CAJ | 학술논문

本文以2007~2012年A股上市家族企业为样本,研究风险投资对家族控制企业R＆D投资机制的影响。研究发现,家族控制的风险规避行为抑制了企业的R＆D投资;有风投背景的家族企业能显著地增加R＆D投资,并对家族控制权与R＆D投资关系产生调节作用,但这种调节的有效性只在家族控制权较低的企业才成立。进一步研究发现,不同特征的风投对家族控制企业的R＆D投资产生的影响不同。风投声誉越高和持股比例越多,对家族控制权与R＆D的调节作用越强;国有风投和本地风投对家族控制权与R＆D的调节作用更强,而联合风投与独立风投没有显著差别。
본문이2007~2012년A고상시가족기업위양본,연구풍험투자대가족공제기업R＆D투자궤제적영향。연구발현,가족공제적풍험규피행위억제료기업적R＆D투자;유풍투배경적가족기업능현저지증가R＆D투자,병대가족공제권여R＆D투자관계산생조절작용,단저충조절적유효성지재가족공제권교저적기업재성립。진일보연구발현,불동특정적풍투대가족공제기업적R＆D투자산생적영향불동。풍투성예월고화지고비례월다,대가족공제권여R＆D적조절작용월강;국유풍투화본지풍투대가족공제권여R＆D적조절작용경강,이연합풍투여독립풍투몰유현저차별。
This paper relies upon the data from A-share listed family controlled companies between 2007 and 2012 as sample to study how VC affects the R＆D investment. Our empirical analysis shows that the risk-averse behavior of the family controlled companies restrains R＆D investment.VC-backed family enterprises significantly increases R＆D investment, and the relationship between the family control and R＆D investment is adjusted. The effectiveness of this adjustment is based on the premise that the family control is loose. We further find that different types of VCs have different impacts on the R＆D investment of the family enterprises. Further analysis shows that the more visible and more shareholding of VC the more effective adjustment of family control and R＆D investment. State-owned VC and local VC are also quite effective in constraining family control on R＆D investment. However, there is no significant difference between syndicated VC and Independent VC.