家族创始人职业经历与企业财务保守行为研究

On Family Firm Founders' Work Experiences and Corporate Financial Conservatism

基于创始人自身特征的异质性,文章研究了家族创始人职业经历与企业财务保守行为的关系。研究发现,与家族创始人具有企业部门职业经历的企业相比,创始人具有公共部门职业经历的企业财务杠杆更低,短期借款占比更小,现金持有更多,且连续三年采用低杠杆的可能性更高。进一步地,企业所处行业的产品市场不确定性越高,家族创始人公共部门职业经历与企业财务保守行为的正相关关系越强。此外,家族创始人具有公共部门职业经历的企业会计及市场业绩均更好。研究表明,家族创始人具有公共部门职业经历的企业财务决策更为保守,原因在于这类家族创始人的风险厌恶程度较高,使企业更易形成相对保守的文化氛围。文章从创始人职业经历异质性的角度发展了家族企业财务保守成因的研究,以及管理者个人特征与企业财务决策关系的研究,同时有助于投资者识别企业财务风险。

Based on the heterogeneity of founders＇ own characteristics,this paper investigates the relationship between family firm founders＇ work experiences and corporate financial conservatism.It shows that compared with family firms controlled by founders who have worked in private sectors prior to their entrepreneurship,family firms controlled by founders with public sectors＇ experiences exhibit lower financial leverage,smaller proportion of short-run borrowings,more cash holdings,and higher probability of employing low leverage for three consecutive years.Furthermore,higher-degree product market uncertainty in the industries the firms belong to leads to stronger correlation between family firm founders＇ experiences of working in public sectors and corporate financial conservatism.Besides,family firms controlled by founders with public sectors＇ experiences have better accounting and market performance.These findings imply that firms tend to be financially conservative if their founders used to work in the public sectors,owing to higher-level risk aversion of these founders and resulting relatively conservative culture atmosphere.This paper develops the study of reasons for financial conservatism in family firms the relationship between personalities of the management and firm financial decison-making from a perspective of the heterogeneity of founders＇ work experiences,and helps investors to identify corporate financial risks.