摘要
当前,“以高质量发展促进共同富裕”已成为鲜明的时代主题。作为助推高质量发展和共同富裕的重要主体,家族企业正面临代际传承中创新不足的挑战。本文基于社会情感财富理论,选取2015~2020年中国A股制造业已上市的家族企业共4190个观测值作为研究样本,探究数字金融对代际传承与家族企业创新投入的情境效应。研究发现:(1)处于代际传承阶段的家族企业创新投入更低;(2)数字金融可以削弱代际传承对家族企业创新投入的负向影响;(3)低政治关联程度和低家族涉入情境下,数字金融削弱代际传承对创新投入负向影响的作用更强;(4)高慈善捐赠情境下,数字金融削弱代际传承对创新投入负向影响的作用更强;(5)进一步的细分研究表明,数字金融主要通过覆盖广度和数字支持服务程度对家族企业的跨代创新产生影响,而非使用深度。本文为家族企业跨代创新研究提供了数字金融这一新的视角,丰富了跨代创新与共同富裕交叉议题的研究,也为家族企业如何在促进共同富裕方面发挥积极作用提供了借鉴。
Currently,promoting common prosperity through high-quality development has become the most distinctive theme of the times.As an important subect to promote high-quality development and common prosperity,family firms are facing the challenge of insuffcient innovation in transgenerational succession.Based on Socioemotional Wealth Theory,this paper selects a total of 4190 observations of listed family firms in China's A-share manufacturing industry from 2015 to 2020 as research samples to explore the contextual effects of digital financial inclusion on transgenerational succession and family firms’innovation investment.This paper finds that:①family firms in the transgenerational succession have lower innovation investment;②digital financial inclusion can weaken the negative impact of transgenerational succession on farmily firm innovation investment;③in the case of low political connection and low family involvement,the effect of digital financial inclusion in weakening the impact of transgenerational succession on innovation investment is enhanced;④in the case of high corporate philanthropy,the effect of digital financial inclusion in weakening the impact of transgenerational succession on innovation investment is enhanced;⑤further segmentation study shows that digital financial inclusion has an impact on intergenerational innovation of family firms mainly through the breadth of coverage and the level of digital support services,rather than the using depth.This paper provides a new perspective on digital financial inclusion for the study of intergenerational inovation in family firms,which enriches the research on the intersection of intergenerational innovation and common prosperity,and also provides implications on how family firms can play an active role in promoting common prosperity.
作者
潘镇
丁皓
李健
江金鸥
Zhen Pan;Hao Ding;Jian Li;Jinou Jiang(School of Business,Nanjing Normal University,Nanjing,China)
出处
《南大商学评论》
2022年第2期150-169,共20页
Nanjing Business Review
基金
国家社会科学基金一般项目“代际传承中的社会资本与家族企业创新投入机制研究”(项目编号:19BGL042)
关键词
共同富裕
数字金融
家族企业
社会情感财富
代际传承
创新投入
Common Prosperity
Digital Financial Inclusion
Family Firms
Socioemotional Wealth
Transgenerational Succession
Innovation Investment
