控制性家族类型对民营企业债务融资的影响研究——“促进效应”还是“阻碍效应”?  

The Influence of Controlling Family Types on the Debt Financing of Private Enterprises——“Promotion Effect”or “Block Effect”?

作　　者：陈建林[1] 

机构地区：[1]广东财经大学会计学院,广东广州510320

出　　处：《产业经济研究》2015年第5期101-110,共10页Industrial Economics Research

基　　金：国家自然科学基金项目(71202097);教育部人文社会科学研究青年基金项目(12YJC630009);广东省自然科学基金项目(S2012010010844);广东省高校优秀青年教师培养计划项目(Yqgdufe1401)

摘　　要：民营企业普遍遇到"融资难"和"融资贵"问题,然而现有的研究忽略了我国民营企业内部的家族因素对债务融资的影响效应。关于控制性家族与民营企业债务融资的关系,家族声誉理论和利他主义理论的观点截然相反。针对上述学术争论,本文把控制性家族区分为两类:创始家族和非创始家族,探讨控制性家族类型对民营企业债务融资的影响效应。本文采用我国民营上市公司2007—2011年的数据进行实证分析,研究结果如下:(1)总体而言,控制性家族与民营企业债务融资的关系不显著,既不支持"促进效应",也不支持"阻碍效应"。(2)创始家族对民营企业债务融资发挥"阻碍效应";在制度环境好的地区,此阻碍效应更加显著。(3)非创始家族民营企业债务融资发挥"促进效应";在制度环境好的地区,此促进效应更加显著。(4)进一步的研究表明:家族控制公司的债务资金配置是低效率的。基于上述研究结果,本文可整合家族声誉理论和利他主义理论的争论,为解决民营企业融资问题提出新的分析视角。The private enterprises generally encountered the problem of financing inaccessible and unaffordable,however,the existing research has neglected the effect of family factors on the debt financing of private enterprises in China. On the relationship between the controlling family and the debt financing of the private enterprises,the family reputation theory and the theory of altruism have different opinions. In view of the above academic controversy,the paper divides the controlling family into two categories: founding family and non-founding family,to explore the impact of the controlling family types on debt financing of private enterprise. The paper uses Chinese private listed companies data in 2007—2011 for empirical analysis,and the results are as follows:( 1) The relationship between controlling family and debt financing of private enterprise is not significant. The results neither support promotion effect,also do not support block effect.( 2) The founding family plays block effect to debt financing of private enterprise,and the effect is more significant in good institutional environment.( 3)The non-founding family plays promotion effect to debt financing of private enterprise,and the effect is more significant in good institutional environment.( 4) Further research shows that the debt allocation efficiency of family control enterprise is low. Based on the above research results,the paper can integrate the family reputation theory and the theory of altruism,and put forward a new analysis perspective to solve the financing problem of private enterprises.

关 键 词：控制性家族 民营企业 债务融资 制度环境 家族类型 

分 类 号：F276.5[经济管理—企业管理] F275[经济管理—国民经济]