社会情感财富动机对家族企业连锁董事网络结构的影响研究

The Influences of Socioemotional Wealth Goals on Interlock Network Structure of Chinese Family Firms

聚焦家族企业在连锁董事网络中的嵌入结构特征及成因,对2008~2019年我国上市公司间连锁董事网络的分析发现:在以社会情感财富保存为主要决策参照点的“家族逻辑”影响下,家族企业出于维护家族控制等考量,倾向于建立更封闭的连锁董事网络结构,尤其对于股权制衡度高或两权背离率低的家族企业而言,其网络封闭程度更为明显。同时,与家族逻辑相对的“企业逻辑”则具有削弱家族企业网络封闭程度的影响;家族企业CEO早期教育和职业经历中的企业逻辑印记(MBA教育和金融从业背景),会显著削弱其企业所处网络结构的封闭程度。

This study investigates how Chinese family firms are embedded in board interlocks and explores the underlying mechanisms of such structural characteristics.Our analyses of board interlocks among Chinese listed firms from 2008 to 2019 reveal that,compared to non-family firms,family firms tend to construct a more closed interlock network because they are more influenced by family logic and take the preservation of socio-emotional wealth as the main reference point in decision-making.In particular,when the controlling family’s formal control over the firm is weaker,its network structure will be more closed.The results suggest that for family firms with a high ownership balance index or a low separation ratio,the network closure is strengthened.On the contrary,exposure to corporate logic will weaken family firms’propensity to network closure.For CEOs who have an MBA degree or have previously worked in the financial industry before,the network closure of their firms is significantly weakened.