摘要
企业的基本目标是股东财富最大化,但基于情感的家族企业家管理可能增加代理成本而损害股东财富,家族企业的股东财富与情感管理之间可能存在平衡,对形成市场竞争优势的技术创新产生影响;通过对2013—2017年457家中国家族上市公司的家族所有权、家族企业家管理对R&D投入采用固定效应模型进行的实证检验显示:家族所有权会降低R&D投入水平,但家族企业家管理有助于提高R&D投入水平;外部职业经理人的引入会恶化家族所有权与R&D的关系;股权集中度弱化了家族管理权与R&D的关系。
The basic goal of an enterprise is to maximize shareholder wealth,but emotional-based family entrepreneur management may increase agency costs and damage shareholder wealth.There may be a balance between shareholder wealth and emotional management in family businesses,which has an impact on technological innovation that forms a competitive advantage in the market.This paper empirically tests the family ownership and family entrepreneur management of 457 Chinese family listed companies in 2013—2017 using R&D investment.Family ownership will reduce R&D investment levels,but family entrepreneur management will help raise R&D investment levels.The introduction of external professional managers will have a relationship between family ownership and R&D,while equity concentration promotes the relationship between family management rights and R&D.Chinese family businesses reduce their R&D investment and damage shareholder wealth goals due to social emotional management.
作者
芦中坤
敬志勇
Lu Zhongkun;Jing Zhiyong(School of Finance and Business,Shanghai Normal University,Shanghai 200234)
出处
《金融管理研究》
2020年第2期160-176,共17页
The Journal of Finance and Management Research
基金
国家自然科学基金面上项目“我国环保产业R&D投入的决策理论与评价方法的研究”(71673189)
关键词
家族涉入
公司治理
研发投入
情感管理
Family involvement
corporate governance
R&D investment
emotional management
