“上阵父子兵”:父子共同决策与家族企业投资效率

“Father-son battle”:father-son joint decision-making and family business investment efficiency

以2008—2021年沪深A股上市家族企业为样本,深入探究父子共同决策对企业投资效率的影响。研究发现,父子共同决策能够显著提升家族企业投资效率,即发挥“上阵父子兵”的治理作用,该结论在控制潜在的内生性问题以及进行一系列稳健性测试后仍然成立。机制检验结果表明,父子共同决策主要通过降低第一类代理成本及第二类代理成本来提升企业投资效率。进一步分析显示:当二代具有家族企业创业期的经历、二代学历较高、机构持股比例较高时,父子共同决策对企业投资效率的提升作用更显著;父子共同决策主要通过抑制过度投资而非缓解投资不足来提高企业投资效率;父子共同决策带来的投资效率改善能够显著提升企业全要素生产率。

Using listed family firms on the Shanghai and Shenzhen Stock Exchanges from 2008 to 2021 as samples,this study delves into the impact of father-son joint decision-making on corporate investment efficiency.The research findings indicate that father-son joint decision-making significantly enhances the investment efficiency of family firms,demonstrating the governance role of“father-son teams”in action.This conclusion holds true even after controlling for potential endogeneity issues and conducting a series of robustness tests.Mechanism testing results indicate that father-son joint decision-making enhances corporate investment efficiency primarily by reducing both first and second type agency costs.Further analysis indicates that when the second generation has experience in the entrepreneurial stage of family businesses,and possesses higher educational qualificationsand higherinstitutional ownership,the enhancing effect of father-son joint decision-making on corporate investment efficiency becomes more significant.Moreover,father-son joint decision-making improves corporate investment efficiency primarilyby restraining over-investment rather than alleviating under-investment.The enhancement in investment efficiency brought about by father-son joint decision-making significantly boosts the total factor productivity of the firm.