机会不平等下的家族企业成长与融资决策——来自我国上市公司的经验证据  

Family Business Growth and Financing Decision under Opportunity Inequality: Evidence from Listed Companies in China

作　　者：石水平[1] 

机构地区：[1]暨南大学管理学院,广东广州510632

出　　处：《暨南学报（哲学社会科学版）》2013年第11期22-33,161,共12页Jinan Journal(Philosophy and Social Sciences)

基　　金：国家自然科学基金青年项目<我国资本市场交叉持股行为研究:动因;路径与效应分析>(批准号:71102040);国家社会科学基金青年项目<机会不平等下的家族企业成长与治理优化研究>(批准号:12CGL034);广东省哲学社会科学规划项目<基于治理环境的家族企业信息透明度与会计稳健性研究>(批准号:GD10CGL01)

摘　　要：家族企业是我国经济发展的主力军,但长期以来受到社会和政府的支持与其在社会经济中的贡献明显不符,资金短缺成为制约其发展的瓶颈。随着固定资产投资核准制实施,银行信贷开始越来越受到外部市场的影响,尤其是公平与效率损失造成了家族企业融资困难。因此,以我国金融体制改革进程为背景,从宏观和微观层面考察机会不平等下的家族企业成长与融资决策之间关系显得至关重要。研究发现,在我国企业债务融资决策中,机会不平等使得家族上市公司更倾向于短期借款,而长期借款比例偏低;金融发展程度与家族企业债务期限显著正相关;政治联系等指标有助于家族企业获得更长的债务期限,这为我国银行信贷政策和家族企业融资决策提供了参考和借鉴。Family firms are the main force of China's economic development, but for a long time,they are not supported by the society and government according to their social economy contribution. The shortage of funds has become the bottleneck of their development. With the approval system since the implementation of fixed asset investment,bank credit has become increasingly vulnerable to external markets,especially the equity and efficiency loss causes financing difficulty of family firms. Through the background of China's financial reform process,this paper studies the relationship between family business growth and financing decision under opportunity inequality from the macro and micro levels. We find that in the financing decision of family firms in China,opportunity inequality makes the family listed-companies prefer short-term debt,and the long-term debt ratio is lower; financial development level and family business maturity have a significant positive correlation,and factors such as political connection can help obtain longer debt maturity. All of these evidences supply the guide and reference for our future credit policy and related family firms financing decision making.

关 键 词：家族企业 机会不平等 政治联系 债务期限 

分 类 号：F276.5[经济管理—企业管理]