家族化管理与企业绩效:规模与家族成员所有权结构的调节效应

›› 2016, Vol. 28 ›› Issue (5): 96-106.

家族化管理与企业绩效:规模与家族成员所有权结构的调节效应

范黎波¹, 刘云芬^1,2, 杨金海¹

1. 对外经济贸易大学国际商学院, 北京 100029;
2. 石河子大学经济与管理学院, 新疆 832000

收稿日期:2014-06-06 出版日期:2016-05-28 发布日期:2016-06-02
作者简介:范黎波,对外经济贸易大学国际商学院教授,博士生导师,经济学博士;刘云芬(通讯作者),对外经济贸易大学国际商学院博士研究生,石河子大学经济与管理学院副教授,硕士生导师;杨金海,对外经济贸易大学国际商学院博士研究生。
基金资助:
新疆维吾尔自治区普通高校人文社科重点研究基地石河子大学公司治理与管理创新研究中心招标项目(XJEDU020214C03);对外经济贸易大学第三期重点培养学科项目资助。

Family Management and Corporate Performance: the Moderating Effects of Firm Size and Concentration of Family Ownership

Fan Libo¹, Liu Yunfen^1,2, Yang Jinhai¹

1. Business School, University of International Business and Economics, Beijing 100029;
2. College of Economics and Management, Shihezi University, Xinjiang 832000

Received:2014-06-06 Online:2016-05-28 Published:2016-06-02

摘要/Abstract

摘要：

本文以2010-2012年中国上市家族企业为样本,考察了在规模和家族成员所有权结构不同的家族企业中,家族化管理和企业绩效之间的关系。研究发现:不同类型家族企业家族化管理对企业绩效的影响有差异。企业规模负向调节家族化管理和企业绩效的正向关系;家族成员所有权结构负向调节家族化管理和企业绩效的正向关系;规模小且家族成员所有权集中度高的家族企业,家族化管理有利于企业绩效提高;规模大且家族成员所有权集中度高的家族企业,家族化管理不利于企业绩效提高,应该引入职业经理人进行管理。研究认为随着家族企业的不断发展和规范,企业需要建立健全适合家族企业发展的治理机制。

关键词: 家族化管理, 家族成员所有权结构, 代理理论, 管家理论

Abstract:

Based on the sample data of the listed family firms from 2010 to 2012 in China, this paper empirically studies the relationship of family management and corporate performance among different types of family firms. We examine the effect of family management on firm performance in different types of family firms. The results show that firm size and concentration of ownership reduces the relationship between family CEOs and corporate performance respectively. We find that family CEOs will outperform in smaller firms with more concentrated ownership and underperform in larger firms with more concentrated ownership. Therefore, when a family firm becomes larger and more concentrated, professional managers should be introduced. We conclude that a family firm should establish and improve an effective governance mechanism as it grows and standardizes.

Key words: family management, concentration of family ownership, agency theory, stewardship theory

范黎波, 刘云芬, 杨金海. 家族化管理与企业绩效:规模与家族成员所有权结构的调节效应[J]. , 2016, 28(5): 96-106.

Fan Libo, Liu Yunfen, Yang Jinhai. Family Management and Corporate Performance: the Moderating Effects of Firm Size and Concentration of Family Ownership[J]. , 2016, 28(5): 96-106.

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