家族企业的家族特征与预算松弛

Family Characteristics of the Family Business and Budgetary Slack

预算松弛作为提高预算管理效率的难点问题,近年来越来越受到各界的关注。预算松弛与企业特征紧密相联。文章选取2008年至2010年在上海证券交易所、深圳证券交易所上市的170家家族企业作为样本,运用委托代理、信息不对称、规模经济等理论,研究家族企业的家族特征与预算松弛。研究结果表明:预算松弛程度与该企业是否为家族企业有着明显的关系,并且在家族企业中企业是由第一代经营还是由第二代经营对预算松弛程度的影响程度也不同;家族企业内部的代理成本也会对预算松弛程度有着显著的影响。

As a difficult issue about budgetary slack to improve the efficiency of budget management, it gains extensive attention in recent years. The budgetary slack is closely linked with enterprise characteristics. This paper selects 170 family businesses from 2008 to 2010 in the Shanghai Stock Exchange and Shenzhen Stock Exchange as a sample and studies the family characteristics of the family business and budgetary slack according to principal-agent theory, asymmetric information and economies of scale theory. The results show that there is a clear relationship with the degree of budgetary slack in the enterprise to a family business. And within the family businesses there is also difference between the first-generation and the second-generation on the degree of influence of the degree of budgetary slack. There is a significant impact on the degree of budgetary slack if agency costs exist within family businesses.