摘要
在部分家族企业中家族所有权全部由核心家庭成员持有,而在其他家族企业中家族所有权则由核心家庭成员与非核心家庭成员共同持有。以2009—2019年中国沪深两市A股上市家族企业为研究样本,实证检验了非核心家庭成员的所有权涉入对企业风险承担的影响。研究发现,非核心家庭成员的所有权涉入会促进企业风险承担。机制研究表明,非核心家庭成员的所有权涉入会降低企业雇佣家族CEO的可能性,并且缓解企业融资约束,从而提升企业风险承担水平。进一步研究表明,非核心家庭成员持有的所有权比例、非核心家庭成员的所有权涉入人数、非核心家庭成员持有所有权的同时亦担任管理职务均会促进企业风险承担,并且企业风险承担在非核心家庭成员的所有权涉入与企业价值之间具有遮掩效应。本文对于家族企业优化所有权结构与治理结构,以及风险管理具有一定的启示。
Risk-taking is the micro embodiment of entrepreneurship.In the face of favorable investment opportunities,firm risk-taking is conducive not only to the maximization of their own value,but also to the long-term growth of the national economy.However,though family firms are an important part of the private economy,their investment decisions are often considered to be risk averse mainly due to the controlling families strong preference for socioemotional wealth.In fact,family is not a group of homogeneous individuals,and family members preferences for socioemotional wealth and risk are often quite different.Taking A-share listed family firms in Shanghai and Shenzhen stock markets from 2009 to 2019 as the research samples,this paper empirically finds that the ownership involvement of non-nuclear family members promotes firm risk-taking level.The promoting effect is still valid after a series of robustness tests,such as changing the independent variable measure,changing the screening criteria of the samples,and using the propensity matching score(PSM).The mechanism research shows that the ownership involvement of non-nuclear family members reduces the possibility of hiring family CEO and alleviates firm financing constraints,thus enhancing firm risk-taking level.This paper further explores the impact of non-core family members ownership involvement heterogeneity on firm risk-taking,and finds that the ownership proportion of non-nuclear family members,the number of non-nuclear family members holding ownership and the management involvement of non-nuclear family members holding ownership can promote firm risk-taking.These empirical results provide more reliable evidence for the impact of the ownership involvement of non-nuclear family members on firm s risk-taking.In addition,further research also finds that firm risk-taking has a masking effect between the ownership involvement of non-nuclear family members and the firm value.The theoretical contributions of this study are as follows:Firstly,the existing literature hol
作者
李浩
陈静
LI Hao;CHEN Jing(Economics and Management School,Wuhan University,Wuhan 430072,China)
出处
《财经论丛》
CSSCI
北大核心
2022年第10期38-48,共11页
Collected Essays on Finance and Economics
基金
教育部人文社会科学研究规划基金项目(18YJA630126)。
