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在全球化竞争加剧、市场化转型日益深入的背景下,作为民营经济中坚力量的家族企业治理机制设计与治理效率越来越引起理论界的关注。通过对家族领导权涉入和所有权涉入两方面考察家族涉入情境对上市公司创新行为的影响,结果发现:第一,家族领导权涉入对上市公司创新行为有积极影响,即家族成员任职上市公司领导职位能强化公司创新行为;第二,家族所有权涉入与上市公司创新行为之间存在非线性相关关系,即随着家族所有权涉入的水平增加,创新行为呈现先下降再升高的U型变化;第三,家族领导权涉入与所有权涉入在影响决策团队激励契约的路径中存在交互效应,即与家族涉入领导权的上市公司相比,家族领导权未涉入情境下所有权涉入对上市公司创新行为的影响更强。
Under the circumstance of intensified global competition and increasingly market-oriented transformation, the design and governance efficiency of the governance mechanism of family-owned enterprises, as the backbone of the private economy, has drawn more and more attention from theorists. By examining the impact of family involvement on the innovative behavior of listed companies, the author investigates the influence of family involvement on the innovation behavior of listed companies through the involvement of family leadership and ownership. The results show that: First, the involvement of family leadership has a positive impact on the innovation of listed companies, that is, the family members hold office The leading position of listed companies can strengthen the company’s innovation behavior. Second, there is a non-linear relationship between the involvement of family ownership and the innovation behavior of listed companies. That is, as the level of family ownership involvement increases, the innovation behavior first and then decrease U-shaped changes; Third, family leadership involvement and ownership involved in the incentive contract affecting the decision-making team there is an interactive path in the path, that is, family involvement in the leadership of listed companies, the family leadership is not involved in the context The impact of ownership on the innovation of listed companies has a stronger impact.