摘要
以2009—2019年中国沪深两市A股上市家族企业为研究样本,实证检验了多个家族所有者并存及其异质性对企业研发投入的影响。结果发现:多个家族所有者并存会促进企业研发投入。进一步来看,在多个家族所有者并存的企业中,当这些家族所有者之间的亲缘关系疏远时,企业研发投入水平会更高。机制研究表明,多个家族所有者并存会通过企业风险承担、融资约束两种机制影响企业研发投入。
Using the data of A-share listed family firms in China from 2009 to 2019,this paper empirically examines the impact of multiple family owners coexistence and its heterogeneity on firm R&D investment.Result shows that multiple family owners coexistence promotes R&D investment.Further,in firms with multiple family owners,the R&D investment level is higher when the kinship between these family owners is estranged.The mechanisms research shows that multiple family owners coexistence increases R&D investment by improving the level of firm risk-taking and reducing financing constraints.
作者
严若森
李浩
陈静
YAN Ruo-sen;LI Hao;CHEN Jing(Economics and Management School,Wuhan Univrsity,Wuhan 430072)
出处
《软科学》
CSSCI
北大核心
2023年第1期117-123,共7页
Soft Science
基金
国家自然科学基金项目(71872136)
教育部人文社会科学研究规划基金项目(18YJA630126)。
