摘要
中国家族企业面临代际传承和创新转型的双重挑战。在新媒体融合背景下,本文选取2009—2021年中国上市家族企业作为样本,研究媒体关注对代际传承与家族企业创新效率的调节作用和影响机制。结果表明:(1)代际传承阶段家族企业的平均创新效率显著低于非代际传承阶段家族企业;(2)媒体关注能够正向调节代际传承对家族企业创新效率的抑制作用,该调节作用在处于高市场化水平地区和高信息透明度的家族企业中更为明显;(3)拓展性研究发现,媒体关注的调节作用具有持续性,且相较于负面媒体关注和中性媒体关注,正面媒体关注的调节作用更为明显;(4)机制检验表明,媒体关注通过提高代际传承阶段家族企业的内部控制质量,进而提升家族企业的创新效率。本文拓展了代际传承与家族企业创新边界条件的研究,丰富了公司治理理论中媒体关注的研究成果,并为家族企业的高质量发展提供管理启示。
As a major organizational form of Chinese private enterprises,family firms are an unignorable group of enterprises in the development of the national economy.After over forty years of reform and opening up,Chinese family firms are facing the dual challenges of transgenerational succession and innovative transformation.As a governance mechanism outside of legal and administrative enforcement,the media has an essential impact on the decision-making of corporate management.Against this backdrop,the impact of media attention on intergenerational innovation in family firms needs to be further identified.Moreover,current research on intergenerational innovation in family firms tends to focus on the scale of inputs or outputs,and still lacks attention to innovation efficiency.From the perspective of innovation efficiency,it is of practical significance to promote the rational allocation of innovation resources in family firms when resources are limited during the succession period.Therefore,this paper explores the impact of transgenerational succession on the innovation efficiency of family firms as well as the contextual effects of media attention.In the extended studies,this paper further analyses the effects of different media sentiments on the outcomes and the possible mechanisms of their effects.Based on the socioemotional wealth theory,this paper argues that the impact of transgenerational succession on the innovation efficiency of family firms may be two-fold.On the one hand,family firms are more likely to focus on avoiding the loss of socioemotional wealth during the succession period,thus forming a strategic reference point for maintaining family control,which embodies restricted socioemotional wealth,and tend to be less willing to innovate in their firms.On the other hand,family firms during the succession period are also likely to optimize the allocation of innovation resources with a view to obtaining efficient innovation outputs under resource-limited conditions,thus enhancing innovation efficiency.In the context of media attention,on the one hand,media attention stimulates the“social identity”of the management of family firms through the“reputation mechanism”,and enhances the willingness of family firms to engage in innovative activities during the succession period.On the other hand,media attention promotes the optimal allocation of innovation resources in family firms through the“information dissemination mechanism”,which enhances the ability to engage in innovation activities.To verify the above hypotheses,this paper selects a sample of Chinese listed family firms from 2009 to 2021 to study the contextual effects and mechanisms of media attention on transgenerational succession and the innovation efficiency of family firms.The researchresults are as follows:(1)The average innovation efficiency of family firms in the transgenerational succession period is significantly lower that of family firms in the non-transgenerational succession stage;(2)Media attention can help enhance the innovation efficiency of family firms in the succession period,and this contextual effect is more pronounced in family firms that are in regions with high levels of marketization and high levels of information transparency;(3)Extended research finds that thecontextual effect of media attention is persistent and only positive media reports have significant moderating effects;(4)Mechanism test finds that improving the internal control quality is one of the paths through which media attention promotes the innovation efficiency of family firms in the succession period.The research contributions of this paper are as follows:(1)This paper explores the relationship between transgenerational succession and family firm innovation in the context of media attention,which helps to bridge the contradictory viewpoints of current research.(2)This paper takes innovation efficiency as a measure of the innovation level of family firms in the context of high-quality development,which is a useful refinement and supplement to existing research on intergenerational innovation in family firms.(3)This paper enriches the research findings on the role of media in corporate governance theory.(4)This paper validates the synergistic governance role of media attention in intergenerational innovation in family firms,which helps family firms to successfully pass through the succession period and achieve innovation-driven high-quality development.
作者
李健
丁皓
潘镇
LI Jian;DING Hao;PAN Zhen(School of Business,Nanjing Normal University,Nanjing 210023,China)
出处
《财经论丛》
CSSCI
北大核心
2024年第2期80-90,共11页
Collected Essays on Finance and Economics
基金
国家社会科学基金项目(19BGL042)
国家自然科学基金项目(71972104)。
关键词
代际传承
家族企业
创新效率
媒体关注
Transgenerational Succession
Family Firm
Innovation Efficiency
Media Attention
