Research On The Status Of Listed Companies In Family Enterprises Group And The Enterprise Innovation

As an important driving force of economic growth,technological innovation is the decisive force for a country to achieve sustainable economic development.Since the reform and opening up,China's economy has made remarkable development achievements,and its GDP ranks second in the world after the United States.However,under the background of the economic development entering into the new normal,the lack of enterprise innovation and the increasingly prominent structural contradictions have seriously affected the sustainable development of China's economy.How to enhance the ability of independent innovation of enterprises is not only an important topic concerned by enterprise managers,policy makers and the public,but also a hot issue explored and studied by the academic communities for a long time.However,the enterprise innovation activitiy is highly uncertain,which makes it difficult for external investors to supervise enterprise innovation activities,and thus faces serious external financing constraints.However,the group,a different form of enterprise organization,can provide necessary capital,technology,human resources and other resources for enterprise innovation to a certain extent.Therefore,as an important form of large-scale enterprise groups,family enterprise groups(hereinafter referred to as "family enterprises")which are composed of many listed companies generally exist in China's capital market and play an increasingly important role in economic society.For family enterprises,the listed companies are not homogeneous.The status of listed companies determines their strategic importance in the group,and also affects the flow direction of resources between listed companies and groups.Furthermore,Distinguishing the status differences of listed companies among family enterprises provides a new research perspective for the innovation research of family enterprises.Therefore,this paper attempts to answer the question of how the status differences of listed companies affect enterprise innovation,and discusses the relationship between the status differences of listed companies and enterprise innovation from the behavior differences of each subject to group resources under the group family operation mode.Based on this,this paper takes the A-share listed companies from 2007 to 2017 as the research sample.On the basis of theoretical analysis,this paper first tests the impact of family enterprises on enterprise innovation compared with non family enterprises.Secondly,this paper empirically tests the relationship between the status differences of listed companies and enterprise innovation.Finally,this paper further studies the relationship between the status differences of listed companies and enterprise innovation from three aspects:group resource allocation,group resource occupation and group resource utilization.Through the above research,this paper draws the following main conclusions:Firstly,compared with non family enterprises,the innovation input and innovation output of lineage enterprises are higher;the higher the status of listed companies,that is,the closer the listed companies are to the group control distance,business distance and geographical distance,the higher the innovation input and innovation output;in addition,through the mechanism test of group resource support and innovation spillover effect,it is found that group financial support and group business support can promote the positive relationship between the status difference of listed companies and the innovation input and output of enterprises;the innovation of listed companies of family enterprises has significant spillover effect,that is,the R&D investment of other listed companies in the group has a positive spillover effect on the innovation investment of the enterprise,and the patent output of other listed companies in the group has a positive spillover effect on the innovation output of the enterprise.Secondly,the group's ability to allocate resources can promote the positive relationship between the status difference of listed companies and the innovation input and innovation output.Specifically,group diversification can expand the internal capital market of the group,optimize its allocation efficiency,and promote the positive relationship between the status difference of listed companies and the innovation input and innovation output of enterprises.Further differentiation of patent types shows that the promotion effect of group diversification on the status difference of listed companies and the innovation output of enterprises weakens with the decline of substantive innovation degree.The increase of the number of group listed companies can significantly improve the positive relationship between the status difference of listed companies and the enterprise innovation input,but it has no significant regulatory effect on the innovation output of enterprises.Financial companies can promote the positive relationship between the status difference of listed companies and the innovation input of enterprises,but it will inhibit the positive relationship between the status differences of listed companies and the innovation output of enterprises to a certain extent.Thirdly,the controlling shareholders' encroachment on group resources will restrain the positive relationship between the status difference of listed companies and the innovation input and output of enterprises to a certain extent.Specifically,with the expansion of the separation of controlling shareholders' control rights and cash flow rights,controlling shareholders' tunneling behavior can obtain more private benefits than sharing equity earnings.Therefore,the separation of controlling shareholders' two rights improves their motivation of occupying group resources and tunneling listed companies.The degree of separation of controlling shareholders' two rights can inhibit the status difference of listed companies and the innovation input and output of enterprises.Further differentiation of patent types shows that the degree of separation of controlling shareholders has a significant inhibitory effect on the positive relationship between the status differences of listed companies and the invention patents.Fourth,the utilization efficiency of group resources of listed companies can promote the positive relationship between the status difference of listed companies and the innovation input and output of enterprises.Specifically,the higher the ability of the management,the stronger the self-confidence,the stronger the risk-taking ability,and the stronger ability to integrate resources,which can promote the positive relationship between the status difference of listed companies and the innovation input and innovation output of enterprises to a certain extent;further differentiation of patent types shows that high-capacity management is more inclined to improve the substantive innovation of enterprises.The expansion of management power reduces the regulatory role of listed companies on management,and provides greater space and motivation for them to grab private interests.Then,the power of management can restrain the positive relationship between the status difference of listed companies and the innovation input and output of enterprises to a certain extent.Further differentiation the types of patents,it is found that the inhibitory effect of management power on the positive relationship between the status difference of listed companies and the innovation output of enterprises gradually decreases with the decrease of the degree of substantive innovation.The possible innovations in this paper include the following aspects:Firstly,from the perspective of research,this study takes the status differences of listed companies as the breakthrough point,connects the strategic objectives of the group with the goal of maximizing the value of listed companies,and systematically studies the impact of different importance of listed companies to family enterprise groups on enterprise innovation and its influence mechanism.It breaks through the limitation that the previous research on enterprise innovation focuses on the independent enterprises,which provides empirical evidence for the influence of different organizational structures on the enterprise innovation,and also provides empirical evidence from the enterprise innovation for the study of economic consequences of internal capital market of family enterprises.Secondly,in terms of research content,this paper studies how the status differences of listed companies affect the enterprise innovation from three levels:control distance,business distance and geographical distance.And to a certain extent,it verifies that for family enterprises,each subsidiary listed company is not homogeneous,and family enterprises tend to give more innovation support to higher status listed companies.In addition,the existing literature on enterprise innovation mainly focuses on R&D input or innovation output.However,for enterprises,the R&D input does not necessarily transform into innovation output.Therefore,this study makes an in-depth study on the innovation of family enterprises from the aspects of enterprise innovation input and innovation output.Thirdly,in terms of the analysis framework,this paper constructs the analysis framework of the group family management subject from the perspectives of the interest subject and the governance subject.In the family enterprises,there are three levels of interest subjects and governance subjects:controlling shareholders,enterprise groups and listed companies.The value maximization goals of different stakeholders are different,and the governance problems and governance objectives faced by different governance subjects are also different,which can't separate the behavior decision of different subjects.The interaction of the three levels of subjects jointly affects the allocation efficiency of group resources,and then affects the relationship between the status differences of listed companies and enterprise innovation.This also provides an analytical framework for further research on family enterprises.