“夫妻搭档”治理与企业价值:增值还是贬值?

Governance by “Couple Partner” and Firm Value:Appreciation or Depreciation?

中国本土情境下"夫妻搭档"型治理模式是否有利于企业发展?对上述问题的探究有助于深入理解中国市场中"夫妻搭档"型家族企业独有治理结构的治理效应。本文采用手工搜集的民营上市公司数据,探讨了"夫妻搭档"型治理模式对企业价值的影响。本文发现"夫妻搭档"治理显著提升了企业价值(特别是妻子的实质性涉入能够促使"夫妻搭档"进一步提升公司价值),该结论在一系列稳健性检验及解决潜在内生性问题后依然成立。就其内部传导机制而言,"夫妻搭档"治理模式下较低的委托代理成本及较少的机会主义行为成为助推企业价值提升的潜在路径。最后,在规模较大、上市年限较长以及存在强有力外部监督(高机构持股、强媒体关注及被分析师覆盖)的企业中,"夫妻搭档"模式对于上市公司价值的提升作用更为显著。本文结论为婚姻家庭涉入企业治理效应的研究提供了重要的经验证据,丰富了上市公司企业价值潜在影响因素的研究。

Is the"couple partner"governance model conducive to the development of enterprises in China?The exploration of the above issues can help to further understand the governance effect of the unique governance structure of"couple partner"family enterprises in the Chinese market.Using manually collected data of"couple partner"governance of private listed companies,this paper explores the impact of"couple partner"governance on firm value.It is found that"couple partner"governance significantly enhance the firm value(especially,the wife’s substantial involvement can encourage the couple to further enhance firm value),which is still valid after a series of robustness tests and solving potential endogenous problems.Concerning its internal transmission mechanism,lower agency cost and less opportunistic behaviors under the " couple partner" governance have become the potential path to boost firm value.Finally,among the enterprises with large scale,long listed period and strong external supervision(high institutional ownership,strong media attention and covered by analysts),the "couple partner" governance plays a more significant role in enhancing firm value.The conclusion of this paper provides important empirical evidence for the research on the corporate governance effect of marriage and family,and enriches the researches on the potential influential factors of firm value of listed companies.