家族管理影响中小家族企业价值的路径:基于行业竞争的代理理论和效率理论的研究

发布时间：2018-02-09 02:02

本文关键词： 家族管理行业竞争企业价值中小家族企业　出处：《中国工业经济》2017年05期 　论文类型：期刊论文

【摘要】：本文分别研究了家族管理对中小家族企业价值产生影响的代理成本、决策效率和执行效率三条路径,并引入行业竞争深入研究该外部变量对三条内部路径的调节效应。对2012—2014年创业板和中小企业板的A股中小家族企业面板数据进行检验,结果表明:对于中小家族企业而言,家族管理可以降低代理成本、提高执行效率,从而对企业价值产生正向影响;同时,家族管理也会降低决策效率,进而对企业价值产生负面影响。而行业竞争放大了家族管理对中小家族企业价值的正向影响,减弱了家族管理对中小家族企业价值的负面影响。其经济意义在于,因为家族管理降低代理成本且提升执行效率,所以家族管理对中小家族企业价值存在明显的正面影响,但由于家族管理严重影响到决策效率,使得家族管理对中小家族企业价值的负面影响亦不可忽视,这一结论解释了前人研究分歧的根源。然而,由于协同治理效应、悲观预期和先发优势的存在,行业竞争减弱了家族管理对决策效率的阻碍效应,且放大了家族管理对降低代理成本和提升执行效率的促进效应。因此,相对低竞争行业而言,在高竞争行业中,家族管理对降低代理成本,提升执行效率的促进作用更明显,对决策效率的阻碍作用更微弱,使得家族管理迹象越明显的中小家族企业,其价值相对越高。
[Abstract]:This paper studies the agency cost of family management impact on small and medium sized enterprises value, decision-making efficiency and the efficiency of the implementation of the three paths, and the introduction of competition in the industry in-depth study of the moderating effect of external variables on three internal path. A shares of small and medium sized enterprises on Panel Data from 2012 to 2014 the gem and small and medium-sized enterprises in the test results show that: for small and medium-sized family enterprises, family management can reduce agency cost, improve the efficiency, which has a positive effect on firm value; at the same time, family management will reduce the efficiency of decision-making, and thus have a negative impact on enterprise value. And the competition amplifies the positive influence of family management of small and medium-sized family enterprises value. Weaken the negative influence of family management of small and medium sized enterprises. The value lies in its economic significance, because of family management, reduce agency costs and improve execution Efficiency, so there are obvious positive influence on the enterprise value of family management, but because of family management seriously affects the efficiency of decision-making, the negative impact on the family management of small and medium sized enterprises value should not be ignored, this conclusion explains the origin of previous research differences. However, because the collaborative governance effect, and pessimism the advantage of the existence of competition can weaken the hindrance effect of family management on decision-making efficiency, and enlarge the family management to reduce agency costs and promote the effect of execution efficiency. Therefore, the relatively low competitive industry, in the highly competitive industry, family management to reduce agency cost, enhancing the efficiency of the implementation of the effect is more obvious to hinder the efficiency of decision-making, more weak, the family management of small and medium sized enterprises more obvious signs, its value is relatively higher.

【作者单位】：东南大学经济管理学院;南京大学海外教育学院;
【基金】：国家自然科学基金面上项目“现金流价值创造与风险显现嬗变机理研究”(批准号70972039);国家自然科学基金青年项目“团队断裂带对子群间沟通有效性及团队绩效的作用机制研究”(批准号71202106);国家自然科学基金面上项目“政府会计国家治理功能的实现机理、路径与策略研究”(批准号71672034)
【分类号】：F276.5

【相似文献】