中国家族企业家族所有权配置效应研究

The Effect of Ownership Structure among Family Members in Chinese Family Firms

本文研究中国家族企业家族所有权的配置效应,从家族整体、家族成员个体以及两者之间关系的视角研究家族所有权的配置方式对公司业绩的影响。研究发现,我国家族企业中家族持股会显著影响公司业绩,家族利益与公司业绩正相关;但是,家族所有权在家族成员之间的配置集中度与公司业绩呈U型关系,且单人持股家族企业比多人持股家族企业的业绩更好。最后,本文还检验了家族企业传承过程中以家族亲缘关系为基础的家族冲突对家族所有权配置效应的影响,发现传承冲突越高的家族企业业绩越差、家族所有权配置效应被削弱。本文的研究结果表明,我国家族企业需要在家族整体和家族成员个体层面同时合理配置家族所有权,以避免家族内部冲突对企业的不良影响。

This study analyzes the impact of family ownership structure on firm performance at both family level and individual level. The empirical results indicate that family ownership plays a critical role on firm performance at family level and there is a positive relationship between them. However, we also document a U shape relationship between the family ownership concentration among family members and firm performance, and performance would be better when the firm is held by sole family member. Lastly, we analyze the conflicts in family inheritance and find the inheritance conflicts would have a negative effect on performance and moderate the relationship between family ownership structure and performance. In general, this study suggests that the ownership structure should be rationally arranged at both family level and individual level in case of the negative effect of family conflicts.