Institutional Change Under Family Control Research On The Impact Of R&D Investment Of Listed Companies

In an increasingly competitive market today,R&D investment has become important strategic decisions for enterprise survival and development.The development of family firms in our country is transient,but the momentum can't be ignored,such a governance environment for the value and interests of enterprises,is a double-edged sword.In recent years,with the deepening of reform and the external market for the family business of all the system of discrimination,leading to the existence of the problem of family business financing difficulties.To improve the situation,a large number of development of enterprise groups established by the actual controller of family firms,formate private(household)family firms,build internal capital market,strengthen the control of the family business,to coordinate the allocation of resources.In addition,the external institutional environment is one of the important factors that affect the governance of the family business,which has an important influence on the R&D investment decisions of the enterprises.This paper reviews the domestic and foreign research status of family management,enterprise group and monetary policy,and then describes the relevant theory and system background.On the basis of theoretical analysis,this article selects family listed companies from 2007 to 2014 Shenzhen and Shanghai A shares of manufacturing and high-tech industries as the research sample,using multiple linear regression model,analysis of changes in monetary policy,what's the impact of research and development projects under the group of family business investment,and how to influence.In the control of the relevant financial(operating income growth rate,the rate of return on equity,Tobin Q,asset liability ratio),non-financial(corporate age,size of the company),as well as the annual,industry,quarterly variables,this paper studies the effects of combined membership group variables,family ownership control variables and family ownership and membership department of family enterprise of R&D investment and grouped level variables of monetary policy and the three on R&D investment effect.Practical test results show that family control reduces the investment of enterprise's R&D.When the family enterprise belongs to the enterprise group,the negative correlation between the family control and the investment intensity of R&D investment is deepened.Under the tight monetary policy,the family business enterprise group will further deepen the family control and R&D investment strength of the negative correlation.With respect to the tightening of monetary policy,monetary easing by relaxexternal financing environment of enterprises,in a certain extent plays a ease family controlled enterprises agency conflict,guide enterprises to carry out the role of long-term,strategic investment.One hand,This study can improve China's family listed company internal governance structure,improve enterprise group capital allocation efficiency of the family to provide a theoretical basis;on the other hand also formulate policies for the policy department,guide the investment behavior of different types of enterprises,optimize the allocation of social resources,provide a meaningful reference.