家族创始人职业经历与企业财务保守行为研究

发布时间：2018-06-05 04:34

本文选题：家族企业 + 创始人　；参考：《财经研究》2016年04期

【摘要】：基于创始人自身特征的异质性,文章研究了家族创始人职业经历与企业财务保守行为的关系。研究发现,与家族创始人具有企业部门职业经历的企业相比,创始人具有公共部门职业经历的企业财务杠杆更低,短期借款占比更小,现金持有更多,且连续三年采用低杠杆的可能性更高。进一步地,企业所处行业的产品市场不确定性越高,家族创始人公共部门职业经历与企业财务保守行为的正相关关系越强。此外,家族创始人具有公共部门职业经历的企业会计及市场业绩均更好。研究表明,家族创始人具有公共部门职业经历的企业财务决策更为保守,原因在于这类家族创始人的风险厌恶程度较高,使企业更易形成相对保守的文化氛围。文章从创始人职业经历异质性的角度发展了家族企业财务保守成因的研究,以及管理者个人特征与企业财务决策关系的研究,同时有助于投资者识别企业财务风险。
[Abstract]:Based on the heterogeneity of founder's own characteristics, this paper studies the relationship between family founder's professional experience and corporate financial conservative behavior. The study found that founders with a public sector career experience had lower financial leverage, a smaller share of short-term borrowing and more cash holdings than those whose family founders had a career experience in the business sector. And the possibility of using low-leverage for three years in a row is higher. Furthermore, the higher the uncertainty of the product market in the industry, the stronger the positive correlation between the family founder's career experience in the public sector and the financial conservative behavior of the firm. In addition, family founders with public sector career experience, business accounting and market performance better. The study shows that the financial decisions of the family founders with public sector career experience are more conservative because of the higher risk aversion of such family founders, which makes it easier for enterprises to form a relatively conservative cultural atmosphere. From the perspective of the heterogeneity of the founders' professional experience, this paper develops the research on the causes of financial conservatism in family enterprises and the relationship between the personal characteristics of managers and the financial decisions of enterprises, and it is helpful for investors to identify the financial risks of enterprises.
【作者单位】：复旦大学管理学院;
【基金】：国家自然科学基金项目(70872023,71272072)
【分类号】：F275

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