融资约束与企业投资关系研究——基于家族控制的负向调节作用分析

A research on the financial constraints and corporate investment based on an analysis of the negative moderation of family control

家族企业所有权结构是影响公司投资决策的一个重要影响因素,决定了家族控制是加剧还是缓解了融资约束。本文利用动态面板数据系统GMM估计方法,通过分析家族控制在投资——现金流敏感性中的作用,研究家族控制、融资约束与企业投资之间的关系。结果发现:家族控制负向调节作用显著,缓解了融资约束导致的企业投资不足问题。在此基础上,研究进一步发现:家族企业不同控制权配置模式对融资约束与企业投资关系的影响程度不同。这丰富了家族控制及其控制权配置模式在发现市场机会和提升公司价值中扮演的角色,也对当下家族企业参股国有企业形成混合所有制,其活力提升的具体表现具有一定的解释力。

The ownership structure of family firms,as an important and influential factor on the corporate investment,determines whether family control alleviates or exacerbates financial constraints.The paper,by means of an estimation of system GMM based on dynamic panel data,analyses the function of family control and investment-cash flow sensitivity and studies the relationship among family control,financial constraints and corporate investment.The analysis shows that family control plays a negative moderating role significantly,lowers investment-cash flow sensitivity and alleviates the problem of serious financing constraints.Furthermore,the results also show that the difference in the type of family control has different degree influence on the relationship between financial constraints and corporate investment.These results make clear that the ownership structure of family firms plays an important role in finding market opportunities and promoting corporate value.They also explain well of the specific manifestation of dynamic enhancement of the current mixed ownership,in which family firm shares in the state-owned enterprises.