创始人政治身份与家族企业控制权的代际锁定
发布时间：2018-10-17 14:28
【摘要】：运用社会情感财富理论,本文提出了创始人政治身份促进中国家族企业控制权代际锁定的两种机理,即企业政治资本积累假说和社会情感财富维护假说。以2003—2015年上市家族企业为样本的混合截面数据分析结果表明,创始人政治身份显著增加了继承人担任公司董事长或总经理的可能性,创始人政治身份促进家族企业控制权的代际锁定。进一步分析结果表明,上述两种机制并存:创始人政治身份给家族企业带来融资便利、政府补助等经济利益,成为家族企业积累政治资本的渠道,这提供了支持企业政治资本积累假说的证据,因为企业政治资本有助于提升家族企业代际传承意愿和家族的社会情感财富;创始人更有可能把政治身份转移给继承人而非家族外人士的职业经理人,这提供了支持社会情感财富维护假说的证据,因为企业家政治身份代际转移成为中国情景下家族维护衍生于创始人政治身份社会情感财富的途径。本文揭示了民营企业家参政议政这项富有中国特色的政治制度安排影响家族企业代际传承的理论机理,丰富了政企关系和社会情感财富的研究文献。
[Abstract]:Based on the theory of social affective wealth, this paper puts forward two kinds of mechanisms that the founder's political identity promotes the intergenerational locking of the control rights of Chinese family enterprises, namely, the hypothesis of the accumulation of corporate political capital and the hypothesis of maintaining social affective wealth. The mixed cross-section data analysis, based on a sample of listed family businesses from 2003 to 2015, shows that the political identity of the founder significantly increases the likelihood that the successor will be chairman or general manager of the company. The political identity of the founder promotes the intergenerational locking of the control rights of the family business. The results of further analysis show that the above two mechanisms coexist: the political identity of the founder brings financing convenience to the family business, government subsidy and other economic benefits, which become the channel for the family business to accumulate political capital. This provides evidence to support the hypothesis of corporate political capital accumulation, because corporate political capital helps to enhance the will of family enterprises to inherit intergenerational and family social emotional wealth; Founders are more likely to shift their political identity to professional managers who are heirs than outsiders, providing evidence to support the social emotional wealth preservation hypothesis. Because the political identity of entrepreneurs is transferred from generation to generation, which is the way for families to maintain the social affective wealth derived from the founder's political identity. This paper reveals the theoretical mechanism of private entrepreneurs' participation in politics and politics, which is a political system with Chinese characteristics, which affects the intergenerational inheritance of family enterprises, and enriches the research literature on the relationship between government and enterprises and social affective wealth.
【作者单位】： 浙江财经大学金融学院;浙江大学民营经济研究中心;上海财经大学中国公共财政研究院;
【基金】：国家自然科学基金面上项目“政治资本代际转移及其影响家族企业成长机理研究”(批准号71572172) 教育部人文社会科学重点研究基地浙江大学民营经济中心—浙江大学恒逸基金项目“家族企业政治资本代际转移研究”(批准号2015CRPE-HY02) 浙江省哲学社会科学规划课题重点项目“政治资本代际转移与家族企业持续成长:理论机理与浙江经验数据”(批准号15NDJC013Z)
【分类号】：D0;F276.5
，
本文编号：2276977
[Abstract]:Based on the theory of social affective wealth, this paper puts forward two kinds of mechanisms that the founder's political identity promotes the intergenerational locking of the control rights of Chinese family enterprises, namely, the hypothesis of the accumulation of corporate political capital and the hypothesis of maintaining social affective wealth. The mixed cross-section data analysis, based on a sample of listed family businesses from 2003 to 2015, shows that the political identity of the founder significantly increases the likelihood that the successor will be chairman or general manager of the company. The political identity of the founder promotes the intergenerational locking of the control rights of the family business. The results of further analysis show that the above two mechanisms coexist: the political identity of the founder brings financing convenience to the family business, government subsidy and other economic benefits, which become the channel for the family business to accumulate political capital. This provides evidence to support the hypothesis of corporate political capital accumulation, because corporate political capital helps to enhance the will of family enterprises to inherit intergenerational and family social emotional wealth; Founders are more likely to shift their political identity to professional managers who are heirs than outsiders, providing evidence to support the social emotional wealth preservation hypothesis. Because the political identity of entrepreneurs is transferred from generation to generation, which is the way for families to maintain the social affective wealth derived from the founder's political identity. This paper reveals the theoretical mechanism of private entrepreneurs' participation in politics and politics, which is a political system with Chinese characteristics, which affects the intergenerational inheritance of family enterprises, and enriches the research literature on the relationship between government and enterprises and social affective wealth.
【作者单位】： 浙江财经大学金融学院;浙江大学民营经济研究中心;上海财经大学中国公共财政研究院;
【基金】：国家自然科学基金面上项目“政治资本代际转移及其影响家族企业成长机理研究”(批准号71572172) 教育部人文社会科学重点研究基地浙江大学民营经济中心—浙江大学恒逸基金项目“家族企业政治资本代际转移研究”(批准号2015CRPE-HY02) 浙江省哲学社会科学规划课题重点项目“政治资本代际转移与家族企业持续成长:理论机理与浙江经验数据”(批准号15NDJC013Z)
【分类号】：D0;F276.5
，
本文编号：2276977
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