家族参与管理、所有者年龄与企业绩效——基于中国非上市家族企业的实证研究

Family Involvement in Management,Owner Age and Firm Performance——An Empirical Study Based on Unlisted Family Firms in China

以215家中国非上市家族企业为样本,通过实证探讨了家族参与管理和企业绩效的关系及家族企业所有者年龄的调节作用。结果显示:家族参与管理对企业整体绩效及其各维度的影响不显著,家族所有者的年龄在家族参与管理和企业财务绩效之间起到负向调节作用。这一结论表明,一方面对持有让更多的家族人员参与管理来提高绩效的做法需持谨慎态度;另一方面,在中国非上市家族企业中,所有者的年龄越大,家族参与管理水平越高,越不利于企业财务绩效的增长。

Based on the sample of 215 unlisted family firms in China, this paper explores the relationship between family in- volvement in management （FIM） and firm performance, and the moderating role of owner age. Results indicate that FIM has no significant positive role for overall firm performance and its each dimension, owner age plays a negative moderating role between FIM and finance performance. The result showes that , on the one hand, it needs to keep cautious attitude for more family members involvement in the management to improve performance; on the other hand, in the unlisted family firms of China, the owner age is older, the FIM level is higher, and the more hamfful to the growth of finance performance.