Family Involvement, Firm Size and the Performance of Private Enterprises

“家族涉入”对民营企业绩效的影响一直存在争论,不同的研究结论都忽略了企业的组织特征。本文利用一项全国性民营企业抽样调查资料,将企业规模这一组织基本特征引入分析,从家族控制与家族意图两个维度,揭示了在不同规模的民营企业中,家族涉入所引起的代理问题和资源优势是不同的,家族涉入的静态正效应随着企业规模扩大而减弱,当企业达到一定规模后,家族涉入将对企业经营绩效产生消极影响。

Lots of studies have investigated the impact of family involvement on the performance of private enterprises, but the results are contradictory. The authors point out that these studies ignore firm's organizational characters such as firm size, which is an important factor affecting firm performance, since agency cost and resource superiority of family firms vary based on firm size. Furthermore, this study differentiates family involvement into two aspects, which are family control and family intentions. Using the private enterprises survey data in China, the research reveals that family involvement has positive effects on the performance of private enterprises, and the effects are weaken as firms expand in scale.

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