家族化管理、地区市场化程度与家族企业财务绩效

Family management,Regional Marketization and the Financial Performance of Family Enterprises

以社会情感财富理论为基础,对我国A股主板上市家族企业在2008-2020年的相关数据进行实证研究,结合企业所在地区市场化程度的不同,分别以家族成员出任总经理和家族二代成员参与管理为家族化管理的衡量指标,分析家族化管理对家族企业财务绩效的影响。结果表明:家族成员出任总经理有利于提高家族企业财务绩效;家族后代成员参与管理会降低家族企业财务绩效;地区市场化程度在家族成员出任总经理与家族企业财务绩效之间具有负向调节作用,且在家族二代成员参与管理与家族企业财务绩效之间具有正向调节作用。该结论为在市场化经济条件下,家族化管理与家族企业财务绩效之间关系提供了经验证据和科学指导依据。

Based on the theory of socioemotional wealth, this paper makes an empirical study on the data of family enterprises listed on the main board and the SME board from 2008 to 2020. Considering the marketization degree of different regions where the enterprise is located, we take family member general manager and family offspring members participating in the management as the indicators of family management, analyze the effect of family management on the financial performance of family enterprises. The findings are as follows. The appointment of family members as general managers is conducive to improving the financial performance of family enterprises, and the participation of family descendants in management will reduce the financial performance of family enterprises. The marketization degree plays a negative moderating effect between the family member general manager and the financial performance of family enterprises, and marketization degree plays a positive moderating effect between family offspring members participating in the management and the financial performance of family enterprises. This conclusion provides empirical evidence and scientific guidance for the relationship between family management and the financial performance of family enterprisesunder the conditions of market-oriented economy.