创始人控制权、关键性资源与企业成长

Founder Control,Critical Resources and Enterprise Growth

选取2008—2012年间IPO的514家民营上市公司为研究样本,考察创始人掌握企业经营控制权对上市公司业绩的影响,以及这种影响如何因“关键性资源”的不同而发生改变。实证分析结果显示:总体上,创始人掌握经营控制权有助于提升公司业绩并保持业绩的稳定,而且这种影响的长期效应大于短期效应;创始人掌握经营控制权对企业业绩的影响随着创始人知识型资源的增加而提升,随关系性资源的增加而减弱。研究不仅拓展了公司治理控制权领域的文献,同时也为成长中面临控制权争夺风险的创始人公司控制权机制创新、融资选择提供了一定的管理启示。

Taking company founders of the private listed companies as the research starting point, selecting the IPO during the period of 2008-2012 of 514 private listed companies as research samples, this paper studies the effect of founders′ control on the performance of listed companies, and how this effect changes due to the difference of “critical resources”. The study finds out that overall, the founder′s master management control helps to improve the company′s performance and maintain the stability of performance, and the long-term effect is greater than the short-term one. However, this effect would be increased with the increase of founder′s knowledge resources and be decreased with the increase of relational resources. The paper expands the research in the field of corporate governance control, and provides certain innovating and financing choice management reference for founders′ who are facing the risk of control struggle in their growth.