亲缘关系对家族企业资产结构及绩效影响研究——基于委托代理理论和社会情感财富理论的视角

Study on Impacts of Kinships on Asset Structure and Performance of Family Firms:A Perspective of Principal-Agent Theory and Socioemotional Wealth Theory

中文关键词:  亲缘关系  资产结构  企业绩效  家族企业  近亲家族成员  姻亲家族成员

英文关键词:kinships  asset structure  firm performance  family firm  close family members  affinal family members

中文摘要:

      家族企业作为我国国民经济的重要组成部分,在新时期正面临着新的管理问题。基于458家上市家族企业的观测数据,通过构建亲缘关系与企业绩效、资产结构的关系模型,研究了亲缘关系对家族企业资产结构及绩效的影响。研究发现,由于代理成本的降低,相比于远亲家族成员,近亲家族成员参与经营的家族企业,其流动资产比率更高,企业的经营绩效也更好；由于社会情感财富约束的减少,相比于血亲家族成员,姻亲家族成员参与经营的家族企业也更倾向于配置流动资产,实现更好的经营绩效。因此,家族企业在引入亲缘关系时,需要考虑不同亲疏程度和身份获取方式的家族成员应该赋予的职位；在配置资产时,应该考虑向流动资产倾斜,优化企业的资产结构。

英文摘要:

      As an important component of China's national economy, family firms are facing new management problems in the new era. Based on data from 458 Chinese listed family enterprises through constructing a relationship model containing kinships, performance and asset structure, the influence of kinships on family firms' performance and asset structure was studied. The study found that, due to reduction of agent cost, compared with distant relatives, family firms operated by close relatives are more inclined to maintain a higher ratio of current asset and in result gain higher performance; due to reduction of socioemotional wealth constraints, compared with blood relatives, affinal relatives tend to arrange more current asset and achieve higher performance. Therefore, when introducing different kinships into family firms, family members with different closeness and identity acquisition approaches need to be appointed to appropriate positions. At the same time, when assigning assets, family firms should consider arranging more current assets and optimize asset structures.