创始人社会资本、家族超额控制与企业过度负债  

Research on the Impact of Founder's Social Capital and Family Excess Control on Excessive Debt of Enterprises

作　　者：辛金国 张梅 Xin Jinguo;Zhang Mei(Centre of Information Technology and Economic Social Development,Hangzhou Dianzi University, Hangzhou 310018;Ningbo Institute of Finance and Economics,Ningbo 315175)

机构地区：[1]杭州电子科技大学信息化与经济社会发展研究中心 [2]杭州电子科技大学会计学院,硕士生杭州310018

出　　处：《浙江社会科学》2019年第2期61-73,107,157,共15页Zhejiang Social Sciences

基　　金：浙江省哲学社会科学重点课题"浙江省特色小镇发展综合评价及推进路径研究"(17NDJC001Z);国家社会科学基金重点课题"我国特色小镇竞争力的综合评价与实现路径研究"(17AJY008);国家自然科学基金面上项目"家族企业代理行为与绩效评价研究"(70792119)

摘　　要：近年来,民营企业过度负债已呈普遍现象,制约了企业的可持续发展。本文研究了创始人社会资本与家族超额控制对企业过度负债的影响。结果表明,家族股东会超额控制的强化会提升企业过度负债水平,家族董事会超额控制和经理层超额控制均有助于缓解企业过度负债程度;创始人社会资本越广,企业过度负债水平越高,并且创始人社会资本对家族超额控制与企业过度负债之间的影响关系具有一定的调节作用。进一步的研究表明,企业过度负债水平的提高会导致企业绩效下降,并且家族超额控制与过度负债交互也将影响企业绩效。本文不仅丰富了民营企业过度负债的理论研究,也为家族企业优化超额控制权结构、合理运用创始人社会资本等提供了启示意义。In recent years, excessive debt of private enterprises has become a common phenomenon,which restricts the sustainable development of enterprises.This paper studies the influence of founder’s social capital and family excess control on enterprise’s excessive debt.The results show that the strengthening of the excess control of the family shareholders’ meeting will increase the level of excessive debt of enterprises, and the excess control of the family board of directors and the excess control of managers will help to alleviate the degree of excessive debt of enterprises;the richer founder’s social capital is, the higher level of excessive debt, and the founder’s social capital has a moderating effect on the relationship between the excessive control of family firms and the excessive debt. The improvement of the level of excessive debt will lead to the decline of corporate performance, and the interaction between family excess control and excessive debt will also affect corporate performance. This paper not only enriches the theoretical study of excessive debt in private enterprises, but also provides enlightenment for family enterprises to optimize the structure of excess control rights and rationally use the founder’s social capital.

关 键 词：创始人社会资本 超额控制 过度负债 企业绩效 

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