摘要
本文选取2012-2018年A股上市家族企业,实证检验家族经营对企业金融化的影响,发现家族经营对家族企业金融化产生显著抑制作用,说明社会情感财富动机占主导。作用机制检验发现家族经营者更倾向于将资金用于实体投资而非金融投资,说明家族经营主要通过投资替代效应抑制企业金融化。此外企业所在地制度环境越好、企业融资约束越弱或资本逐利动机越强,家族经营对企业金融化的抑制作用越大。
This paper selects A-share listed family enterprises during 2012-2018 to empirically test the impact of family running on enterprise financialization. It is found that the family running has a significant inhibitory effect on the financialization of family enterprise, indicating that social emotional wealth motivation is dominant. The mediation test shows that the runner of family enterprise is more inclined to use capitals for real investment rather than financial investment, indicating that the family enterprise mainly inhibits financialization through investment substitution effect. In addition, the better the institutional environment of the company’s location, the weaker the corporate financing constraints or the stronger the profit-seeking motive of capitals, the greater the inhibitory effect of family enterprise on corporate financialization.
作者
钟腾
赵宜一
杨苗苗
ZHONG Teng;ZHAO Yi-yi;YANG Miao-miao
出处
《金融论坛》
CSSCI
北大核心
2022年第1期40-50,共11页
Finance Forum
基金
国家自然科学基金项目(71802050、72102042、71790604)
对外经济贸易大学中央高校基本科研业务费专项资金资助(17QD06、TS4-08)。
关键词
企业金融化
家族经营
社会情感财富
第二类代理问题
enterprise financialization
family running
social emotional wealth
second type of agency problem
