家族企業作為一種重要的企業組織形式，長久以來一直在全球的經濟社會發展中扮演著重要的角色。在中國大陸改革開放以來，民營經濟得到了快速發展，家族企業逐漸興起。但關鍵的核心技術和專利權仍然被忽視，依然受西方發達國家控制，處於產業鏈的中低端。由於缺乏自主創新和研發，上游產業鏈受制於美國、日本等發達國家。一旦遭遇貿易戰或制裁，企業很可能無法維持正常經營，陷入停產狀態。家族企業本質上不同於其他企業形式，是由於家族企業的“家族性”所導致的對於非經濟目標的追求，學術界將這種非經濟目標稱為社會情感財富。本文探究社會情感財富與家族企業創新投入之間的關係，根據社會情感財富的約束型導向和延伸型導向，將其分為兩個維度：家族控制與家族情感。
基於多元迴歸分析方法，以 2012～2018 年中國上市家族企業數據為樣本，實證檢驗社會情感財富對家族企業創新投入的影響。本研究共收集到 1071 家 A 股上市家族企業數據進行統計分析，研究分析結果發現，約束型和延伸型社會情感財富對家族企業創新投入影響不同，家族控制對家族創新投入起阻隔作用；相反，家族情感對家族創新投入起促進作用。因此，家族企業不應為了維護家族控制權而盲目降低創新投入強度，這將直接影響家族企業的轉型升級和長遠發展；家族內部的團結也是社會情感財富得以傳承的重要因素，家族應該注重成員之間的情感維繫；在用人方面，家族企業要按照現代企業的管理要求，摒棄“親情”觀 念，在選擇董事會成員和高級管理人員時，應首先考慮能力、經驗和專業水準。
The family firm plays a more critical role in the global economic and social
development as an important form of business organization. Since the reform and
opening up in mainland China, the private economy has developed rapidly, and the family business has gradually risen. However, the crucial of core technologies and patents are still ignored by most of the family firms in mainland China and controlled by western developed countries, which are at the middle and low end of the industrial chain. Due to the lack of independent innovation and R & D, the upstream industry chain is constrained by the United States, Japan and other developed countries. Therefore, enterprises will not be able to maintain normal operations, even fall into a state of discontinued when encountering a trade war or sanctions. Family business is essentially different from other business forms as the "family nature" of the family firm leads to the pursuit of non-economic goals which are also called socioemotional wealth by academia.
The purpose of this paper is to address the relationship between socioemotional
wealth and family business innovation investment. There are two dimensions of the restraint and extended orientation of socioemotional wealth: family control and family emotions. The multiple regression method will be used to empirically test the impact of socioemotional wealth on family business innovation investment, taking the data of listed family businesses in China from 2012 to 2018 as a sample.
The total data of 1071 A-share listed family companies were included in this study. The results reveal that restrained and extended socioemotional wealth have different impacts on family business innovation investment. Family control acts as a barrier to family innovation investment; On the contrary, family emotions promote familyinnovation investment. Therefore, family businesses should maintain family control by increasing innovation investment, which will directly affect the transformation, upgrading and long-term development of the family business; emotional maintenance between members is also crucial as the unity within the family is also an important factor for the inheritance of socioemotional wealth; In terms of employment, family businesses must abandon the concept of "family affection" following the management requirements of modern enterprises. Ability, experience and professionalism should be considered in the first place when selecting board members and senior managers.
