摘要
流行的观点认为,由于家族短视损失厌恶的行为逻辑,保存社会情感财富抑制了家族企业的公司风险投资。本文将这一逻辑与家族企业演变结合起来,认为尽管家族对企业的控制抑制了公司风险投资,但家族企业来源与家族控制年限会影响家族的行为逻辑,进而影响公司风险投资。对中国制造业325个上市家族企业2250条观察记录的分析结果支持了这一观点,研究显示要促进家族企业的公司风险投资,需要引导家族形成对企业的长期承诺。
There is a popular view that the preservation of socioemotional wealth dampens family businesses’corporate venturing because of the behavior logic of myopic loss aversion.This paper has linked this logic to family business evolution,and proposes that although family’s control dampens corporate venturing,the origin of family business and duration of family control both impact family’s behavior logic,which in turn impacts corporate venturing.Results from 2250 observations of 325 Chinese listed manufacturing family businesses support this perspective,implying that in order to facilitate corporate venturing in family businesses,families are advocated to make long-term commitments to firms.
作者
王晓婷
陈文强
李生校
WANG Xiaoting;CHEN Wenqiang;LI Shengxiao(School of Business Administration,Zhejiang Gongshang University,Hangzhou 310018,China;School of Accounting,Zhejiang University of Finance&Economics,Hangzhou 310018,China;Business School,Shaoxing University,Shaoxing 312000,China)
出处
《当代经济科学》
CSSCI
北大核心
2020年第4期90-98,共9页
Modern Economic Science
基金
教育部人文社会科学研究项目“家族参与对企业风险投资及其价值效应的影响机制研究”(18YJC630184)
教育部人文社会科学研究项目“股权激励模式与企业生命周期的适应性匹配研究”(18YJC630010)
浙江省自然科学青年基金项目“契约条款设置与股权激励的动态效应:因果识别与机制分析”(LQ19G020007)。
关键词
家族企业
公司风险投资
社会情感财富
公司创业
制造业
所有权
family business
corporate venturing
socioemotional wealth
corporate entrepreneurship
manufacturing industry
ownership
