Family Power Involvement,Internationalization And R&D Investment

Since the reform and opening up,as the most important part of private enterprises,Chinese family enterprises have made indelible contributions to the rapid development of China's economy.Due to the mutual penetration of "family"and "enterprise",Chinese family business has not ouly the disadvantages of information opacity and nepotism,but also the unique advantages of high solidarity and trUst among members,and extremely low agency cost.It is the uniqueness of all aspects of family business that makes it have certain characteristics in operation and management.In the context of economic globalization,China is currently in the critical period of economic transformation,the development of family business plays an important role in the development of market economy in China.In recent years,various factors affecting R&D activities of family enterprises have been a hot issue in academic research.In order to maintain core competitiveness in the increasingly fierce market competition,family enterprises inevitably focus on R&D as a key area of concern.Because of the particularity of the ownership structure and management mode of family enterprises,family ownership ratio,ownership concentration and fanily members' participation in management will all have an impact on R&D investment of enterprises.In order to explore the mechanism of different family power involvement in R&D investment of enterprises and whether this mechanism is affected by the external environment,this paper takes Shanghai and Shenzhen A shares in China from 2008 to 2017.In order to explore the impact of family power involvement on R&D investment and how to adjust the impact of family power involvement on R&D investment under the background of economic globalization,this paper takes the listed family enterprises as a sample and adds the degree of internationalization as a moderating variable.This paper is divided into the following six parts:The first part is the introduction.Firstly,the background and significance of this study are introduced.Secondly,the research methods and purposes are elaborated.Finally,the research framework and innovations of this paper are introduced.The second part is literature review.This paper reviews and sorts out the related literature on the definition and judgment criteria of family business,the relationship between family power involvement and R&D investment,and the degree of internationalization of family business,and on this basis,reviews the literature.The third part is related theory and research hypothesis.Firstly,it defines four concepts:family business,family power involvement,R&D investment and internationalization degree.Then it elaborates the theoretical basis of this paper,including technology innovation theory,social emotional wealth theory,principal-agent theory and enterprise resource concept.Finally,it analyses the mechanism of various variables and puts forward relevant hypotheses on the basis of combing relevant theories.The fourth part is the research design.Firstly,the samples and data needed in this paper are selected according to the above contents.Secondly,the variables involved in this paper are selected and measured according to previous studies.Finally,the model is designed.The fifth part is empirical test and result analysis.Firstly,descriptive statistics are made on the variables involved in this paper,and the distribution of samples is observed.On this basis,correlation analysis is carried out on the variables to determine whether there is a high degree of correlation between the main variables.Secondly,regression analysis is made on the models in this paper.Finally,the reliability of the regression results is verified by changing the measurement method of dependent variables and using instrumental variables to test the robustness.The sixth part is the conclusion and suggestion of the study.Based on the analysis of the previous regression results and the theoretical basis,this paper draws the conclusion of this study,and puts forward relevant suggestions on the development of family business.Finally,it points out the shortcomings of this study and explains the direction of further research.The empirical research results show that the higher the involvement degree of family ownership,the higher the concentration degree of family equity and the higher the involvement degree of family management power will significantly inhibit the R&D investment of enterprises,but different family power involvement has different mechanism.After the adjustment variable of internationalization degree is added,it is found that internationalization degree can significantly promote the R&D investment of enterprises.At the same time,internationalization degree has a significant adjustment effect on the relationship between various power involvement and R&D investment,and the adjustment methods for different power involvement are different,among which the degree of internationalization plays a significant role in weakening the regulation of the relationship between the involvement of family ownership and the concentration of family equity and R&D investment,while strengthening the regulation of the relationship between the involvement of family management and R&D investment.The innovations of this paper are mainly manifested in the following two aspects:first,in terms of family power involvement,we analyze its impact on R&D investment from the two dimensions of ownership involvement and management power involvement,and further deepen family ownership involvement,and analyze the impact of ownership concentration on R&D investment of enterprises.Secondly,on the basis of exploring the relationship between family power involvement and R&D investment,this paper analyses the adjustment variable of internationalization degree,which is suitable for China's reality and innovative.