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。

The Impact of Family Involvement on Technological Innovation: The Roles of Internationalization and Human Resource Slack

Based on the perspective of socioemotional wealth, using the data of Chinese listed firms between 2010~2013, this paper focuses on the relationship between family involvement and technological innovation input, and the moderating role of internationalization and human resource slack. The finding shows that firms with higher degree of family involvement invest less in technological innovation; meanwhile, international strategy and human resource slack can positively moderate the mean effect. These results show that controlling families see the preserving of emotional goals as core interests, and family involvement may drive the firms' decision making away from economic goals, providing new evidences on the view that family firm may treat their emotional goals as reference point of decision making. The further study also shows that the effect of family involvement on technological innovation comes from its feature of ownership type, not ownership concentration.