国有股权参股与家族企业全要素生产率

State-Owned Equity Participation and Family Firms’Total Factor Productivity

家族企业在我国经济中占有相当大的比重,如何有效提升家族企业全要素生产率受到了社会各界的广泛关注。本文以2014〜2019年沪深A股上市家族企业为研究样本,探究了国有股权参股家族企业对其全要素生产率的影响。研究发现,国有股权参股有利于提升家族企业全要素生产率,且主要通过缓解融资约束、增加创新投入、提高治理水平这三条路径作用于全要素生产率。进一步研究表明,当家族企业的CEO或董事长由家族成员担任以及企业由创一代控制时,国有股权参股对家族企业全要素生产率的提升效应更为显著。

Family firms occupies a considerable proportion in China’s economy.So how to improve family firms’total factor productivity effectively has been widely concerned by all sectors of society.In order to explore the influence of state-owned equity participation on the total factor productivity of family firms,this paper has taken the data from 2014〜2019 of Shanghai and Shengzhen A-share listed family firms as the research samples.The study finds that state-owned equity participation is conducive to improving the total factor productivity of family firms,and it mainly acts on that through alleviating financing,improving innovation investment and improving governance level.The further research shows that the productivity effect of state-owned equity participation is more significant when the CEO or chairman of a family firm is held by family members and the firm is still controlled by the first generation.