Family Enterprises De-Familization、Financing Constraint And Firm Innovation Input

In the early 21 st century,the 19 th National Congress of the Communist Party of China(CPC)pointed out that China has entered a new stage of high-quality development and identified innovation as the primary driving force for development.As one of the main innovation subjects in China,family enterprises have long been labeled with low investment in innovation.Compared with highly market-oriented non-family enterprises,their management mode relying on family members’ autonomy is in a disadvantageous position in the fierce market competition.In addi--tion to market factors,family enterprises have high information barriers,excessive reliance on nepotism and other endowments,which increase the difficulty of financ--ing and make it difficult for family enterprises to escape the vicious circle caused by insufficient investment in innovation.No matter family enterprises actively accept or passively choose,"de-familization" has been put on the agenda of family enterprises.However,the impact of family enterprises "de-familization" on enterprise innovation investment is still uncertain.This paper divides family enterprises "de-familization" into professional manager model,shareholding dilution model and selling model.Starting from the selection of different "de-familization" models,this paper explains the low innovation investment of family enterprises,and tries to explain the mechanism by corporate financing constraints.This study proves that there are differences in the impact of different modes of family enterprises "de-familiza--tion" on enterprise innovation input,and financing constraints play an important role,which enricifies the research on family business innovation and provides theoretical support and management suggestions for the research on family business "de-familization".Based on this,this article on the basis of family businesses related theory of de-familization,innovation theory and financing constraints related theory,the construction of professional managers,shareholding dilution and sale mode to family-based and financing constraints,the conceptual model of enterprise innovation input,use the taian database from 2016 to 2020 listed family companies using the unbalanced panel data.The fixed effect regression model is used to empirically analyze how different de-familization models affect the innovation input of family firms through financing constraints.The results show that :(1)there are differences in the impact of different modes of de-familization on the innovation input of family firms.(2)The de-familization of professional manager model significantly reduces the innovation input of family firms,but has no significant relationship with financing constraints;(3)There is a significant positive correlation between the de-familization of dilution model and the de-familization of sale model and the investment in innovation;(4)Financing constraint plays a full mediating role in the influence mechanism of de-familization of shareholding dilution model on firm innovation investment;(5)Financing constraints play a full mediating role in the influence mechanism of de-familization of the sale mode on enterprise innovation input.