家族控制与民营企业债务融资:促进效应还是阻碍效应?  

Family Control and Debt Financing of Private Enterprises: Promotion Effect or Block Effect?

作　　者：陈建林[1] 

机构地区：[1]广东商学院会计学院,广东广州510320

出　　处：《财经研究》2013年第7期27-37,共11页Journal of Finance and Economics

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);广东省哲学社会科学规划项目(GD10YGL07);广东省自然科学基金项目(S2012010010844);广东省高校人文社会科学一般项目(2012WYXM_0032)资助

摘　　要：学术界认为家族控制对民营企业债务融资有双重影响:"促进效应"和"阻碍效应"。针对上述争论和民营企业的融资困境,文章探讨了家族控制对民营企业债务融资的影响效应。研究结果显示:(1)对全体民营上市公司来说,家族控制权有利于民营企业进行债务融资。(2)在制度环境较好的地区,家族控制权可以显著促进民营企业债务融资;在制度环境较差的地区,家族控制权与民营企业债务融资的关系不显著。(3)对于家族自利倾向较强的企业,家族控制权对民营企业债务融资起阻碍作用;对于家族自利倾向较弱的企业,家族控制权对民营企业债务融资起促进作用。Academia believes that family control has dual effects on debt financing of private enterprises, namely promotion effect and block effect. In view of the debate above-mentioned and the financing difficulties of private enterprises, this paper discusses the effects of family control on debt finan- cing of private enterprises. It arrives at the conclusions as follows： firstly, for all private listed companies, family control is conducive to debt finan- cing; secondly, in regions with sound institutional environment, family con- trol rights can significantly promote debt financing of private enterprises, and in regions with poor institutional environment, the relation between family control rights and debt financing of private enterprises is not signifi- cant; thirdly, for enterprises with a strong tendency towards family self-in- terest, family control rights play a block role in debt financing of private en- terprise, and for enterprises with a weak tendency towards family self-inter- est, family control rights play a promotion effect in debt financing of private enterprise.

关 键 词：家族控制 民营企业 债务融资 代理成本 

分 类 号：F275[经济管理—企业管理]