家族企业多行业经营与股东财富增值--基于家族治理的调节作用

Multi-Industry Operation of Family Business and the Increase of Shareholders'Wealth--Regulatory Effect Based on Family Governance

开展多行业和跨行业经营日益成为家族企业的重要经营战略,对于那些处在代际传承过渡期的家族企业而言更是如此。以2007-2018年我国上市家族企业为样本,研究家族企业多行业经营对股东财富增值的影响,在此基础上检验了家族治理的调节作用。研究表明,家族企业实施多行业经营有利于保全和增长股东财富,其中相关多行业经营对股东财富增值的促进作用更为显著。进一步,将家族治理细分为家族股权控制和家族管理参与,发现家族治理在很大程度上削弱了多行业经营对股东财富增值的积极作用。此外,在多行业经营水平较低的企业中股权控制和管理参与互为替代,而在多行业经营水平较高的企业中股权控制和管理参与之间形成互补效应。

The development of multi-industry and cross-industry operations has increasingly become an important operation of family businesses,especially for those that are in the transitional period of inter-generational inheritance.This article uses 2007-2018 listed family companies as a sample to study the impact of multi-industry operations of family companies on the appreciation of shareholders'wealth,and based on this,the regulatory role of family governance is examined.The research shows that the implementation of multi-industry operations by family businesses is beneficial to the preservation and growth of shareholder wealth,among which the related multi-industry operations have a more significant role.Further,the family governance is divided into family equity control and family management participation,and it is found that family governance has greatly weakened the positive effect of multi-industry operations on shareholders'wealth appreciation.In addition,in enterprises with low levels of multi-industry development,equity control and management participation substitute for each other,while in enterprises with high levels of multi-industry development,the two have complementary effects.