摘要
“反向混改”对家族企业的影响是一个尚未得到充分关注和研究的话题。本文以2010-2019年A股上市家族企业为研究对象,实证检验了国有股权参股对家族企业财务风险的影响。研究发现:国有股权参股能够有效降低家族企业财务风险。进一步分析发现,当国有股权参股来源于本地、国有股权长期参股、国有股权参股高新制造业、家族成员担任CEO时,上述关系更加显著,且优化贷款结构、提高创新效率、抑制控股家族股东“掏空”、完善内部控制是国有股权参股降低家族企业财务风险的四条路径。本文为家族企业降低财务风险与实现高质量发展提供新思路,并为政府相关部门探索“反向混改”最佳模式提供经验证据。
The impact of“reverse mixed-reform”on family firms is a topic that has not been fully paid attention to and studied.This paper empirically examinates the effect of state-owned equity participation on the financial risk of family firms based on the data of A-share listed family firms from 2010 to 2019.It is found that state-owned equity participation can effectively reduce the financial risk of family firms.Further analysis shows that the above relationship is more significant when state-owned equity participation comes from local areas,or the state-owned equity participates in a long-term,or the family firm is in the high-tec manufacuring industry,or the family member is taking the role of CEO.Moreover,state-owned equity participation can reduce the financial risk of family firms by inhibiting tunneling behaviors of family controlling shareholders,improving the internal control system,optimizing the loan structure and improving innovation efficiency.This paper provides new insights for family firms to reduce financial risk and achieve high-quality development,also provides empirical evidence for relevant government departments to explore the best mode of“reverse mixed-reform”.
作者
杨海燕
张浩玮
Yang Haiyan;Zhang Haowei
出处
《会计研究》
CSSCI
北大核心
2024年第7期90-103,共14页
Accounting Research
基金
国家自然科学基金(71762004)
广西高等学校千名中青年骨干教师培育计划科研项目的资助
关键词
国有股权参股
家族企业
财务风险
反向混改
State-owned Equity Participation
Family Firms
Financial Risk
Reverse Mixed-reform
