对外直接投资扩张对家族企业“去家族化”治理的影响研究

Research on the Impact of Outward Foreign Direct Investment Expansion on“De-Familization”Governance of Family Businesses

在国家“走出去”战略和“一带一路”倡议的鼓励下,作为民营经济重要主体的家族企业越来越多地开展对外直接投资。面对不断增加的跨国经营复杂性,家族企业如何调整家族治理结构显得非常关键。文章基于资源依赖理论,以2008—2020年中国上市家族企业为样本,探究家族企业对外直接投资扩张规模和广度对“去家族化”治理的影响,并考察对外直接投资扩张过程的速度和节奏对上述关系的调节作用。研究发现:对外直接投资扩张规模与广度加大都能促进家族企业的所有权和管理权维度发生“去家族化”治理;对外直接投资扩张速度增强对外直接投资扩张规模和广度对所有权“去家族化”治理之间的正向关系,而对外直接投资扩张节奏并不发挥作用。进一步分析家族企业对外直接投资进入不同经济体和二代涉入这两种独特情境所产生的影响,发现对外直接投资扩张对“去家族化”的影响在发达经济体与非发达经济体中没有显著差异,而二代涉入则削弱对外直接投资扩张对所有权“去家族化”的影响。同时,进一步分析家族企业发生“去家族化”治理后的资源变化情况,发现“去家族化”后家族企业的财务资源和管理资源有所增加。

Encouraged by the"Go globally"strategy and the"The Belt and Road"initiative,family businesses,as the main body of private economy,are carrying out more and more outward foreign direct investment(OFDI).Therefore,facing the in-creasing complexity of transnational management,how to adjust the family governance structure of family businesses is very important.Based on the resource dependence theory,this paper takes listed family businesses in China from 2008 to 2020 as samples to explore the influence of the scale and scope of OFDI expansion extent of family businesses on the"defamilization"governance,and examines the moderating effect of the speed and rhythm of the expansion process of OFDI on the above relationship.The results show that the expansion scale and scope of OFDI promote the ownership and management of family businesses to"de-familization"governance;The speed of OFDI expansion enhanced the positive relationship be-tween the expansion scale and scope of OFDI on ownership"de-familization"governance,while the rhythm of OFDI expan-sion did not play a role.By further analyzing the influences of OFDI's entry into different economies and the involvement of the second generation,it is found that there is no significant difference between developed and developing economies in the impact of OFDI expansion on"de-familization",while the involvement of the second generation weakens the impact of OFDI expansion on ownership"de-familization".At the same time,the further analysis of the resource changes after the"defamilization"governance of family businesses shows that the financial resources and management resources of family busi-nesses have increased.