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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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