代际传承中的家族超额董事委派：控制增强抑或风险分散？

摘要/Abstract

摘要： 家族代际传承推动企业治理结构改变。基于超额控制权视角，本文采用2008—2021年A股家族上市公司样本，研究了代际传承对家族超额董事委派程度的影响。研究发现，代际传承显著提升了家族超额董事委派程度，且在家族二代接管阶段、实际控制人子女数量少以及无男性子女时更加明显。机制检验显示，代际传承的家族超额董事委派主要适用于风险分散效应假说而非控制增强效应假说。本文的研究不仅补充了家族企业代际传承中的治理结构相关文献，也丰富了超额控制权风险分散效应的理论认识和经验证据，对家族企业传承的治理机制安排具有一定的参考价值。

关键词: 代际传承, 家族超额董事委派, 风险分散效应, 传承阶段, 家族子女状况

Abstract: Family succession promotes changes in corporate governance structure. From the perspective of excess control rights, this paper uses a sample of A-share listed family companies from 2008 to 2021 to study the impact of intergenerational succession on the degree of family over-appointent of directors. The study finds that intergenerational succession leads to a significant increase of family over-appointment of directors, especially for the family companies that are being taken over by their second generation and have less children or no male children of actual controller. Further analysis finds that the family over-appointment of directors in intergenerational succession is mainly supported by the hypothesis of risk dispersion effect rather than control enhancement effect. This paper not only supplements the related research on the governance structure of family business succession, but also enriches the theoretical understanding and empirical evidence of the risk dispersion effect of excess control rights, and has certain reference value for the governance mechanism arrangement of family business succession.

Key words: intergenerational succession, family over-appointment of directors, risk diversification effect, take-over stage, family children composition

吴春天, 钱爱民. 代际传承中的家族超额董事委派：控制增强抑或风险分散？[J]. 管理评论, 2025, 37(2): 187-198.

Wu Chuntian, Qian Aimin. Family Over-appointment of Directors in Intergenerational Succession: Control Enhancement or Risk Diversification?[J]. Management Review, 2025, 37(2): 187-198.

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