创业家董事长、控制权结构与公司投资决策

Founder-chairman,Control Structure and Corporate Investment Decision

公司层面的控制权结构特征和家族企业创业者个体特征会影响公司的财务决策。采用2002—2010年家族上市公司作为研究样本,考察了家族企业中的创业家董事长和家族控制权结构对企业投资决策的影响。研究发现,家族企业创业者担任公司董事长会鼓励公司管理层在做投资决策过程中充分抓住市场投资机会,有助于提高企业的资本配置效率,这种效应在家族董事席位超额控制程度越强的公司以及家族控制权与现金流权分离度越低的公司中更为显著。进一步研究发现,创业家董事长影响企业资本配置效率的原因在于,家族企业创业者担任董事长提高了公司管理层薪酬业绩敏感度,降低了公司代理成本,提高了公司治理有效性。

Company-level control structure and individual characteristics of family business entrepreneurs affect the company’s financial decisions. Using the family-run listed companies during the years from 2002 to 2010 as study sample,this paper examines the effect of the founder-chairman and family control strucutre on corporate investment decision. The research finds that the founder-chairman in family firms encourages the executives to fully seize the market opportunities in the process of investment decision,and improve the efficiency of capital allocation. This effect is more pronounced in the companies under more board control with family directors in excess and in the companies with lower seperation between family control rights and cash flow right. Further study shows that the functional mechanism founder-chairman affects the efficiency of capital allocation is to improve the sensitivity of executive compensation and performance,reduce the company’s agency cost and improve the effectiveness of corporate governance.