亲缘利他水平提高会改善家族企业治理效率么?——基于企业生命周期视角

Does the Increase of Kin Altruism Level Improve Governance Efficiency of Family Firms?——Based on the Perspective of Life-Cycle Stage

本文以2003~2018年中国沪深两市主板和中小板家族上市企业数据为对象,从企业生命周期视角出发,探究实际控制人的亲缘利他水平对家族企业治理效率的影响。研究结果表明,家族企业治理效率与亲缘利他水平之间显著负相关;随着家族企业自成长期发展至成熟期再至衰退期,亲缘利他水平的提高对治理效率的负向影响加剧。进一步研究发现,面临较弱行业竞争的家族企业,治理效率与亲缘利他水平之间的负相关关系更为显著。无论家族企业面临何种行业竞争环境,企业生命周期的发展均会强化亲缘利他水平对治理效率的负向作用。实际控制人应根据企业面临的行业竞争环境及所处的生命周期阶段,采取有效措施改善家族企业治理效率。

Based on the data of listed Chinese family firms on both Main board and SME board during 2003~2018,this paper investigates the impact of kin altruism level of ultimate controlling owners on governance efficiency of family firms based on the perspective of life-cycle stage.The empirical results show that there is significantly negative relationship between governance efficiency and kin altruistic level of Chinese family firms.The negative role of the increase of kin altruism level on reducing governance efficiency is strengthened with the development of family firms from growth period to maturity period and then to recession period.The further investigation shows that the negative influence of kin altruism level on governance efficiency is stronger in family firms facing weak competition.The moderating effect of life-cycle stage on the relationship between governance efficiency and kin altruism level works in both firms facing strong competition and firms facing weak competition.The ultimate controlling owners should adopt effective strategies to help improving governance efficiency according to the competition environment and the life-cycle stageof Chinese family firms.