家族企业形成方式、控制权结构与高管来源

The Way the Family Firm is Founded,the Ownership Structure and the CEO type

运用Logistic回归,从家族企业形成方式、控制权结构两方面研究家族企业高管来源决策的影响因素。讨论了家族企业是否由实际控制人创立、控制权结构与企业CEO来源之间的关系。研究发现,相对于其他方式,实际控制人直接创立的家族企业更倾向于选择家族成员出任CEO,家族现金流权越大(两权分离度越小)、家族以自然人身份直接持股比例越大,企业越倾向于用家族成员出任CEO;此外,企业形成方式与控制权结构之间还具有增量交互效用。研究结果表明,在是否选择本家族成员担任CEO这个决策上,家族形成方式、现金流权是重要影响因素。

Using logistic regression,this paper investigates the influence of the way how the family firm is founded and the ownership structure,on the CEO type.Specifically,it focuses on whether the firm is founded by the control family influences the CEO type and whether the ownership structure influences the CEO type.The results show that：（1）family firms founded by the control family are more inclined to choose family members to be the CEO;（2）the possibility that firms choose family member to be CEO is positively correlated with the cash flow right and negatively with the separation between cash flow right and vote right;（3）the more family members directly hold the shares,the larger the possibility the firm has a family CEO.Further analysis shows that there＇s an interactive effect between the way the firm is founded and the ownership structure with regard to the influence on the CEO type. The study demonstrates that in the decision of whether to choose a family member to be the CEO,the way how the firm is founded and the ownership structure are two key elements.