中國家族企業接班與研發投資行為之探究

Abstract

相較於非家族企業，家族企業型II代理問題較為嚴重，因而影響家族企業的研發投資行為。本研究旨在檢視家族企業與非家族企業研究發展投資是否有所差異。此外，本研究檢視創始人是否擔任董事長與子女是否已接班對家族企業的研究發展投資之影響。本研究以2010-2015年中國上市企業為樣本，實證結果顯示，相較於家族企業，非家族企業具有較高的研發投資。相較於創始人未擔任董事長之家族企業，創始人擔任董事長之家族企業具有較高的研發投資。根據分年結果，子女有否接班對研發投資並無顯著影響。然合併年度結果顯示，相較於子女已接班之家族企業，子女未接班之家族企業具有較高的研發投資。Compared to non-family firms, family firms have more serious type II agent problem. Thus, agency problems may affect family firms’ R&D investment decisions. The objective of this study is to examine whether the R&D investment is different between family firms and non-family firms. In addition, this study investigates whether the founder serving as the chairman and the succession affect the magnitude of R&D investment. The sample firms are Chinese listed firms from 2010 to 2015. The empirical results show that compared with the family firms, non-family firms have more R&D investment. Compared to family firms whose founders serve as the chairman, family firms whose do not serve as the chairman have more R&D investment. According to the annual results, the succession of second generation has no significant impact on family firms’ R&D investment. However, the pooled results show that compared to family firms which second generation has succeeded, the family firms which do not succeed have more R&D investment.