政府质量、社会资本与金字塔结构

Government Quality,Social Capital and Endogenous Determinants of Pyramid Structure of Family Business

本文以金字塔结构形成机理为研究对象,从金字塔结构融资优势理论的视角,检验了我国地方政府质量和社会资本对家族上市公司金字塔结构的影响,实证研究发现:较高的地方政府质量和社会资本水平能够帮助家族企业获取融资机会,缓解融资约束,降低金字塔结构层级和终极控制权与现金流权的分离度。在政府质量较低的地区,社会资本对家族企业金字塔结构作用更加显著,这揭示了社会资本与政府质量在家族企业金字塔结构选择中存在着替代效应。研究结论说明,转型经济中的家族企业发展,除了继续完善地方政府质量,构建地区之间以信任为基础的和谐社会氛围同样重要,本文的研究不仅对理解金字塔结构提供了一种新的视角,而且丰富了社会资本与政府质量的研究领域。

Based on the theory of financing advantage of pyramid structure, this paper focus on endogenous determinants of pyramid structure and empirically examined the impact of social capital and governance qualities of local government in China on the formation of pyramid structure of family list company. In addition, we discussed the substitute effect of social capital and government quality. We find that the lower level of pyramid structure and lower separation between ultimate control fights and cash flow rights are associated with regions with more social capital and higher government quality. We also found the substitute impact of social capital and government quality on family enterprises＇ decisions about pyramid structure. In other words, in regions with lower government qualities, social capital exerts more effect on the pyramid structure of family firm and vise versa. This paper broadens researches about pyramid structure and the substitute effect of social capital and government quality.