家族涉入异质性与家族企业创新绩效关系研究

基于2013—2019年深沪A股家族企业数据，构建家族涉入与企业创新绩效关系模型，关注研发投入的中介作用，探究家族涉入对企业创新绩效的影响机制。其中，将家族涉入重新界定为家族所有权涉入、管理权涉入和代际传承涉入3个维度，将创新绩效按照创新成果范围划分为技术创新绩效和产品创新绩效两个维度。结果表明：①家族管理权涉入、代际传承涉入均与企业研发投入和创新绩效显著正相关，家族所有权涉入抑制研发投入，对企业创新绩效无显著影响；②家族管理权涉入、代际传承涉入通过研发投入对企业创新绩效产生间接影响，即研发投入在其中表现出部分中介作用。由此,建议家族企业适当降低家族所有权涉入程度，摒弃以限制型社会情感财富的思维逻辑权衡企业创新问题的做法，加大研发投入力度以促进企业创新绩效提升。

Research on the Relationship between Family Participation Heterogeneity and Family Business Innovation Performance

Based on the data of A-share family businesses in Shanghai and Shenzhen stock exchange during the period 2013-2019,establish a relationship model between family participation and enterprise innovation performance,focusing on the intermediary role of R&D investment,and explore the impact mechanism of family participation on enterprise innovation performance.Among them,family participation is redefined as family ownership participation,management authority participation and intergenerational inheritance participation.According to the scope of innovation achievements,innovation performance includes technology innovation performance and product innovation performance.The research indicates that:①family management rights participation and intergenerational inheritance participation has a positive effect on corporate R&D investment and innovation performance.Family ownership participation will inhibit R&D investment and have no significant influence on the company's innovation performance;②R&D investment shows some intermediary role,the involvement of family management rights and intergenerational inheritance has an indirect impact on the enterprises innovation performance through R&D investment.Therefore,it is suggested that family businesses should reduce the involvement degree of family ownership properly,abandon the thinking logic of balancing enterprise innovation with restricted social emotional wealth,and increase the intensity of R&D investment to promote the improvement of enterprise innovation performance.