Is Control Willingness Or Governance Under The Will Of Inheritance More Conducive To Promoting Corporate Innovation Activities?

The relationship between family governance and corporate innovation is a theoretical and practical issue worthy of attention.The family business is the mainstream form of corporate governance of private enterprises in China.It has a unique non-economic value goal,and this goal will have a unique impact on corporate investment behavior.influences.Under the background of increasing global competition and deepening market transformation,Chinese family-owned companies are facing tough governance model upgrade challenges.Enhancing the company's ability to innovate and take a sustainable path of development relying on innovation has become a challenge to this challenge.The main way out.Because of the important role of innovation in the renewal of family business strategy and the acquisition of sustainable competitive advantage,scholars have generally believed that the optimization of the governance model of family businesses necessarily means improving the independent innovation capability of enterprises(Drucker,1957;Drucker,1985;Wei Jiang et al.,2011 Xiong Jun and Zhang Kai,2009;Zheng Xiumin and Xu Xiaoming,2009).In recent years,some literature has studied the influence of family governance on corporate innovation from multiple perspectives,such as ownership structure(Francis & Smith 1995),incentive mechanism(Holmstrom,1989),external environment(Sapra & Subramanian,2014),etc.,but different for family businesses.Differences in the influence of governance under will on technological innovation have not been discussed in depth in the existing literature.There is no doubt that family companies have different governance characteristics based on different perspectives.At the same time,their investment in innovation is also different.Then,what are the mechanisms of family governance on corporate innovation under different wishes? Is there a certain degree of commonality and difference? Is the impact of innovation at different levels of family governance equally important? The analysis of these issues helps deepen the micro-level explanation of technological innovation in family-owned companies' governance theory,and has certain reference significance for the optimization and transformation of private enterprises in China.Based on principal-agent theory,family evolution model theory,stewardship theory,and social-emotional wealth theory,this article collates the existing research on how family governance affects corporate innovation and makes corresponding literature reviews.In the part of theoretical analysis,the specific factors and impact paths affecting the company's innovation are described,which provides a theoretical basis for the case study of this article.Based on this background,this paper takes Fotile as a typical family business background and adopts a single case study method.Based on a large number of normative and empirical studies of predecessors,based on the theory of social and emotional wealth,the establishment of Fotile was completed.The patriarchal model that prefers to control will and the pan-family model that favors the inheritance intention during mature period have carried out a systematic and in-depth study on the impact of corporate innovation.First of all,it analyzes the characteristics of family governance under Fotile's different wishes,including equity structure,board of directors,and incentive mechanism.Then we compared and analyzed the differences in the path of corporate innovation between the two governance models from the perspectives of capital,strategy,and power sources.Finally,by comparing the analysis of the company's innovation input,output,and market share of innovative products,family governance influences corporate innovation.