同群企业对家族企业创新投入的影响：降风险还是增收益

当代财经 ›› 2023, Vol. 0 ›› Issue (2): 94-105.

同群企业对家族企业创新投入的影响：降风险还是增收益

吴芳

江西财经大学会计学院,江西南昌 330013

收稿日期:2022-08-02 修回日期:2022-11-29 出版日期:2023-02-15 发布日期:2023-02-14
作者简介:吴芳,江西财经大学助理研究员,博士,主要从事家族企业、企业社会责任与公司财务研究,联系方式pony82006@163.com。
基金资助:
国家自然科学基金项目“承销商跟投制度的治理效应研究：基于科创板的经验证据”（72062016）; 江西省高校人文社会科学重点研究基地项目“家族企业创新投入决策的同群效应研究：基于区域和行业异质性的研究”（JD19023）; 江西省教育厅科学技术项目“绿色发展理念下管理者时间导向对企业环境治理的影响研究——基于文本分析与机器学习的证据”（GJJ2200519）

The Impact of Peer Firms on the Innovation Investment of Family Firms: To Reduce Risks or to Increase Returns?

WU Fang

Jiangxi University of Finance and Economics, Nanchang 330013, China

Received:2022-08-02 Revised:2022-11-29 Online:2023-02-15 Published:2023-02-14

摘要/Abstract

摘要： 中国式现代化离不开民营经济的高质量发展。家族企业是民营经济的重要组成部分,但长期面临创新投入不足的问题。在我国实施创新驱动发展的大背景下,提升家族企业的创新水平意义重大。已有研究通常将家族企业视为独立决策的个体,忽视了其他企业的影响。结合社会心理学与社会情感财富理论,探讨同群企业对家族企业创新投入的影响,可以为解决家族企业创新投入不足问题提供新的视角。实证结果表明,同群企业对家族企业创新投入水平具有明显的促进作用,信息获取性模仿是其中的主要机制,而竞争性模仿的作用并不显著,表明家族企业创新投入同群效应的本质在于降低风险而非增加收益。企业特征和环境特征对上述效应具有异质性影响。当公司内部的股权制衡度较弱或公司处于衰退期、公司外部的经济政策不确定性较大或公司处于东部地区时,家族企业创新投入的同群效应更为显著。

关键词: 家族涉入, 创新投入, 同群效应, 信息获取性模仿

Abstract: The Chinesestyle modernization is inseparable from the high-quality development of private economy. Being an important part of the private economy, family enterprises arefaced with the problem of long-term insufficient innovation input. Under the background of innovation-driven development in China, it is of great significance to improve the innovation level of family firms. The existing studies usually treat family firms as individuals that make independent decisions, ignoring the influence from other firms. Based on the theories of social psychology and socioemotional wealth, this article discusses the influence of peer firms on the innovation investment of family firms, which can provide a new perspective to solve the problem of insufficient innovation investment of family enterprises. The results show that peer firms have a significant promoting effect on the innovation investments offamily firms, and that the information acquisition imitation is the main internal mechanism. While the competitive imitation has no significant effect, which indicates that the essence of that peer effect is to reduce risk rather than increase returns. Both the firms and environment characteristics have heterogeneous influence on the above effects. When the equity restriction degree inside of the companies is weaker, or the company is in recession, or the economic policy uncertainty outside of the company is greater, or the company is located in the eastern region, the peer effect of innovation investment offamily firms is more remarkable.

Key words: family involvement, innovation investment, peer effect, informationacquisition imitation

中图分类号:

F270

吴芳. 同群企业对家族企业创新投入的影响：降风险还是增收益[J]. 当代财经, 2023, 0(2): 94-105.

WU Fang. The Impact of Peer Firms on the Innovation Investment of Family Firms: To Reduce Risks or to Increase Returns?[J]. Contemporary Finance & Economics, 2023, 0(2): 94-105.

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