| As an important part of the private economy,the contribution of the family-owned company to China's GDP is constantly growing.However,due to its inherent disadvantages,family businesses in China are generally short-lived.Therefore,how to overcome their own drawbacks,carry out transformation,achieve a healthy and sustainable development has become a topic of concern in recent years.In view of the availability of data,family-listed companies were chosen as the research object.The research on how do family owned enterprise transform and upgrade was started with the family-owned company's unique“familiality”(Family Ownership,Family Involvement in Management).At the same time,with the thorough implementation of innovation-driven development strategies in China,Chinese R&D expenditures for science and technology have been further increased.Chinese overall R&D abilities has been strengthened,the level of science and technology has been continuously improved too.Investment in technological innovation has been the driving force of innovation,which provides opportunities and directions for the development of family businesses.On the one hand,as an important component of China's national economy,family businesses naturally need to accelerate technological innovation and seek technological breakthroughs.In other words,Family businesses should implement innovation driven development strategies,promote the supportive role of technological innovation in the transformation and upgrading.On the other hand,if a family company wants to overcome its own drawbacks and achieve sustainable development,it must rely on technological innovation.Therefore,proceeding from the “family”peculiar to family-owned companies,researching the family-owned companies' involvement in the technological innovation of enterprises,intensifying theinvestment in technological innovation of family-owned companies and motivating the active role of family-owned enterprises in innovation,will undoubtedly affect the entire national economy of China.In addition,it is now in the peak period of the family business of our country.The family business will depend on the second generation of entrepreneurs for its sustainable development in the future.Thoughts and suggestions for such groups how to carry out internal family restructuring,business transformation,and technological innovation to respond the changes in the market can be taken.Based on the research literature on family involvement,technological innovation input,and internationalization strategies,the development status of family-owned listed companies in China were analyzed.Afterwards,the relationship between family involvement and corporate technology innovation investment were studied from the two dimensions of family ownership and family management.Then,the adjustment mechanism of internationalization strategy was analyzed.Based on the analysis,it is proposed that the involvement of family ownership will hinder the investment in technological innovation of enterprises,and the involvement of family management will promote the investment in technological innovation of enterprises,and that the internationalization strategy will strengthen the positive role of family involvement in management and weaken the impediment of family ownership.Subsequently,the corresponding theoretical model and index system were constructed.Then,396 data from 44 family companies listed on the A-share market in Shanghai and Shenzhen in 2008-2016 were selected for empirical analysis and the impact of family business on technological innovation investment in different dimensions of family involvement was measured.Finally,by establishing a regression model,the following conclusions are drawn:(1)The involvement of family ownership has a significant negative correlation with the investment in technological innovation;(2)The involvement of family management has asignificant positive correlation with the investment in technological innovation of enterprises;(3)The internationalization strategy plays a regulatory role in the relationship between family involvement and corporate technological innovation investment.The higher the degree of internationalization,the weaker the impediment of family ownership involvement in the investment in technological innovation of enterprises.The higher the degree of internationalization,the stronger the involvement of family management in the investment in technological innovation of enterprises.In view of the above conclusions,suggestions on how to increase the investment in family-owned enterprises' technological innovation and promote the healthy and sustainable development of family-owned companies from the aspects of family involvement were summarized. |
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