家族企業、集團與創新之關係：中國上市公司實證研究

Family Ownerships, Business Group and Firm Innovation: Evidence from Chinese Listed Companies

邱繼寬(Chi-Kuan Chiu)

指導教授 ： 俞海琴

中原大學/商學院/國際經營與貿易研究所/碩士(2014年)

https://doi.org/10.6840/cycu201400366

摘要

我們的研究是專注於研究家族企業、集團與創新之間的相互關係，本文有特別去計算一個集團的大小、集團所涵蓋的產業以及集團的多角化，雖然過去有些文獻指出家族企業會因為有限的資源所以限制企業的創新活動，不過我們認為當家族企業隸屬在一個集團之下，此企業所反映出來的創新能力會因為集團資源而有所成長，這些資源包含了企業資本、知識、寶貴的經驗和技術。
本文評估假設家族企業隸屬於集團之下，所反應出來的創新能力是會增強，所使用的資料是採自於TEJ資料庫以及IP TECH資料庫，樣本包含於中國上海A股和深圳股市的上市公司，期間從2001年至2011年，共為11年，去除掉金融業的樣本後，總共有21978個樣本數。在我們的模型中，我們透過計算企業每年所擁有的專利數以及研發支出比率來衡量該企業的創新能力，其他的變數如控制權、集團影響、公司特質、產業、年分及事件作為控制變數。
本文結果表明，家族企業比起非家族企業會擁有較好的創新能力，並且假設企業隸屬於集團之下，所擁有的創新能力也會好於非隸屬於集團之下的企業。我們的研究致力於專注檢視集團以及家族企業的創新能力之關係。

關鍵字

家族企業、創新、專利權、企業集團

並列摘要

This study examines the relationships between family ownerships, business group and firm innovation. We measure business group by the numbers of affiliated firms in a group, the numbers of industries a group covers, and group diversification. Although previous studies concluded that most of the family firms exhibited limited the innovation activities due to finite resources. We believe that when a family firm is affiliated with a group, larger resources can be provided to improve a firm’s innovation activity. These resources include financial capitals, knowledge, valuable experience and technology.
Using data from TEJ (Taiwan Economic Journal) and IP TECH databases, this paper examines if family ownerships affiliated with business group are having stronger innovation. Our sample of Chinese listed firms are from Shanghai and Shenzhen A shares over a 11-year period from 2001 to 2011, with a total of 21,978 observations after removing the financial firms. We measure a firm’s innovation by the patent numbers a firm owned in each year, and the related R D expenditure ratio. Other variables like ownership structures, business group influence, firm characteristics, industry dummies, year dummies, and event dummies are being controlled in this model.
The results of this study show that family-owned firms have higher innovation than nonfamily-owned enterprises. Besides, we find the firms affiliated with a group exhibited higher innovation than non-affiliated firms. Our study contributes to the innovation literature by putting their sight on business group factors and family-owned firm innovation.

並列關鍵字

Patents ； Innovation ； Business group. ； Family-owned firms

參考文獻

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