题名

中國家族企業及後代接班對研發創新活動之影響

并列篇名

Family Succession and Research and Development Activities: Evidence From China

DOI

10.6295/TAMJ.202108_21(2).0001

作者

翁慈青(Tzu-Ching Weng)；黃馨儀(Hsin-Yi Huang)；許宗文(Tsung-Wen Hsu)

关键词

家族接班 ； 研發創新活動 ； 政治關係 ； 地區差異 ； family succession ； innovative activities ； political connection ； regional differences

期刊名称

台灣管理學刊

卷期/出版年月

21卷2期（2021 / 08 / 01）

页次

1 - 20

内容语文

繁體中文
中文摘要

中國自改革開放以來，家族企業在中國已成為一重要的企業型態，家族企業發展至今已約四十餘年，開始面臨企業接班的問題。因創新為企業追求優勢的指標，故本研究欲探討家族企業接班是否影響創新活動的投入。以2007年至2016年中國上海、深圳上市A股公司為主要研究對象。實證結果顯示，家族企業接班有助於無形資產投入。額外測試更進一步發現，愈有政治關係的接班企業以及座落在組織環境較佳的接班企業，較傾向投入研發活動。
英文摘要

In this study, we examine whether family succession affects the innovative activities. Using Chinese family firms who are listed in Shanghai and Shenzhen A-share from 2007 to 2016, we find that family succession is positively related to the investing amount of intangible assets. Moreover, considering the political connection as a mediator, we find that second-generation family firms with political connections would devote more resource in innovative activities. In addition, we find that after considering for the effect of regional differences, second-generation family firms are more likely to invest in innovative activities.
主题分类 社會科學 > 管理學
参考文献
  1. Chang, L.,Chen, Y.-P.,Hou, C.-P.,Lin, T.-J.,Lee, I.-Z.(2013).A study of the relationship among family business, CEO overconfidence and corporate innovation.Chiao Da Mangement Review,33(1),105-140.
    連結：
  2. 翁慈青,陳光政,游智翔(2016)。公司創新活動對董事會成員職能與政治關係之影響。會計學報，6(2)，55-89。
    連結：
  3. 黃劭彥,林有志,林琦珍,施志成(2008)。智慧資本、智慧資本附加價值與企業績效之整合分析。台灣管理學刊，8(1)，27-46。
    連結：
  4. Acs, Z. J.,Anselin, L.,Varga, A.(2002).Patents and innovation counts as measures of regional production of new knowledge.Research Policy,31,1069-1085.
  5. Adhikari, A.,Derashid, C.,Zhang, H.(2006).Public policy, political connections, and effective tax rates: Longitudinal evidence from Malaysia.Journal of Accounting and Public Policy,25,574-595.
  6. Agrawal, A.,Nagarajan, N. J.(1990).Corporate capital structure, agency costs, and ownership control: The case of all-equity firms.The Journal of Finance,45,1325-1331.
  7. Amir, E.,Lev, B.(1996).Value-relevance of nonfinancial information: The wireless communications industry.Journal of Accounting and Economics,22(1-3),3-30.
  8. Anderson, R. C.,Duru, A.,Reeb, D. M.(2012).Investment policy in family controlled firms.Journal of Banking & Finance,36,1744-1758.
  9. Anderson, R. C.,Reeb, D. M.(2003).Founding-family ownership and firm performance: Evidence from the S&P 500.The Journal of Finance,58,1301-1328.
  10. Barker, V. L., III.,Mueller, G. C.(2002).CEO characteristics and firm R&D spending.Management Science,48,782-801.
  11. Barney, J.(1991).Firm resources and sustained competitive advantage.Journal of Management,17,99-120.
  12. Baysinger, B. D.,Kosnik, R. D.,Turk, T. A.(1991).Effects of board and ownership structure on corporate R&D strategy.Academy of Management Journal,34,205-214.
  13. Beatty, R. P.,Zajac, E. J.(1987).CEO change and firm performance in large corporations: Succession effects and manager effects.Strategic Management Journal,8,305-317.
  14. Bennedsen, M.,Fan, J. P. H.,Jian, M.,Yeh, Y.-H.(2015).The family business map: Framework, selective survey, and evidence from Chinese family firm succession.Journal of Corporate Finance,33,212-226.
  15. Bennedsen, M.,Nielsen, K. M.,Pérez-González, K. M. F.,Wolfenzon, D.(2007).Inside the family firm: The role of families in succession decisions and performance.The Quarterly Journal of Economics,122,647-691.
  16. Bertrand, M.,Johnson, S.,Samphantharak, K.,Schoar, A.(2008).Mixing family with business: A study of Thai business groups and the families behind them.Journal of Financial Economics,88,466-498.
  17. Braun, M.,Sharma, A.(2007).Should the CEO also be chair of the board? An empirical examination of family-controlled public firms.Family Business Review,20,111-126.
  18. Carmeli, A.,Tishler, A.(2004).The relationships between intangible organizational elements and organizational performance.Strategic Management Journal,25,1257-1278.
  19. Casson, M.(1999).The economics of the family firm.Scandinavian Economic History Review,47(1),10-23.
  20. Chaganti, R. S.,Mahajan, V.,Sharma, S.(1985).Corporate board size, composition and corporate failures in retailing industry.Journal of Management Studies,22,400-417.
  21. Chen, H.-L.,Hsu, W.-T.(2009).Family ownership, board independence, and R&D investment.Family Business Review,22,347-362.
  22. Chi, H. Y.,Weng, T. C.,Yao, W. R.(2015).Chi, H. Y., Weng, T. C., & Yao, W. R. (2015). Family succession, auditor choice and audit fee. Unpublished manuscript, National Chung Hsing University, Taichung, Taiwan..
  23. Ciftci, M.,Cready, W. M.(2011).Scale effects of R&D as reflected in earnings and returns.Journal of Accounting and Economics,52,62-80.
  24. Claessens, S.,Djankov, S.,Lang, L. H. P.(2000).The separation of ownership and control in east Asian corporations.Journal of Financial Economics,58,81-112.
  25. Cohen, W. M.,Levinthal, D. A.(1990).Absorptive capacity: A new perspective on learning and innovation.Administrative Science Quarterly,35,128-152.
  26. Cucculelli, M.,Micucci, G.(2008).Family succession and firm performance: Evidence from Italian family firms.Journal of Corporate Finance,14,17-31.
  27. David, P.,O’Brien, J. P.,Yoshikawa, T.(2008).The implications of debt heterogeneity for R&D investment and firm performance.Academy of Management Journal,51,165-181.
  28. Donckels, R.,Fröhlich, E.(1991).Are family businesses really different? European experiences from STRATOS.Family Business Review,4,149-160.
  29. Duchin, R.,Sosyura, D.(2012).The politics of government investment.Journal of Financial Economics,106,24-48.
  30. Faccio, M.(2006).Politically connected firms.American Economic Review,96,369-386.
  31. Fama, E. F.,Jensen, M. C.(1985).Organizational forms and investment decisions.Journal of Financial Economics,14,101-119.
  32. Fan, J. P. H.,Gillan, S. L.,Yu, X.(2013).Property rights, R&D spillovers, and corporate accounting transparency in China.Emerging Markets Review,15,34-56.
  33. Fernández, Z.,Nieto, M. J.(2006).Impact of ownership on the international involvement of SMEs.Journal of International Business Studies,37,340-351.
  34. Francis, J.,Smith, A.(1995).Agency costs and innovation some empirical evidence.Journal of Accounting and Economics,19,383-409.
  35. Ghosh, D.,Wu, A.(2007).Intellectual capital and capital markets: Additional evidence.Journal of Intellectual Capital,8,216-235.
  36. Gillan, S. L.(2006).Recent developments in corporate governance: An overview.Journal of Corporate Finance,12,381-402.
  37. Godfrey, J. M.,Hamilton, J.(2005).The impact of R&D intensity on demand for specialist auditor services.Contemporary Accounting Research,22,55-93.
  38. Golden, S.(1995).Building successful, enterprising families.the Loyola Business Forum
  39. Goldman, E.,Rocholl, J.,So, J.(2009).Do politically connected boards affect firm value?.The Review of Financial Studies,22,2331-2360.
  40. Gómez-Mejía, L. R.,Haynes, K. T.,Núñez-Nickel, M.,Jacobson, K. J. L.,Moyano-Fuentes, J.(2007).Socioemotional wealth and business risks in family-controlled firms: Evidence from Spanish olive oil mills.Administrative Science Quarterly,52,106-137.
  41. Gómez-Mejía, L. R.,Makri, M.,Kintana, M. L.(2010).Diversification decisions in family-controlled firms.Journal of Management Studies,47,223-252.
  42. Habbershon, T. G.,Williams, M.,MacMillan, I. C.(2003).A unified systems perspective of family firm performance.Journal of Business Venturing,18,451-465.
  43. Hambrick, D. C.,Mason, P. A.(1984).Upper echelons: The organization as a reflection of its top managers.Academy of Management Review,9,193-206.
  44. Karjalainen, P.(2008).R&D investments: The effects of different financial environments on firm profitability.Journal of Multinational Financial Management,18,79-93.
  45. Khwaja, A. I.,Mian, A.(2005).Do lenders favor politically connected firms? Rent provision in an emerging financial market.The Quarterly Journal of Economics,120,1371-1411.
  46. Kimberly, J. R.,Evanisko, M. J.(1981).Organizational innovation: The influence of individual, organizational, and contextual factors on hospital adoption of technological and administrative innovations.Academy of Management Journal,24,689-713.
  47. Kor, Y. Y.(2006).Direct and interaction effects of top management team and board compositions on R&D investment strategy.Strategic Management Journal,27,1081-1099.
  48. Kor, Y. Y.,Mahoney, J. T.(2005).How dynamics, management, and governance of resource deployments influence firm-level performance.Strategic Management Journal,26,489-496.
  49. La Porta, R.,Lopez-de-Silanes, F.,Shleifer, A.,Vishny, R.(1999).The quality of government.The Journal of Law, Economics, and Organization,15,222-279.
  50. Lee, J.(2006).Family firm performance: Further evidence.Family Business Review,19,103-114.
  51. Lee, P. M.,O’Neill, H. M.(2003).Ownership structures and R&D investments of U.S. and Japanese firms: Agency and stewardship perspectives.Academy of Management Journal,46,212-225.
  52. Li, H.,Meng, L.,Zhang, J.(2006).Why do entrepreneurs enter politics? Evidence from China.Economic Inquiry,44,559-578.
  53. Lin, C.,Wu, Y.-J.,Chang, C.,Wang, W.,Lee, C.-Y.(2012).The alliance innovation performance of R&D alliances—The absorptive capacity perspective.Technovation,32,282-292.
  54. Luo, X.,Bhattacharya, C. B.(2009).The debate over doing good: Corporate social performance, strategic marketing levers, and firm-idiosyncratic risk.Journal of Marketing,73,198-213.
  55. Miller, D.,Le Breton-Miller, I.(2006).Family governance and firm performance: Agency, stewardship, and capabilities.Family Business Review,19,73-87.
  56. Miller, D.,Le Breton-Miller, I.(2005).Managing for the long run: Lessons in competitive advantage from great family businesses.Boston, MA:Harvard Business School Press.
  57. Miller, D.,Le Breton-Miller, I.,Scholnick, B.(2008).Stewardship vs. stagnation: An empirical comparison of small family and non-family businesses.Journal of Management Studies,45,51-78.
  58. Morck, R.(Ed.)(2000).Concentrated corporate ownership.Chicago, IL:Chicago University Press.
  59. Morck, R.,Wolfenzon, D.,Yeung, B.(2005).Corporate governance, economic entrenchment, and growth.Journal of Economic Literature,43,655-720.
  60. Pérez-González, F.(2006).Inherited control and firm performance.American Economic Review,96,1559-1588.
  61. Pérez-González, F.(2002).,未出版
  62. Porter, M. E.(1992).Capital disadvantage: America’s failing capital investment system.Harvard Business Review,70,65-82.
  63. Pyromalis, V. D.,Vozikis, G. S.,Kalkanteras, T. A.,Rogdaki, M. E.,Sigalas, G. P.(2006).An integrated framework for testing the success of the family business succession process according to gender specificity.Handbook of research on family business,Northampton, UK:
  64. Schulze, W. S.,Lubatkin, M. H.,Dino, R. N.(2003).Toward a theory of agency and altruism in family firms.Journal of Business Venturing,18,473-490.
  65. Schulze, W. S.,Lubatkin, M. H.,Dino, R. N.,Buchholtz, A. K.(2001).Agency relationships in family firms: Theory and evidence.Organization science,12,99-116.
  66. Shepherd, D.,Zahra, S.(2003).Shepherd, D., & Zahra, S. (2003). From conservatism to entrepreneurialism: The case of Swedish family firms Unpublished manuscript. University of Colorado, Boulder, CO..
  67. Shleifer, A.,Vishny, R. W.(1997).A survey of corporate governance.The Journal of Finance,52,737-783.
  68. Sirmon, D. G.,Hitt, M. A.(2003).Managing resources: Linking unique resources, management, and wealth creation in family firms.Entrepreneurship Theory and Practice,27,339-358.
  69. Sougiannis, T.(1994).The accounting based valuation of corporate R&D.The Accounting Review,69,44-68.
  70. Steier, L.(2003).Variants of agency contracts in family-financed ventures as a continuum of familial altruistic and market rationalities.Journal of Business Venturing,18,597-618.
  71. Tsai, W.-H.,Hung, J.-H.,Kuo, Y.-C.,Kuo, L.(2006).CEO tenure in Taiwanese family and nonfamily firms: An agency theory perspective.Family Business Review,19,11-28.
  72. Venter, E.,Boshoff, C.,Maas, G.(2005).The influence of successor-related factors on the succession process in small and medium-sized family businesses.Family Business Review,18,283-303.
  73. Villalonga, B.,Amit, R.(2006).How do family ownership, control and management affect firm value?.Journal of Financial Economics,80,385-417.
  74. Xin, K. K.,Pearce, J. L.(1996).Guanxi: Connections as substitutes for formal institutional support.Academy of Management Journal,39,1641-1658.
  75. Xu, N.,Yuan, Q.,Jiang, X.,Chan, K. C.(2015).Founder’s political connections, second generation involvement, and family firm performance: Evidence from China.Journal of Corporate Finance,33,243-259.
  76. Yeh, Y.-H.,Lee, T.-S.,Woidtke, T.(2001).Family control and corporate governance: Evidence from Taiwan.International Review of Finance,2,21-48.
  77. Zahra, S. A.(2003).International expansion of U.S. manufacturing family businesses: The effect of ownership and involvement.Journal of Business Venturing,18,495-512.
  78. Zahra, S. A.(2005).Entrepreneurial risk taking in family firms.Family Business Review,18,23-40.
  79. Zahra, S. A.,Ireland, R. D.,Hitt, M. A.(2000).International expansion by new venture firms: International diversity, mode of market entry, technological learning, and performance.Academy of Management Journal,43,925-950.
  80. 田國強(2001)。一個關於轉型經濟中最優所有權安排的理論。經濟學季刊，1，45-70。
  81. 旺報（2013）。社評—大陸企二代接班困境。中時新聞網。取自 https://www.chinatimes.com/newspapers/20131016001109-260310?chdtv
  82. 孫錚,劉鳳委,李增泉(2005)。市場化程度，政府干預與企業債務期限結構—來自我國上市公司的經驗證據。經濟研究，40(5)，52-63。
  83. 徐泰玲(2010)。中國家族企業管理創新。湖北經濟學院學報，8(1)，111-116。
  84. 傅壁,李佳芮(2011)。淺談中國家族企業的特點及發展成因。環球市場信息導報，27，37。
  85. 董明(2005)。論當前我國私營企業主階層政治參與。中共寧波市委黨校學報，27(1)，16-22。
  86. 董明(2000)。關於溫州市民營企業家政治參與的調查。國家行政學院學報，3，86-89。
  87. 劉正田(2001)。研發支出資本化之會計基礎股票評價。會計評論，33，1-26。
  88. 蔡國裕(2006)。中國大陸的私營企業：定義、屬性、地位與特點。展望與探索月刊，4(9)，36-49。
  89. 羅黨論,唐清泉(2009)。中國民營上市公司制度環境與績效問題研究。經濟研究，44(2)，106-118。
print cancel