危机冲击、大股东“管家角色”与企业绩效——基于中国上市公司的实证分析

发布时间：2018-07-20 10:06

【摘要】：本文对危机冲击下的大股东行为进行了理论分析与实证检验,研究表明:(1)相对于正常经营期间的大股东可能会相机地采取支持性行为或掠夺性行为,在危机冲击下的大股东则具有强烈的管家意识而非掏空侵占,且大股东持股比例越高,其支持性的管家角色功能发挥的程度越高,绩效改善的程度越高;(2)相对国有大股东,家族大股东在危机冲击下承担着更为严重的经济和非经济性损失,从而使得他们表现出更高程度的管家角色意识以支持企业渡过难关;(3)处于低规范性制度环境下的企业大股东在危机冲击下面临更为严重的生存压力和潜在的投资损失,这同样迫使他们发挥出更高程度的管家角色意识以规避利益损失和改进经营业绩;(4)家族大股东委派的CEO与大股东之间更容易建立起"强关系"联盟,在危机期间更能有效地支持大股东管家角色功能的实施,从而能更大程度地提升公司的价值。
[Abstract]:This paper makes a theoretical analysis and empirical test on the behavior of large shareholders under the impact of the crisis. The results show that: (1) compared with the normal operation period, the large shareholders may take supportive or predatory behavior. Under the impact of the crisis, the major shareholders have a strong sense of housekeeping rather than emptying and encroachment, and the higher the proportion of the majority shareholders, the higher the degree of the supporting butler role function, the higher the performance improvement; (2) relative state-owned large shareholders, The major family shareholders bear more serious economic and non-economic losses under the impact of the crisis. In order to make them show a higher degree of butler role awareness to support enterprises to tide over the difficulties; (3) under the environment of low normative system, the major shareholders of enterprises face more serious survival pressure and potential investment losses under the impact of the crisis. It also forces them to exercise a greater sense of butler role in order to avoid loss of interest and improve performance; (4) it is easier to form "strong relationship" alliances between CEOs appointed by major family shareholders and major shareholders. During the crisis, it can effectively support the implementation of the butler role of major shareholders, thereby enhancing the value of the company to a greater extent.
【作者单位】：上海财经大学国际工商管理学院;
【基金】：国家自然科学基金项目“家族权威与私营企业成长机制研究”(批准号70872065);国家自然科学基金项目“家族结构、组织行为与私营企业成长机制研究”(批准号71172140) 上海市社科规划项目“家族和谐与私营企业成长机制研究”(批准号2011BGL007) 上海市曙光计划项目“公司治理、组织学习与自主创新能力关系研究”(批准号07SG41) 上海财经大学研究生科研创新基金资助项目(项目编号:CXJJ-2011-323;CXJJ-2011-371;CXJJ-2011-322)的研究成果
【分类号】：F832.51;F275;F224

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