传承意愿、行业潜能与家族控制——基于全国私营企业调查的实证检验
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摘要
家族控制企业在全世界范围内普遍存在,在华人企业中尤其如此。为何家族对控制权的追求如此执著?在传统制度观和治理观对家族控制相关解释的基础上,从家族创业视角检验了家族传承意愿对家族控制的影响及行业潜能的调节作用。对2010年全国私营企业抽样调查中的1 826家中小私营企业的实证检验显示:意在股权财富传承的企业和传承意愿尚不确定的企业的家族控制程度明显较意图子女接班管理的企业家族控制程度要低。在不同行业潜能下,三类企业的家族控制程度存在差异:在可为家族提供非经济收益或潜在偏好的行业中,意在事业传承的企业会更加保持控制权,而在经济收益低的高竞争行业中,意图财富传承的企业的家族控制程度显著比意图接班企业低。
From the perspective of traditional system and governance,this paper examines the rela-tionship among succession intention,family control and the moderating effect of industry potential. Asampling survey conducted among 1826 small and medium-sized private enterprises in 2010 demonstratesthat enterprises with ownership transition and those whose succession intention is still uncertain keep low-er control than those intending to pass on to children. The industry potential moderates the relationshipbetween succession intention and family control. Industries with high non-economic benefits or preferencepotential strengthen the positive effects of entrepreneurial succession intention on family control while in-dustries with low economic benefits will significantly intensify the negative effects of ownership successionintention on family control.
From the perspective of traditional system and governance,this paper examines the rela-tionship among succession intention,family control and the moderating effect of industry potential. Asampling survey conducted among 1826 small and medium-sized private enterprises in 2010 demonstratesthat enterprises with ownership transition and those whose succession intention is still uncertain keep low-er control than those intending to pass on to children. The industry potential moderates the relationshipbetween succession intention and family control. Industries with high non-economic benefits or preferencepotential strengthen the positive effects of entrepreneurial succession intention on family control while in-dustries with low economic benefits will significantly intensify the negative effects of ownership successionintention on family control.
引文
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[32]樊纲、王小鲁、朱恒鹏:《中国市场化指数---各地区市场化相对进程2011年报告》,北京:经济科学出版社,2011年。
[33]Fan J P H,Jian M,Yeh Y H.Succession:The roles of specialized assets and transfer costs.Paper Presented atAsianfa-NFA 2008 Annual Conference,Pacifico Yokohama,2008.
[34]Cohen J,Cohen P,West G S,Aiken S L.Applied multiple regression/correlation analysis for behavioral sciences.Lawrence Erlbaum Associates,London,2003.
[2]La Porta R,Lopez-De-Silanes F,Shleifer A.Corporate ownership around the world.Journal of Finance,1999,56(2):471-571.
[3]Claessens S,Djankov S,Lang L H P.The separation of ownership and control in East Asian corporations.Journalof Financial Economics,2000,58(1-2):81-112.
[4]Almeida H,Wolfenzon D.A theory of pyramidal ownership and family business groups.Journal of Finance,2006,(6):2637-2680.
[5]Chu W.Family ownership and firm performance:Influence of family management,family control and firm size.AsiaPacific Journal of Management,2011,28(4):833-851.
[6]Oswald S L,Muse L A,Rutherford M W.The influence of large stake family control on performance:Is it agency orentrenchment?Journal of Small Business Management,2009,47(1):116-135.
[7]Baumol W J.Entrepreneurship:Productive,unproductive and destructive.Journal of Political Economy,1990,98(5):893-921.
[8]Dyer W G Jr.Examining the"family effect"on firm performance.Family Business Review,2006,19(4):253-273.
[9]Gomez-Mejia L R,Nunez-Nickel M,Gutierrez I.The role of family ties in agency contracts.Academy of Manage-ment Journal,2001,44(1):81-95.
[10]Schulze W S,Lubatkin M H,Dino R N,Buchholtz A K.Agency relationships in family firms:Theory and evi-dence.Organization Science,2001,12(2):99-116.
[11]Schulze W S,Lubatkin M H,Dino R N.Toward a theory of agency and altruism in family firms.Journal of BusinessVenturing,2003,18(4):473-490.
[12]Bertrand M,Schoar A.The role of family in family firms.Journal of Economic Perspectives,2006,20(2):73-96.
[13]Heugens P,Van Essen M,Van Oosterhout J.Meta-analyzing ownership concentration and firm performance in Asia:Towards a more fine-grained understanding.Asia Pacific Journal of Management,2009,26(3):481-512.
[14]Villalonga B,Amit R.Family control of firms and industries.Financial Management,2010,(3):863-904.
[15]Burkart M,Panunzi F,Shleifer A.Family firms.Journal of Finance,2003,58(5):2167-2201.
[16]潘必胜:《中国的家族企业---所有权与控制权》,北京:经济科学出版社,2009年。
[17]李新春:《经理人市场失灵与家族企业治理》,《管理世界》,2003年4期。
[18]Sharma P.An overview of the field of family business studies:Current status and directions for the future.FamilyBusiness Review,2004,(1):1-36.
[19]Grossman S J,Hart O D.Takeover bids,the free-rider problem,and the theory of the corporation.Bell Journal ofEconomics,1980,11(1):42-64.
[20]Demsetz H,Lehn K.The structure of corporate ownership:Causes and consequences.Journal of Political Economy,1985,93(6):1155-1177.
[21]Morck R,Yeung B.Family control and the rent-seeking society.Entrepreneurship Theory and Practice,2004,(4):1042-2587.
[22]Faccio M,Lang L H P.The ultimate ownership of Western European corporations.Journal of Financial Economics,2002,65(3):365-395.
[23]Kets De Vries M F.The dynamics of family controlled firms:The good and the bad news.Organizational Dynamics,1993,21(3):59-71.
[24]Miller D,Le Breton-Miller I,Lester R H.Family and lone founder ownership and strategic behaviour:Social con-text,identity and institutional logics.Journal of Management Studies,2011,48(1):1-25.
[25]Habbershon T G,Pistrui J.Enterprising families domain:Family-influenced ownership groups in pursuit of trans-generational wealth.Family Business Review,2002,(3):223-238.
[26]Kellermanns F W,Tim K A E.Corporate entrepreneurship in family firms:A family perspective.EntrepreneurshipTheory and Practice,2006,(6):809-830.
[27]Chua J H,Chrisman J J,Sharma P.Defining the family business by behavior.Entrepreneurship Theory and Prac-tice,1999,23(4):19-39.
[28]Zahra S A,Hayton J C,Salvato C.Entrepreneurship in family vs.nonfamily firms:A resource-based analysis of theeffect of organizational culture.Entrepreneurship Theory and Practice,2004,(4):363-381.
[29]Serrano C C,Habbershon T G,Nordqvist M,Salvato C,Zellweger T.A conceptual model of trans-generational en-trepreneurship in family-influenced firms.Working Paper,Universitat St Gallen,2008.
[30]Foss K,Foss N J,Klein P G.Original and derived judgment:An entrepreneurial theory of economic organization.Organization Studies,2007,28(12):1893-1912.
[31]Miller D,Le Breton-Miller I.Governance,social identity and entrepreneurial orientation in closely held public com-panies.Entrepreneurship Theory and Practice,2011,35(5):1051-1076.
[32]樊纲、王小鲁、朱恒鹏:《中国市场化指数---各地区市场化相对进程2011年报告》,北京:经济科学出版社,2011年。
[33]Fan J P H,Jian M,Yeh Y H.Succession:The roles of specialized assets and transfer costs.Paper Presented atAsianfa-NFA 2008 Annual Conference,Pacifico Yokohama,2008.
[34]Cohen J,Cohen P,West G S,Aiken S L.Applied multiple regression/correlation analysis for behavioral sciences.Lawrence Erlbaum Associates,London,2003.