摘要
本文整合了业绩反馈理论和社会情感财富理论,认为家族决策者会依据企业的业绩反馈结果决定是否开展并购活动,而家族股东情感资产或非经济财富的得失会影响这一决策过程。本文通过2009~2013年在创业板上市的家族企业数据,证实较差的业绩表现将会增加家族企业开展并购活动的可能性,而高于经营期望的业绩表现会降低其开展并购活动的概率。但是,无论家族决策者选择的参照点是历史期望还是社会期望,家族成员担任CEO都会增加拥有较差经营业绩的家族企业开展并购活动的可能性,但当企业处于一种比较令人满意的状况时,家族成员担任CEO却没有表现出这种影响。家族持股比例也对业绩反馈结果和家族企业并购活动之间关系没有调节效应。
This article integrated performance feedback theory and socioemotional wealth perspective, and argued that family decision-makers would determine to launch M＆A activities based on the real performance feedback results, which would be moderated by family control in consideration of the loss of family owners＇ non-financial wealth. Through the empirical analysis of family-controlled firms from 2009-2013 listed on Entrepreneurial Board. we concluded that when firm performance is below aspiration level, the family firm would be more likely to launch M＆A activities, but when the performance is over aspiration level, the family firm would be less likely to launch M＆A activities. Meanwhile. whatever compared with historical or social aspiration, family-CEO would increase the possibility of family firms＇ launching M＆A activities when firm performance is below aspiration level. Moderation effect was not significant when firm performance is over aspiration level. Family ownership didn＇t show moderating effect either.
出处
《中大管理研究》
CSSCI
2015年第4期311-332,共22页
China Management Studies
关键词
家族企业
并购
企业绩效
经营期望
情感财富
family firm, performance feedback, aspiration, M＆A, social emotional wealth
