家族所有权与非控股国有股权对企业绩效的交互效应研究——互补效应还是替代效应

Study on the Interactive Effect of Family Ownership and Non-controlling State Ownership on Enterprise Performance——Complementary Effect or Substitution Effect

在中国鼓励发展非公有资本控股的混合所有制企业的背景下,本文基于中国民营上市公司样本,探讨了家族所有权和非控股国有股权对企业绩效的交互效应。研究结果显示:家族所有权和非控股国有股权对企业绩效有互补效应,在不同的情景下,该互补效应具有一定的差异性。在国有企业出身的样本中,家族所有权和非控股国有股权有显著的互补效应;在民营企业出身的样本中,该互补效应不显著。在制度环境好的地区,家族所有权和非控股国有股权有显著的互补效应;在制度环境差的地区,该互补效应不显著。进一步的研究发现:家族涉入的强度将会影响家族企业引进非控股国有股权的效果;当家族涉入强度比较低时,引进非控股国有股权可以提升家族企业绩效:当家族涉入强度比较高时,引进非控股国有股权将会降低家族企业绩效。动态研究的结果显示:当家族所有权比例增加且非控股国有股权比例减少时,有助于提升企业绩效。

In the context of the development of mixed ownership enterprises controlled by non-state capital in China, the paper discusses the interaction effect between family ownership and non-controlling state ownership on enterprise performance based on the sample of Chinese private listing corporations. The results of the study show that family ownership and non-controlling state ownership have complementary effects on enterprise performance. The enterprise effect has certain difference in different situations. In the sample of state-owned origin enterprises, family ownership and non-controlling state ownership have a significant complementary effect. In the sample of private origin enterprises, the complementary effect is not significant. In regions with good institutional environment, family ownership and non-controlling state ownership have a significant complementary effect. In regions with poor institutional environment, the complementary effect is not significant. Further study reveals that the strength of family involvement will affect the effect of family firms to introduce non-controlling state ownership. When the strength of family involvement is relatively low, the introduction of non-controlling state ownership can improve family firm performance. When the strength of family involvement is relatively high, the introduction of non-controlling state ownership will reduce family firm performance. Dynamic study shows that when family ownership ratio increases and the non-controlling state ownership ratio decreases, it will help to improve enterprise performance.