摘要
本文利用浙江和重庆两地家族企业的调查数据,实证检验了家族企业不同的控制权偏好与多元化企业目标间的关系及其对家族企业融资模式选择的影响,结果显示:家族控制是实现以家族利益为中心的企业目标(家族目标)的基础,对实现以企业增长为中心的企业目标(增长目标)无显著的影响;家族控制对家族企业利润积累有显著的"倒U型"影响,对银行贷款有显著的正向影响,对股权融资却呈现显著的"U型"和负向影响;家族目标对亲友间借贷有显著的正向影响,增长目标对股权融资有显著的正向影响。研究结论很好地解释了家族企业融资模式形成及发展演化的基本规律,对进一步推进我国家族企业公司治理改革也具有重要指导意义。
Using the data of questionnaire from family businesses in Zhejing and Chongqing, this paper tests the relationship among family control, business objective and financing mode of family business. Notably, our findings confirm that family control is the base of business objective （family objective）; Family control is related significantly inverse U-type to capital ＆ retained profits, positively to debt, negatively and U-type to equity; Family objective is related positively to family loans, growth objective is related positively to equity. These results will help explore the growth and evolution financing mode of family business, and will help greatly prompt the reformation of governance of family business in China.
出处
《管理工程学报》
CSSCI
北大核心
2009年第4期6-13,共8页
Journal of Industrial Engineering and Engineering Management
基金
国家自然科学基金资助项目(70472055)
国家社会科学基金资助项目(06XJL006)
关键词
家族企业
家族控制
家族目标
增长目标
融资结构
family business
family control
family objective
growth objective
capital structure
