家族企业金字塔结构对金融化投资的影响研究

RESEARCH ON THE INFLUENCE OF FAMILY BUSINESS PYRAMID STRUCTURE ON FINANCIAL INVESTMENT

近年来,学术界对企业“脱实向虚”问题进行了大量丰富的研究,这对企业的长远发展有着重要的现实意义。选取2011—2020年我国A股上市家族企业,实证检验家族企业金字塔结构对金融化投资的影响。研究发现:金字塔结构包含的层级数和链条数越多,家族企业的金融化投资就会越多;家族企业所在地市场化程度越高,高管团队异质性越小,且关联大股东的存在都会正向调节家族企业金字塔结构包含的层级数对其金融化投资的促进作用;作用机制检验发现家族企业通过金字塔结构来缓解融资约束和增加避税行为以增加其金融化投资水平。依靠金字塔结构的“掏空动机”加剧了企业金融化投资程度,因此,家族企业必须及时调整内部组织结构、顺应时代环境发展、合理配置股东权利,才能扭转“脱实向虚”的局面,实现长期稳定发展。

In recent years,academic circles have done much rich research on the problem of"deviating from reality to emptiness,"which is of great practical significance to the long-term development of enterprises.This paper selects the A-share listed family enterprises from 2011 to 2020 and empirically tests the influence of the pyramid structure of family enterprises on financial investment.It found that:①The more levels and chains the pyramid structure contains,the more financial investment the family enterprises will have.②The higher the marketization level of the family business,the lower the heterogeneity of the top management team,and the existence of related major shareholders will positively regulate the promotion of the financial investment of the family business pyramid structure.③The function mechanism test shows that family businesses can in-crease their financial investment level by easing financing constraints and increasing tax avoidance through a pyramid structure.These findings prove that the"hollowing-out motivation"of family businesses relying on a pyramid structure intensifies the degree of financial investment of enterprises.It shows that the family business must adjust its internal organizational structure in time,conform to the development of the times environment,and rationally allocate the rights of its shareholders in order to reverse the situation of"deviating from reality to emptiness"and achieve long-term stable development.