研发投入、独立董事结构与创新绩效——基于中国上市家族企业的实证检验

本文以2012-2015年间中国上市家族企业的面板数据为样本，实证检验家族企业的所有权程度与创新绩效的关系，考察了独立董事、政企关系以及区域市场化程度对二者的调节作用。研究结果表明，家族企业的所有权程度对创新绩效的影响存在倒U型的关系，家族所有权通过研发投入的中介机制对创新绩效产生影响；独立董事的数量和结构均负向调节家族企业的所有权程度影响研发投入的关系；政企关系对于家族企业的研发投入和创新绩效的调节作用不显著；区域市场化程度正向调节家族企业的研发投入和创新绩效；高市场化程度越会削弱政企关系对家族企业的研发投入和创新绩效之间的正向调节作用。通过发现研发投入的中介机制以及独立董事、政企关系和区域市场化程度的调节机制，本文为家族所有权程度与创新绩效的关系以及影响因素做了新的理论诠释。

R&D,independent director structure,innovation performance -An empirical test on Chinese listed family enterprises

Employing firm level data of Chinese family enterprises Panel Data over the period of 2009-2012, this paper empirically tests the relationship between the degree of the ownership and the innovation performance, the moderate effect of government-enterprises, the number and the structure of independent directors and regional marketization. Finding that there is inverted u-shaped relationship between the degree of ownership and innovation performance. The number and the structure of independent directors play a negative moderating role on the relationship between the degree of ownership and R&D. Government-enterprise relationship plays a not significant moderate effect on the relationship between R&D and innovation performance, while Regional marketization plays a positive moderate effect. High regional marketization plays a significantly negative moderating role while the Government-enterprise relationship makes a significantly positive moderating role.Through the above results, this paper gives a new perspective to explain the relationship between the ownership and innovation performance in family enterprises.