系族化经营与企业创新——来自集团附属上市公司的经验证据

Although familized-affiliated enterprises are common in the capital market, there is a lack of evidence on whether their innovation performance is better than that of only-child group-affiliated enterprises. This paper divided the listed companies affiliated to the Chinese group into familized group-affiliated enterprises and only-child group-affiliated enterprises, and examined the differences in innovation performance between the two types of organizations. It is found that the innovation performance of familized group-affiliated enterprises is significantly higher than that of only-child group-affiliated enterprises, and the innovation performance advantage of the familized group affiliation is more obvious in private than in state-owned enterprises. Moreover, the more the business of a familized group-affiliated firm is related to that of its parent company, the better the innovation performance of the affiliated firm will be. Conversely, the higher the diversification of a familized group, the lower the innovation performance of its affiliated firms will be. This paper shows that the familized group affiliation promotes the innovation of the affiliated enterprise. The findings enrich the understanding of the impact of the familized group on the innovation of affiliated firms, and have important practical implications for the innovation management of the group enterprise.