家族式治理对公司理财行为的影响机制研究

A Research of Family Firm Governance's Effect on the Financing Behavior

家族企业已经越来越受到人们的重视。在现有文献的基础上,论文以所有权和控制权为两维对家族企业做了严格的定义和划分,并把研究对象界定在拥有高控制权的家族式企业。通过将家族式治理和公司理财分析范式结合分析,家族式治理中的网络式组织结构、封闭式的股权结构和作为家族意愿体现的董事会治理机制对家族企业理财行为产生影响。家族式治理对公司理财行为产生正面影响,但由于其自身的局限性和家族企业所处环境的变化,家族式理财必须进行变革:非家族化的理财方式变革,家族规则与现代市场游戏规则的融合,引入有效专家理财制度,以及对家族式理财的扬弃。

The family firm has become a focal point of study and research. This paper first offers a precise definition of the family firm in terms of ownership and control and then categorizes it in the light of the existing literature. Next, the paper makes an in-depth analysis of the family firms with high degrees of control via the paradigm of the enterprise financing analysis and the corporate governance We confirm that the net-work of the family structure, its closed system characterized by option and the board of directors controlled by the family may have impact on the financing behavior. The family type of governance may have some positive effect on the financing; however, the limitation of its structure and the changes in its environment require it to change to the non-family style of financing . This means that the rules of the family governance should be combined with the rules of the market to discard the undesirable features of family style financing and to introduce the expert style of financing.