家族控制权和企业控制权的双层配置与家族企业高质量发展

摘要/Abstract

摘要： 家族企业是家族系统与企业系统组合而成的特有组织，亲缘关系和股东关系差异使得家族渉入具有不同的控制权配置情况，从而对家族企业战略和行为产生影响，尤其对引导企业高质量发展具有重要作用。本研究基于家族企业内部关系区分，解析家族企业双层控制权配置对企业高质量发展的影响，以深化公司治理理论和代理理论在家族企业内的延伸与应用。本研究采用2010—2018年上市家族企业样本,实证结果表明,家族内部控制权分散或高度集中配置较为有利，而企业层面控制权配置则需适度引入非家族相关股东，双层控制权配置在企业高质量发展上具有一定的互补效应。双层控制权配置对家族企业高质量发展具有不同的作用路径，稳定的外部环境、较低的融资约束以及直接创办家族企业会强化这一效应。本研究的发现对于解析家族关系影响，以及理解家族企业双层治理结构提供新的思考。

关键词: 家族企业, 控制权配置, 高质量发展

Abstract: Family firm is a special organization composed of family system and enterprise system. The differences in kinship and shareholder relationship involve the family in different configurations of control rights, which affects the strategy and behavior of the family firm, especially in guiding the high-quality development and transformation of the enterprise. Based on the differentiation of internal relationships in family firms, this study analyzes the influence of dual-level control allocation on the high-quality development of family firms, so as to deepen the extension and application of corporate governance theory and agency theory in family firms. The empirical results of the sample of listed family firms from 2010 to 2018 show that the decentralized or highly centralized allocation of control rights within the family can bring positive results, while the allocation of control rights at the firm level should be accompanied with moderately introducing non-family related shareholders. The dual-level allocation of control rights has a certain complementary effect on the high-quality development of enterprises. Dual-level control right allocation has different effects on the high-quality development of family firms, and stable external environment, low financing constraints and direct establishment of family firms will strengthen this effect. The findings of this study provide new thinking for analyzing the influence of family relations and understanding the two-tier governance structure of family enterprises.

Key words: family firms, allocation of control rights, high quality development

孙秀峰, 张文龙, 冯宝军. 家族控制权和企业控制权的双层配置与家族企业高质量发展[J]. 管理评论, 2025, 37(4): 156-170.

Sun Xiufeng, Zhang Wenlong, Feng Baojun. The Influence of the Dual Allocation of Family Control Rights and Corporate Control Rights on the High-quality Development of Family Firms[J]. Management Review, 2025, 37(4): 156-170.

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