Research On Intergenerational Transmission Process、Corporate Gonvermance And Innovation Investment Of Family Enterprises

Family enterprises have gone through several historical processes of entrepreneurship and have already occupied a pivotal position in China’s economic life.However,Chinese family enterprises are facing a wave of intergenerational transmission currently,making difficult choices of "to whom" and "how" to pass it on.Intergenerational transmission is a long-term and complex process,in which changes in management and ownership occur at each time and different risks and challenges exist.Compared with the ownership of the second-generation,the change of the management right of the second-generation is more intuitive and clear,and some first-generation founders still hold shares after leaving the company,so it is of good research value to divide the intergenerational transmission process into different stages according to the different management rights of the successors of the second-generation.Therefore,it is necessary to divide the intergenerational transmission process into different stages based on the different management rights of second-generation inheritors for research.Due to the large number and varying sizes of family enterprises,high degree of product homogenization,and low level of innovation investment,there is great uncertainty in the internal and external environment during the intergenerational transmission period.It is necessary to increase and optimize innovation investment to enhance the competitiveness of enterprises and their ability to deal with risks.Corporate governance is a type of corporate system that is closely related to business decisions,and innovation investment is one of these decisions.Effective governance structures can help companies establish long-term and effective innovation investment mechanisms.Family enterprises have the dual characteristics of "family" and "enterprise",and their governance structure and methods have certain particularity.Whether this special governance structure is conducive to the innovation investment of the enterprise is worth considering.Based on the above background,this article tries to explore the changes in innovation investment of family listed enterprises during different periods of intergenerational transmission,as well as the moderating role of internal and external corporate governance in the relationship between the two,based on the empirical data of family listed enterprises.The aim is to provide ideas for family enterprises trapped in the dilemma of intergenerational transmission and achieve the long-term development of family enterprises.This article takes A-share family listed companies from 2012 to 2021 as the research object.Firstly,it studies the internal connections between intergenerational transmission process,internal and external corporate governance,and innovation investment through literature,and establishes a theoretical foundation by sorting out social emotional wealth theory,principal-agent theory and so on;Secondly,principal component analysis is used to construct comprehensive internal governance structure indicators and comprehensive external governance level indicators;Then,multiple linear regression is used to explore the impact of intergenerational transmission process on enterprise innovation investment,and further research is conducted on the impact of innovation investment on enterprise value;Finally,regression test and other tests explore the moderating effect of internal governance structure and external governance level in the relationship between intergenerational transmission process and innovation investment,and use propensity score matching to conduct robustness test.This article draws the following conclusions through research:(1)Different stages of intergenerational transmission have different impacts on innovation investment.During the period of second-generation participation in management,the innovation investment of family businesses is lower,and when the first and second generations jointly manage and receive management,the innovation investment of family businesses is higher;(2)The internal governance structure strengthens the negative impact of the second generation participation in management on innovation investment,and strengthens the positive impact of the first and second generation joint management stage and the second generation receiving management stage on enterprise innovation investment;(3)The level of external governance weakens the negative impact of the second generation participation in management on innovation investment,and strengthens the positive impact of the first and second generation joint management stages and the second generation receiving management stages on enterprise innovation investment.The relevant conclusions of this study can provide theoretical guidance for family enterprises in the peak period of intergenerational transmission,propose countermeasures and suggestions for leading enterprise transformation and upgrading through innovation,thereby enhancing competitive advantages,enhancing their industry position,and increasing enterprise value.