中国家族企业绩效变化及影响机制研究——基于家族成员所有权配置的视角

A large number of studies have shown that the performance of family businesses is affected by family ownership but the relationship between them has been controversial and inconsistent. The reason is that the family ownership is viewed as a whole in the current research which fails to effectively open the black box of family ownership allocation..By manually collecting and constructing a database of Chinese family firm, this project will go deep into the family. From the perspective of the ownership allocation of family members, it conducts an in-depth and systematic theoretical analysis and empirical test on the performance changes and the impact mechanism of family-owned enterprises. This project specifically answers four questions. First, what are the characteristics of ownership allocation of family members in the Chinese family firms at this stage? Second, does the ownership allocation of family members affect, and how to affect firm performance? Third, what is the specific influence mechanism that ownership allocation of family members affects performance? Finally, in the special context of intergenerational inheritance, does the family member ownership allocation and its relationship with firm performance change before and after succession?.This research helps us to fully understand the role of family control on family firm performance, and provide empirical evidence and advice for how to rationalize the family ownership within the family.

大量研究表明，家族企业绩效受家族所有权配置的影响，但是对于两者之间的关系，学术界一直存在争论且未得到一致性结论。究其原因，是现有研究多将家族视为整体，从家族整体所有权层面展开分析，未能有效打开家族所有权配置的“黑箱”。通过手工搜集、构建中国上市家族企业数据库，本课题将深入家族内部，从家族成员所有权配置的角度，对家族企业绩效变化及影响机制进行深入系统的理论分析和实证检验。本课题具体回答四个问题。首先，现阶段我国家族企业中家族成员所有权配置有什么特点？其次，家族成员所有权配置是否会影响、以及如何影响企业绩效？再有，家族成员所有权配置影响企业绩效的具体机制是什么？最后，在代际传承的特殊情境中，家族成员所有权配置机制及其与企业绩效的关系是否在传承前后发生变化？本课题有助于我们全面认识和理解家族控制与企业绩效之间的作用关系，为家族企业如何合理配置家族内部所有权提供经验证据和借鉴意义。

作为推动全球经济发展的重要力量，家族企业普遍存在于全球各经济体中。党的十九大报告首次明确提出要支持以家族企业为主的民营企业全面健康发展。然而，现有文献普遍将家族视为一个整体，忽略了家族成员个体层面的异质性。本项目以我国家族企业为研究对象，深入家族内部，重新构建家族治理机制的研究框架。本项目首先通过数据搜集整理，发现我国家族企业普遍存在家族控制程度高、家族成员持股集中、家族管理涉入高的特点。基于上述特点，项目从股利政策、企业金融化等角度展开深入分析。研究发现：（1）由于家族特殊资产存在，家族企业有动机利用股利政策进行信号传递，且这种效应受到家族特殊资产重要性程度的影响；（2）夫妻共同控制的家族企业金融化水平更低。此外，拓展性研究进一步探讨了控股股东的股权质押、企业税负与高管薪酬等问题。总而言之，本项目基于中国情境、利用中国家族企业的数据对股利政策、企业金融化、股权质押、企业税负、高管薪酬等问题进行实证分析，有效丰富和拓展了现有家族企业和相关研究文献。同时，项目也为家族企业合理分配家族控制权、投资者全面认识家族企业和监管者有效监督和引导企业行为提供一定的经验证据。