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《Securities Market Herald》 2015-01
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Famliy Control, Venture Capital and R&D Investment

Tang Qingquan;Li WenFei;Cai Guilong;  
This paper relies upon the data from A-share listed family controlled companies between 2007 and 2012 as sample to study how VC affects the RD investment. Our empirical analysis shows that the risk-averse behavior of the family controlled companies restrains RD investment.VC-backed family enterprises signifi cantly increases RD investment, and the relationship between the family control and RD investment is adjusted. The effectiveness of this adjustment is based on the premise that the family control is loose. We further fi nd that different types of VCs have different impacts on the RD investment of the family enterprises. Further analysis shows that the more visible and more shareholding of VC the more effective adjustment of family control and RD investment. State-owned VC and local VC are also quite effective in constraining family control on RD investment. However, there is no signifi cant difference between syndicated VC and Independent VC.
【Fund】: 自然科学基金项目《关联股东的治理角色研究》(71272202);; 广东省哲学社会科学规划项目《企业转型创新能力的机制研究》(GD13CGL06);; 广州市科技计划项目《并购转型的创新研究》(2014Y4300013)资助的研究成果
【CateGory Index】: F832.51;F273.1
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【References】
Chinese Journal Full-text Database 1 Hits
1 ZHENG Xue;Haiyan Party School of C.P.C;;The Risk Aversion of Private Capital and Overseas Intelligence:Reflection on Some Typical Cases[J];福建商业高等专科学校学报;2015-04
【Citations】
Chinese Journal Full-text Database 10 Hits
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2 DAI Jilin1,4,LI Xinchun2,4,LI Shengwen3,4(1.School of Economics and Management,Anqing Teachers College,Anqing 246052,China;2.Business School,Sun Yat-Sen University,Guangzou 510275,China;3.College of Economics and Management,South China Agricultural University,Guangzhou 510642,China;4.Chinese Center for Family Business Research,Sun Yat-sen University,Guangzhou 510275,China);Input-Determining Mechanism in R&D of Family Business:Based on the Perspective of Family's Ownership and Control[J];科学学与科学技术管理;2012-12
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【Co-citations】
Chinese Journal Full-text Database 10 Hits
1 Jianbo Song;Zihao Su;Xiaoqun Nie;School of Business, Renmin University of China;;Does development of financial markets help firm innovation? Evidence from China[J];Economic and Political Studies;2018-02
2 Hongbo Pan;Rui Zhang;;Excess Employment, Intellectual Property Rights Protection, and Corporate Innovation[J];会计论坛;2015-02
3 Ran Qiuhong;Liu Pingfen;Economics and Management School of Wuhan University;;Executive Pay Gap,Product Market Competition and R&D Investment[J];珞珈管理评论;2015-02
4 Yang Yaping;Wang Zhi;School of Economics,Jinan University;;Impact of Domestic Venture Capital on Spatial Agglomeration of New Enterprises' Creation[J];创新与创业管理;2015-02
5 SHUI Huili;HAN Qinglan;YANG Jiehui;School of Business, Central South University;;On the influence of environmental regulation and financing constraints on R & D investment of a firm[J];中南大学学报(社会科学版);2015-06
6 ZHEN Hongxian;ZHANG Xianzhi;CHI Guotai;School of Accounting/China Internal Control Research Center,Dongbei University of Finance and Economics;Faculty of Management and Economics,Dalian University of Technology;;The Effect of the Institutional Environment and Ultimate Control on Corporate Performance: Based on the Test of Mediator Effect of Agency Costs[J];金融研究;2015-12
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9 Xu Jingjing;Business School,East China Normal University;;Non-family CEO Type,the Separation between Control Right and Cash Flow Right,and Firm Specific Information Disclosure in Family Firms[J];上海财经大学学报;2015-06
10 CAO Ting;FENG Zhao-zhen;WEN Jun;School of Management,Xi'an Jiaotong University;School of Economics and Finance,Xi'an Jiaotong University;;Heterogeneous Venture Capital,Investment Syndication and IPO Underpricing Based on ChiNext[J];上海经济研究;2015-12
【Co-references】
Chinese Journal Full-text Database 2 Hits
1 Xu Jiayun;Mao Qilin;Tong Jiadong;School of Economics,Nankai University;;How Does Export Affect Corporate Risk-Taking?[J];产业经济研究;2015-02
2 Tang Qingquan;Li WenFei;Cai Guilong;;Famliy Control, Venture Capital and R&D Investment[J];证券市场导报;2015-01
【Secondary Citations】
Chinese Journal Full-text Database 10 Hits
1 SHAO Min,BAO Qun(School of Economics of Nankai University,Tianjin 300071,China);Government Subsidies and Firm's Productivity——An Empirical Study Based on Chinese Industrial Plants[J];中国工业经济;2012-07
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3 Wu Chaopeng,Wu Shinong,Cheng Jingya and Wang Lu(School of Management,Xiamen University);The Role of Venture Capital in the Investment and Financing Behavior of Listed Companies:Evidence from China[J];经济研究;2012-01
4 Fang Junxiong,Fang Fang;Over-funding in IPO and Capital Misuse in China's Market[J];证券市场导报;2011-09
5 BAI Junhong LI Jing;Government's R&D Subsidies and Enterprise Technology Innovation:An Empirical Analysis based on the Perspective of Efficiency[J];金融研究;2011-06
6 Tang Songlian1 and Hu Yiming2 (1.School of Business,East China University of Science and Technology,Shanghai 200237; 2.Antai College of Economics and Management,SJTU,Shanghai 200052);Institutional Investors' Stock-selecting Ability and Information Transparency of Listed Companies——An Evidence from Shenzhen Stock Exchange[J];管理评论;2011-06
7 Zhang Xueyong and Liao Li(Central University of Finance and Economics;Tsinghua University);VCs' Backgrounds,IPO Underpricing and Post-IPO Performance[J];经济研究;2011-06
8 XIE Weimin FNAG Hongxing;Financial Development,Financing Constrains and Firms' R&D Investment[J];金融研究;2011-05
9 Chen Gongmeng,Yu Xin and Kou Xianghe (Shanghai Jiao Tong University; Nanjing University; Shenzhen Capital Group Co. Ltd);The Underpricing of Venture Capital Backed IPOs: Evidence from Chinese Firms Listed on Different Stock Markets[J];经济研究;2011-05
10 Wang Bin1,Xie Weiming2,Zeng Chuhong3(1.Lingnan(University) College,Sun Yat-sen University,Guangzhou 510275,China; 2.School of Business,Sun Yat-Sen University,Guangzhou 510275,China; 3.School of Management,Guangdong University of Foreign Studies,Guangzhou 510610,China);Institutional Investors,Corporate Governance and R&D Input of Listed Companies——Based on Experience Data of Listed Companies in China[J];科技进步与对策;2011-06
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