管理工程学报2024，Vol.38Issue(4)：17-35,19.DOI:10.13587/j.cnki.jieem.2024.04.002
夫妻共同持股与企业创新投入:基于婚姻契约的视角
Co-ownership by couples and corporate innovation investment:Based on the perspective of marriage contract
摘要
Abstract
Innovation offers prerequisites for enterprises to construct core competitiveness,which is the power source for family firms to maintain sustainable development.In recent years,with researchers'further analysis of the internal family governance structure,more and more scholars have called for the study of family firm innovation to pay more attention to the heterogeneity within the family firm group,rather than simply comparing family firms with non-family firms.As a more prevalent family governance model,the influential role of co-ownership by couples in the development of family firms is becoming increasingly prominent.Several studies have been conducted to explore the impact of couple combinations on corporate risk decisions,however,they came to different conclusions.It may be exposed to the following factors:first,the suitability of the theoretical basis.The theoretical perspective of femininity overemphasizes the role of wives and pays less attention to the synergy of couples;The research of social-emotional wealth theory and agency theory is mainly concentrated on the exploration of the enterprise level,as a consequence,it is tough to clarify the impacts of different kinships on the differentiation of enterprises.Second,the inconsistency of the concept range of couple combinations.Marital ownership and marital leadership are the cruxes of defining the couple combination for the current research,whereas,there are essential differences between them.Third,there are no clear boundary conditions for the research,especially for the couple's relationship with the family system,and the financial status with the enterprise system. Considering that there are some deficiencies in the existing research,this paper attempts to explore the impact of co-shareholding by couples on corporate innovation investment based on the perspective of marital contract.To be more specific,compared with other family governance models,the commitment mechanism of the marital contract promotes the consciousness of risk-sharing in a long term between the couples,the reciprocity of the marital contract lays the foundation of long-term cooperation,and the consistent goal of maximizing family wealth under the marital contract forms a long-term incentive for the couple's collaboration.Accordingly,this paper holds that under the synergy of formal and informal marital contracts,the couples'relationship is conducive to inspiring the foundation of trust,institution,emotion,and career,formulating the innovation for family enterprises,that is to say,co-shareholding by couples contribute to the innovative investment.In addition,considering that under the influence of marriage contracts,the innovation promotion effect of couples'co-shareholding will be affected by the two systems of family and business,this paper explores the moderating effect of couple differences and business distress.In further research,this paper attempts to take the long-term orientation as a clue to shed light on the path mechanism of co-shareholding by couples to promote enterprise innovation investment. This paper cites Chinese family-listed companies from 2008-2016 as the research samples,the results indicates that:1)compared with other family governance models,co-ownership by couples is more conducive to stimulating corporate innovation,and this result is still valid after a variety of robustness tests,such as instrumental variable method,propensity score matching,placebo test,exclusion of alternative explanation and so on;2)The difference between couples has a negative moderating effect on the relationship between couples'common property rights and enterprise innovation.That is,the gaps in education and Confucian culture between the couple will weaken the positive effect of co-ownership by couples on corporate innovation.Business distress positively moderates the relationship between co-ownership by couples and corporate innovation.That is,corporate innovation will be benefited from the current organizational decline and expected earnings pressure under the co-shareholding mode by couples;3)Further study reveals that the main reason why co-ownership by couples can promote corporate innovation is that this kind of governance model is conducive to promoting long-term orientation. The theoretical contributions and practical insights are as follows.First,this paper deconstructs the governance mechanism within the family system by taking the marriage contract as the entry point.It casts light on the essential differences between the co-ownership by couples and other family governance models,offering a new theoretical perspective to reveal the driving force of corporate innovation.Consequently,encouraging co-entrepreneurship not only attaches great significance to enhancing entrepreneurial dynamics,but also contributes to the overall innovation strength of the country.Second,this paper expands the boundary conditions of co-ownership by couples to promote corporate innovation investment.Especially for the relationship conflict effect of spousal differences,which conveys that it is imperative to reasonably allocate and coordinate the couples'complementary skills and power in the enterprise management practice,so as to avoid the negative impact of the relationship conflict on corporate innovation.Third,this paper opens the black-box of the innovation-promoting effect of co-ownership by couples from the perspective of long-term orientation.Thus,in order to enhance enterprises to make a more great contribution to the high-quality development of China's economy,it is particularly critical to maximize the long-term orientation of family members.关键词
夫妻共同持股/家族企业/婚姻契约/企业创新投入/长期导向Key words
Co-ownership by couples/Family firms/Marriage contract/Corporate innovation investment/Long-term orientation分类
管理科学引用本文复制引用
陈元,贺小刚,闫静波,彭屹..夫妻共同持股与企业创新投入:基于婚姻契约的视角[J].管理工程学报,2024,38(4):17-35,19.基金项目
国家自然科学基金项目(72272096、71972121、71672105) The National Natural Science Foundation of China(72272096,71972121,71672105) （72272096、71972121、71672105）
