An Econometric Model on the Relations of Chinese Family Firms and Regional R&D Investments

Jun KONG, Xin-xin LV, Fan JIANG


This study establishes a fixed effect econometric model and data of CSMAR to examine the local family firms affecting province R&D investment and further analyze impact of crowding in or crowding out the public funding to family firms. The regression result shows that a negative impact of local listed family firm on province R&D investment. Moreover, the crowd in effect of local listed family firms is verified. I find that extra 0.16 million public R&D funding received by family firm as one more listed family firm added in a province and additional 0.03 million public R&D funding received by family firm is associated with one million growth in average market value of listed family firm.


Family firm, R&D, Public investment, Owner, Institution environment


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