Family Management,Executives' Foreign Experience And R&D Investment

As one of the main forms of global business organization,family firms are widely distributed in various industries and have a profound impact on the development of the world economy.Chinese family firms are an important part of the private economy.Because of their strong family cohesion,unique family resources and fast market response,family-owned enterprises in China account for more than 90%of private enterprises in China.And with the gradual opening of China's financial market and the country's increasing support for private enterprises,the number of listed family companies has also increased year by year.In the context of China's rapid economic development and economic globalization,managers with overseas backgrounds have gradually entered the public eye.As the number of people studying and working abroad increases,the return of overseas talents is also becoming an international development for Chinese enterprises an important promoter of the track.Since the 1990s,the Chinese government has formulated related policies to help local companies absorb overseas high-level talents.Then,on December 23,2008,the General Office of the Central Committee of the Communist Party of China forwarded the "Central Talent Work Coordination Group on the Implementation of Overseas High-level Talent Introduction Plan",taking active measures to attract overseas talents.The introduction of overseas talents has enabled the company to make great progress in management levels,overseas business development and technological innovation.In order to test the impact of family management and executives' overseas background on R&D investment,this article proposes the assumptions:(1)The chairman and general manager are family members and are positively related to R&D investment;(2)The company's overseas background is positively related to R&D investment(3)In enterprises with overseas background,family members'participation in management is positively related to innovation and R&D investment.This article examines the impact of family involvement and the characteristics of senior executives' overseas background on corporate R&D investment.By analyzing the sample,the following conclusions can be drawn:(1)The overseas background of executives,the number of overseas background executives and the proportion of overseas background executives have a positive impact on the R&D investment.(2)When the chairman is a family member,R&D investment have significantly increased.When the general manager is a family member,it can partly explain the positive effect of the general manager on R&D investment.(3)The general manager's overseas background will increase the company's R&D investment.The chairman's overseas background has a significant impact on increasing the R&D investment in family firms,and the impact coefficient on the total amount of R&D investment is positive,but not significant.(4)In a family firms where the CEO is a family member,the overseas background of the CEO plays a more significant role in increasing the R&D investment.In a family firms where the chairman is a family member,the chairman's overseas background has played a more significant role in increasing the R&D investment of the family firms.The coefficient is positive,which partially proves the above conclusion.(5)When the CEO is a family member,companies with overseas background executives,the number of overseas background executives,and the proportion of overseas background executives have a more significant effect on the strength of the company's R&D investment.The coefficients on the total R&D investment are also positive.Although some of the results are not significant,they also show that the effect on the total R&D investment of enterprises is more obvious.When the chairman is a family member,overseas background variables are positively related to R&D investment,and some results are significant.In other regression results,the coefficient is also positive.Although the results are not significant,it also partially shows that the effect on corporate R&D investment is more obvious.