姜 帆[1] 孔 军[2]
摘要 本文运用混合OLS模型和中国上市公司及CSMAR数据库中的企业微观面板数据，首先研究家族企业治理结构如家族产权、家族管理和家族控制是否对企业R＆D投入具有影响。结果显示，在控制了企业规模、负债、存续时间、盈利能力和增长率变量后，家族产权和家族管理对R＆D投入有显著的正面影响，而家族控制对R＆D投入有显著的负面影响。其次研究制度环境在R＆D投入中的调节作用，当考虑上述控制变量和企业治理结构与制度环境的交叉项后，分省数据揭示良好的制度环境减弱了家族产权和家族管理对R＆D投入的正面作用，也减弱了家族控制的负面作用。良好的制度环境对R＆D投入具有显著的正面作用，具有家族企业治理结构的替代作用，说明家族企业在更好的制度环境下，有分散股权和聘用非家族成员为高层管理人员的倾向。
关键词 产权；管理；控制；R＆D；制度环境
The Impact of Family Ownership，Management and Control on R＆D Investment in Chinese Family Firms under the Institution Environment
JIANG Fan，KONG Jun(www.xing528.com)
Abstract：The Pooled OLS model is used to analyze whether governance structure such as family ownership，management，and control can actually influence R＆D investment in Chinese family firms by application of the listed companies from the CSMAR database.After controlling for size，debt，age，profitability and growth，the positive impacts of family ownership and family management on R＆D and the negative impact of family control on R＆D are found.The other research question explored is whether the moderating effects of institution environment exist in the sample.Institution environment variable and its intersection terms with governance structure are added to the models respectively.After controlling for the independent variables abovementioned，the positive impacts of family ownership and family management on R＆D are weaker while the negative impact of family control is weaker provincially in a better institution environment.Regarding the institution environment itself，it shows a consistent positive impact on R＆D investment.Meanwhile a substitution effect between the institution environment and the family governance structure is found.The result might be justified by the fact that family firms have higher propensity to diffuse their shares and hire non-family CEO in a better institution environment.
Key Words：Ownership；Management；Control；R＆D；Institution Environment
JEL：L25；M19
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