生命周期视角下家族控制企业财务决策的探讨

A Study of Financial Decision-making of Family-Controlled Enterprises fromthe Perspective of Life Cycle

基于企业生命周期视角,分析处于初创期、成长期、成熟期与衰退期家族控制企业的财务状况以及三大财务决策,发现处于不同生命周期阶段的家族控制企业融资决策、投资决策、股利分配决策均存在一定差异,以期为政策制定者、家族控制企业自身、外部投资者提供对策建议。

From the perspective of enterprise life cycle, this paper analyzes the financial status and the three financial decisions of family-controlled enterprises in the initial, growth, maturity and recession periods. The empirical results show that there are some differences in family-controlled corporate’s financing decisions, investment decisions, and dividend distribution decisions at different stages of life cycle.