本文以中国沪深A股市场实际控制人发生变更的民营企业为研究对象,基于PSM模型实证检验民营企业权力变更引发的企业R&D效应变化.研究结果表明:民营企业权力变更对企业R&D效应具有显著的积极影响,在企业高层领导权变更三年内,R&D投入强度平均增长24.04％;通过分别考察家族企业与非家族企业权力变更对企业R&D效应的影响,发现尽管家族企业R&D投入普遍低于非家族企业,但是家族企业权力变更的企业R&D升级效应明显优于非家族企业,意味着家族企业在代际传承时期的权力变更有利于增强企业创新能力.%The paper is based on the A-Stock firms that the actual controllers have changed in Shanghai and Shenzhen Stock Exchange,and the propensity score matching is used to examine the change of the management turnover on the private enterprises' R&D effect.The results show that:the management turnover of private enterprises has a significant positive impact on enterprise R&D,and the R&D investment intensity is an average increase of 24.04％ three years after the management turnover;By respectively to test the impact of the management turnover on the enterprises' R&D behaviors between family firms and non-family firms,we find that family firms' R&D investment is generally lower than non-family firms,but the upgrade effect of management turnover in family firms on the R&D is significantly better than in non-family firms,which means the management turnover during the period of the intergenerational inheritance in family firms is beneficial to strengthen enterprise innovation ability.
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