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

Althoughfamilized-affiliated enterprises are common in the capital market, there is alack of evidence on whether their innovation performance is better than that ofonly-child group-affiliated enterprises. This paper divided the listedcompanies affiliated to the Chinese group into familized group-affiliated enterprisesand only-child group-affiliated enterprises, and examined the differences ininnovation performance between the two types of organizations. It is found thatthe innovation performance of familized group-affiliated enterprises issignificantly higher than that of only-child group-affiliated enterprises, andthe innovation performance advantage of the familized group affiliation is moreobvious in private than in state-owned enterprises. Moreover, the more thebusiness of a familized group-affiliated firm is related to that of its parentcompany, the better the innovation performance of the affiliated firm will be.Conversely, the higher the diversification of a familized group, the lower theinnovation performance of its affiliated firms will be. This paper shows that thefamilized group affiliation promotes the innovation of the affiliatedenterprise. The findings enrich the understanding of the impact of the familizedgroup on the innovation of affiliated firms, and have important practicalimplications for the innovation management of the group enterprise.

Familized Management andEnterprise Innovation: Empirical Evidence from Group-Affiliated ListedCompanies