管理评论

管理评论 ›› 2025, Vol. 37 ›› Issue (7): 127-140.

• 创新与创业管理 • 上一篇    下一篇

国资参股与家族企业创新持续性——家族控制结构异质性的调节作用

徐炜1, 张小萱1, 马树元2, 孙菁3, 王超1   

  1. 1. 首都经济贸易大学工商管理学院, 北京 100070;
    2. 国网电力空间技术有限公司, 北京 102213;
    3. 中国联合网络通信有限公司软件研究院, 北京 100176
  • 收稿日期:2022-11-28 发布日期:2025-07-30
  • 作者简介:徐炜，首都经济贸易大学工商管理学院教授，博士;张小萱，首都经济贸易大学工商管理学院硕士研究生;马树元，国网电力空间技术有限公司经济师，硕士;孙菁，中国联合网络通信有限公司软件研究院工程师，硕士;王超（通讯作者），首都经济贸易大学工商管理学院讲师，博士。
  • 基金资助:
    中国博士后科学基金项目（2023M732399）；首都经济贸易大学新入职青年教师科研启动基金项目（XJ2024000501）。

State-owned Equity Participation and the Innovation Persistence of Family Enterprises: The Moderating Effects of Family Control Structure Heterogeneity

Xu Wei1, Zhang Xiaoxuan1, Ma Shuyuan2, Sun Jing3, Wang Chao1   

  1. 1. School of Business Administration, Capital University of Economics and Business, Beijing 100070;
    2. State Grid Power Space Technology Co., Ltd., Beijing 102213;
    3. Software Research Institute of China Unicom, Beijing 100176
  • Received:2022-11-28 Published:2025-07-30

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摘要： 新发展格局和混合所有制改革双重背景下，国资参股这一“反向混改”举措能否以及如何助力家族企业创新持续性具有重要现实意义。本文从家族控制结构异质性视角探究国资参股与家族企业创新持续性的情境化关系机制。利用中国A股上市家族企业样本的实证研究发现：国资参股与家族企业创新持续性之间呈现倒U型关系，并在不同家族控制结构下表现出高度异质性：夫妻控制结构使上述关系趋于平缓，兄弟姐妹控制结构使上述关系趋于陡峭，父子控制结构对上述关系的调节效应不显著。进一步分析发现，父子控制结构中父辈主导下的二代接班准备阶段使国资参股与家族企业创新持续性的倒U型关系趋于陡峭。本文拓展了国资参股与家族企业创新的研究，并为激活国有资本和家族企业创新活力提供借鉴。

关键词: 家族企业, 创新持续性, 国资参股, 家族控制结构

Abstract: Under the background of new development situation and mixed ownership reform, whether and how “reverse mixed-ownership reform” can enhance the persistent innovation ability of family enterprises is an important topic. From the perspective of heterogeneity of family control structures, this paper explores the relationship between state-owned equity participation and innovation persistence of family enterprises. The unbalanced panel data of Chinese digital listed companies from 2013 to 2021 show that there is an inverted U-shaped relationship between state-owned equity participation and innovation persistence of family enterprises. When the enterprise is controlled by husband and wife, the inverted U-shaped relationship flattens. When the enterprise is controlled by brothers, the inverted U-shaped relationship steepens. Further analysis shows that the preparation stage of second-generation succession in the father-son controlled enterprises steepens the inverted U-shaped relationship between state-owned equity participation and innovation persistence. This paper enriches the theoretical research of state-owned equity participation and family business innovation, and provides management implications for revitalizing state capital and improving the innovation persistence of family enterprises.

Key words: family business, state-owned equity participation, innovation persistence, family control structure