Research On The Influence Of Family Control Rights On Enterprise R&D Investment

At present,China is in a critical period of trade war and transformation and upgrading.Independent research and development has become the only way for the future development of enterprises and the entire country.As an important part of China’s economic development,family businesses strive to upgrade their R&D investment,promote national transformation and upgrading,and win the Sino-US trade war.Based on the sample of 626 family-owned companies listed in Shanghai and Shenzhen in 2012-2016,this paper establishes a regression model of family control rights to R&D investment of enterprises,based on agency theory,social emotional wealth theory,resource-based theory and technological innovation theory,using normative analysis.And empirical research methods discuss the impact of family control rights on corporate R&D investment.The research of this paper finally draws the following conclusions:(1)Studying the R&D investment of family listed companies in China,and finding that the overall R&D investment level of China’s family listed companies is low;(2)Studying the influence of family control rights on R&D investment of enterprises and discovering The influence of family ownership on the R&D investment of enterprises has a significant U-shaped effect,that is,family control is beneficial to R&D investment within a certain range.After a certain critical point,family control inhibits R&D investment;(3)Research on enterprises The influence of political association on R&D investment shows that entrepreneurial political connection plays a negative role in regulating the inverted U-shaped effect of family ownership and R&D investment,that is,entrepreneurial political association will weaken the inverted U-shaped effect of family ownership on R&D investment;(4)It is studied whether the family business has the behavior of R&D and manipulation.It is found that among the enterprises with R&D and manipulation behavior,the main factor affecting the R&D investment intensity is the threshold of government tax reduction.In enterprises that do not have R&D and manipulation behavior,The influence of family ownership on R&D investment has a significant inverted U-shaped effect.Politically connected family will weaken the inverted U-shaped effect of family ownership of R&D investment.Finally,based on the research results,this paper provides relevant reference suggestions for improving family internal governance,alleviating family research and development aversion,and creating a good independent research and development atmosphere.At the same time,it points out the shortcomings of this research and possible future research directions.