文章基本信息

标题：Innovation of Family-Owned Enterprises and Government Subsidies: From A Policy-Oriented Perspective
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作者：Zhao, Kai ; Wu, Wanshu
期刊名称：Sustainability
印刷版ISSN：2071-1050
出版年度：2022
卷号：14
期号：20
页码：1-18
DOI：10.3390/su142013331
语种：English
出版社：MDPI, Open Access Journal
摘要：This paper investigates the influence effects of government subsidies on the innovation of family-owned enterprises in China through a panel data model and Heckman two-stage model, and explores the possible influence mechanisms of government subsidies on different innovation behaviors of family-owned enterprises through a mediation analysis method. It is found that government subsidies play a significant role in promoting innovation input, innovation quantity and innovation quality of family-owned enterprises. From the perspective of innovation quality, government subsidies are more beneficial to family-owned enterprises without “two jobs in one” or “2nd generation succession”. Compared with family-owned enterprises that have completed intergenerational inheritance, government subsidies are more conducive to enhancing the innovation quantity of family-owned enterprises that have not achieved “2nd generation succession”. We find also that government subsidies can indirectly improve the innovation quality of family-owned enterprises by increasing the proportion of state-owned shares and easing the financing constraints. By organically integrating two relatively independent research fields (effectiveness of government subsidy and innovation of family businesses), this paper opens up a new way of thinking for exploring the sustainability of family businesses.
关键词：family-owned enterprise; government subsidies; intergenerational inheritance; innovation quality