摘要
“亲属抱团”的家族化治理模式在中国家族企业中广泛存在,这不仅是一种经济活动,更是根植于中国传统宗族观念下的文化现象。本文利用家族企业实际控制人籍贯地族谱数据,考察宗族文化对家族化治理模式的影响。结果发现,实际控制人的宗族观念越强,其亲属参与公司治理的程度越高,这一结论在经过内生性检验后依然稳健;并且证实,宗族文化内含的亲属间信任及团结互惠是两条作用机制。进一步研究发现,实际控制人的宗族观念越强,亲属参与的差序格局愈明显;此外,宗族文化的影响在宗族影响力越大、外部监管环境越差时更突出,当实际控制人经历过"文化大革命”、拥有海外经历时则被削弱。最后本文发现,在宗族文化的影响下,亲属参与对股东与管理层间代理成本的缓解作用得到加强,有助于提高企业的成长性和市场表现。本研究为理解在正式制度有待完善背景下,中国改革开放以来民营经济的增长奇迹提供了来自传统文化视角的证据。
Family-Based System is widely existed in Chinese family firms. This is not only an economic activity,but also a cultural phenomenon,which rooted in the traditional Chinese clan culture. Based on the genealogical data of the actual controller,this paper investigates the influence of clan culture on corporate governance in family firms. The results show that the stronger the clan concept of the actual controller,the higher the degree of relative involvement in corporate governance,and this conclusion is still robust after a series of endogenous tests. And natural trust between relatives and the concept of solidarity and reciprocity are mechanisms. Further research finds that the stronger the clan concept of the actual controller,the more obvious the phenomenon of "differential order pattern" in the firm. In addition,the influence of clan culture on the corporate governance is more obvious when the clan influence is greater or the external regulatory environment is worse,and when the actual controller is affected by the Cultural Revolution or has overseas experience,the influence will be weakened. Finally,this paper finds that the involvement of relatives in mitigating the agency costs between shareholders and management has been strengthened under the influence of clan culture,which is conducive to the growth of the enterprise and market performance. In order to understand the growth miracle of the private economy in China’s reform and opening up,this paper provides new evidence from the perspective of traditional culture.
出处
《管理世界》
CSSCI
北大核心
2019年第7期116-135,203,204,共22页
Journal of Management World
基金
国家自然科学基金面上项目(71772155,71572158)
国家自然科学基金重大项目(71790601)的资助
