家族效应、非流动性溢价与家族企业资本成本

Family Effect, Illiquidity Premium and Cost of Capital in Family Firms

从资本成本视角使用双边随机边界模型定量测算家族企业的家族效应和家族股权非流动性溢价效应。结果显示:非流动性的影响大于家族效应,两者影响的净效应使得家族企业的资本成本提高了22.97%;家族企业年限越长,这种净效应越强,家族企业资本成本越高;家族企业股权属性多元化程度越高、现金持有比例越高,这种净效应越弱,使得家族企业资本成本下降;家族企业股权的简单分散、企业扩张速度等因素对这种净效应没有显著影响。

Based on the perspective of the cost of capital,this paper uses the Two-tier Stochastic Model to quantitatively measure the family effect and illiquidity premium effect in family firms.The results show that:The influence of illiquidity is greater than that of family effect,and the net effect of both influences increases the capital cost of family enterprises by 22.97%.The longer the family business is,the stronger the net effect,which leads to the increase the cost of capital.The higher the degree of equity attribute diversification and the higher the cash holding ratio,the lower the net effect,and the lower the cost of capital.The simple dispersion of family ownership and the expansion speed of family business have no significant effect on the net effect.