability of firms has improved significantly since the promulgation of the BRI policy in 2014. In addition, we find that the improvement of sustainable innovation ability is caused by the “going-out” effect, rather than the “bringing-in” effect, which is the result of the BRI policy. Results suggest that free trade has been conductive to promoting firm sustainable innovation ability, which is also confirmed in additional robustness and placebo tests.     

“Keep silent and make money”: Institutional patterns of earnings management in China

Assessing the overall quality of Chinese financial data is important to both academic researchers and regulators. Using data from the industrial census of China, we examine the institutional pattern of the manipulation of reported profit statistics by manufacturing firms. This manipulation of profits is called “earnings management.” We find that earnings management is more pervasive in China than in mature market economies such as the U.S., and that Chinese firms appear to follow a “keep silent, make money” strategy by managing their reported earnings to zero. Specifically, we find that increased earnings management is associated with state-owned firms, firms reporting to higher levels of government, and firms in more marketized regions.     

家族涉入程度、环境不确定性与技术创新

文章以2007-2012年中国中小板及创业板上市家族企业为研究样本,依托社会情感财富理论,探究了家族涉入程度对企业技术创新的影响,及环境不确定性对这种影响的调节效应。结果显示家族在所有权层、治理层的涉入程度与技术创新投入及产出都呈显著负相关关系,但当家族企业面临较高的环境复杂性和动态性时,这种负相关关系会减弱。这表明家族涉入程度对技术创新的影响会依具体情境发生变化,当面临环境不确定性较高时,家族会权衡社会情感财富和未来长远发展,加大技术创新力度。该研究具有较强的现实意义和理论价值。     

Innovation,learning, and exporting in China: Does R&D or a technology index matter?

This paper undertakes econometric analysis of innovation, learning, and exporting in automobiles and electronics firms in China using a large-scale 2003 dataset to identify the most appropriate innovation proxy. Drawing on recent literature on innovation and learning in developing countries, it tests two alternative proxies: (i) a technology index (TI) to capture a variety of minor activities involved in using imported technologies efficiently; and (ii) the research and development (R&D)-to-sales ratio, which represents formal technological efforts to create new products and processes, often at world frontiers. A higher TI increases the probability of exporting in both industries, while the R&D-to-sales ratio was not significant. Foreign ownership, technical manpower, and the characteristics of the general manager/chief executive officer also matter. The findings suggest that China's remarkable success in the export of automobiles and electronics since initiating an open-door foreign direct investment (FDI) policy in 1978 is linked to technology transfer from multinationals; systematic investments in and upgrading of minor technological activities (like search, engineering, quality management and design); and human capital. As China's per capita income rises over time, however, formal R&D activities are likely to become more important to sustain competitiveness and technological upgrading in automobiles and electronics.     

Clan culture and family ownership concentration: Evidence from China

This study explores a cultural determinant of family ownership concentration of a corporate. Using hand-collected Chinese genealogy information and a panel of Chinese listed family firms, we find robust evidence that clan culture influences are associated with a significantly higher family ownership concentration. By taking advantage of firm owner birthplace information, we are able to separate the impact of inherited clan culture from that of external environmental factors. To further establish causality, we also employ an instrumental variable (IV) regression strategy and explore the underlying mechanisms.     

上市促进了企业创新吗?——来自创业板制造业企业的经验证据

本研究利用手工收集的2009-2013年在创业板市场申请上市的制造业企业样本以及企业创新专利变量,经过对成功上市企业与终止上市企业的样本匹配,运用双重差分模型考察了上市是否促进我国创业板制造业企业创新,研究结果表明,上市显著促进了企业专利创新。进一步地,我们探讨了上市促进企业创新的机制,结果发现,上市通过改善融资约束显著促进了企业创新,而上市没能通过影响代理问题作用于企业创新。该结果意味着直接金融发展有助于推动企业创新;资本市场的风险分担及融资机制能够降低企业融资约束、进而促进企业创新。这不仅为直接金融促进企业创新提供了新的证据,也为我国进一步发展与完善资本市场,进而促进经济转型、创新发展提供了新的政策启示。     

The role of research and ownership collaboration in generating patent quality: China-U.S comparisons

This paper uses patent data from the U.S. Patent and Trademark Office to investigate the association between inventor collaboration and joint assignee ownership, both domestic and international, and patent quality as measured by the number of claims and citations associated with a patent. Specifically, we compare the quality implications of research collaboration and joint patent ownership for the quality of U.S. and Chinese patents. Overall, we find that domestic inventor collaboration is associated with higher quality results for U.S. patents than Chinese patents. However, for China, international collaboration is associated with more positive quality outcomes; for U.S. patents, international collaboration implies lower quality than that associated with domestic U.S. collaboration. Part of this disparity is due to substantially different quality outcomes associated with joint U.S.-Chinese patents – quality gains for China and quality reductions for the U.S. We also investigate the quality implications of different organization-centered research, including dyadic and triadic collaborations, for patent quality as well as the quality implications of various assignee-inventor relationships, operating through incentive and scale effects. While most firms, particularly those in the U.S., appear to exploit advantages of fewer owner-assignees coordinating the scale benefits of more inventors, universities and research institutes in China appear to rely less on coordination-scale effects and more on the incentive effects associated with assigning patent ownership to inventors.     

Ownership, performance and executive turnover in China

To better understand the relationship between different types of firm ownership and management turnover, this study classifies ownership along two dimensions: the type of owner and the concentration of ownership. Within this framework, a unique data set is used to study the impact of management turnover on a company's performance. This study, in addition to confirming some of the results from previous studies, includes interesting and important new results. Most importantly, it finds evidence that the sensitivity of CEO turnover to performance is weaker in state-controlled firms than in non-state firms, and varies according to different subtypes of private ownership. We also demonstrate that the turnover–performance relationship is curvilinear in ownership concentration, but that this relationship moves in opposite directions under state and private ownership. Important policy implications of these findings are discussed.     

The determinants of capital structure: Evidence from China

This paper employs a new database containing the market and accounting data (from 1994 to 2003) from more than 1200 Chinese-listed companies to document their capital structure characteristics. As in other countries, leverage in Chinese firms increases with firm size and fixed assets, and decreases with profitability, non-debt tax shields, growth opportunity, managerial shareholdings and correlates with industries. We also find that state ownership or institutional ownership has no significant impact on capital structure and Chinese companies consider tax effect in long-term debt financing. Different from those in other countries, Chinese firms tend to have much lower long-term debt.