“去家族化”如何影响企业融资约束——基于创业板家族企业数据的研究

How does “De-familization” Affect Corporate Financing Constraints? Based on the Data of Family Enterprises on Second-Board Market

融资约束是家族企业发展的"卡脖子"问题,如何通过"去家族化"途径缓解融资困境对家族企业实现可持续发展具有重要意义。本文以2013—2016年创业板上市家族企业季度数据为研究样本,探究家族企业"去家族化"对企业融资约束的影响机制。研究发现:"去家族化"与企业受融资约束程度呈U型关系;股票价格、股权集中度在去家族化与企业融资约束关系中发挥双重中介作用,存在"‘去家族化’—股票价格—股权集中度—融资约束"的作用路径。进一步研究表明,未吸收冗余在其中起到关键调节作用;企业融资约束的缓解有助于推动家族企业的高质量发展。本文结论揭示家族企业"去家族化"对企业内外部的影响,有助于家族企业合理安排"去家族化"进程、优化资源配置,也为推动我国家族企业高质量发展转型提供参考价值。

Although family enterprises can alleviate their financing constraints by going public,they are faced with the problem of"de-familization".Whether or not the process of"de-familization"can affect the financing constraints of enterprises,and how it affects the financing constraints of enterprises has not been answered yet.In this paper,the stock price and equity concentration of enterprises are used as intermediary variables to explore the influence path of family enterprise"de-familization"behavior on enterprise financing constraint by taking the quarterly stock reduction data of Second-board Market family enterprises from 2013 to 2016 as sample.The results show that there is a U-shaped relationship between the degree of family elimination and the degree of financing constraint,there is an optimal degree of de-familization to minimize the financing constraints faced by the family enterprises.However,the excessively high degree of de-familization will aggravate the financing difficulties faced by enterprises.And there is an inverted U-shaped relationship between"de-familization"and stock price fluctuation,means"de-familization"behavior of controlling families affects external perception.Besides,there is an inverted U-shaped relationship between"de-familization"and ownership concentration,indicates that"de-familization"will adjust the internal ownership structure of enterprises.Different from previous research conclusions,the conclusion of this paper holds that controlling the progress of"de-familization"will be more conducive to the introduction of non-controlling shareholders and optimize the ownership structure.Furthermore,the fluctuation of stock price plays an intermediary role in the relationship between"de-familization"and ownership concentration,means the influence of"de-familization"on ownership structure is partly realized through the change of stock price.Then in this paper,the result holds that the degree of ownership concentration plays a mediating role in the relationship between"de-familization"and financing constraints,but the mediating effect of stock price is not significant.Further analysis showed that there is a dual mediating effect between"de-familization"and enterprise financing constraints,which is"de-familization—stock price—equity concentration—financing constraints".It shows that"de-familization"first affects the external stock price,then the internal ownership structure,and finally affects the financing constraints of enterprises.Further research shows that organizational slack regulate the relationship between"de-familization"and enterprise financing constraints.The existence of organizational slack will weaken the influence of"de-familization"on enterprise financing constraints.When organizational slack are too much,it will turn into a U-shaped relationship between"de-familization"and enterprise financing constraints,implement the reversal of the relationship.Compared to the absorbed organizational slack,the unabsorbed organizational slack plays a key regulating role due to the available convenience.The research also found that the easing of financing constraints of family businesses is conducive to promoting the high-quality development of family businesses,thus facilitating the development of China’s economic transformation.This paper analyzes the influence of the"de-familization"process from the empirical point of view,so as to provide a useful reference for the"de-familization"of family business.Family business can adjust the financing constraints of family business by controlling the"de-familization"process,it provides a new perspective for alleviating the financing constraints of family business.Clarifying the internal and external influences of family business de-familization and providing the basis for the arrangement of family business de-familization process.At the same time,it clarifies the influence of the enterprise’s own resources,and provides reference for family enterprises to optimize resource allocation.Furthermore,it confirms the positive effect of alleviating financing constraints on the high quality development of family business,and provides a foundation for the transformation of Chinese family.