家族超额控制对企业投资效率的影响研究——基于社会情感财富的分析视角

The Impact of Family Excess Control on Corporate Investment Efficiency——An Analysis Perspective Based on Socioemotional Wealth

基于社会情感财富的分析视角,笔者实证检验了家族股东会、管理层超额控制对企业投资效率的影响。结果表明,股东会家族超额控制会降低企业投资效率,而管理层家族超额控制会提高企业投资效率,社会情感财富损益则是家族企业投资决策的主要依据。中国家族企业应通过合理配置家族管理涉入来维持社会情感财富水平,以期实现投资效率的优化,且须落实泛家族化管理机制,藉此提升社会情感财富的治理作用。

Based on the perspective of socioemotional wealth theory,this paper explores the relationship between the excess control right and corporate investment efficiency.The results indicate that,there is a significant negative correlation between family excess control and corporate investment efficiency,and the excess control is significantly positive correlates with corporate investment efficiency.This means that family companies should keep a balance between chasing investment returns and preserving socioemotional wealth,and it is propitious to improve the effectiveness of resources allocation.In order to promote the validity of socioemotional wealth and optimize investment efficiency,chinese family corporations should ameliorate the level of family ownership and family involvement.