家族终极所有权与民营企业债务代理成本的关系研究  

The Study on the Relationship between Family's Ultimate Ownership and the Agency Cost of Debts in Private Enterprises

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：《当代经济科学》2015年第1期11-17,124,共7页Modern Economic Science

基　　金：国家自然科学基金项目(71202097);国家社会科学基金项目(11CGL048);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;S2012010010462);广东省普通高校人文社科研究一般项目(2012WYXM_0032)

摘　　要：学术界认为家族所有权对民营企业债务融资有两重影响:"促进作用"和"阻碍作用",针对上述争论和民营企业的融资困境,本文将探讨家族终极所有权对民营企业债务代理成本的影响效应。本文采用我国民营上市公司2007-2009年的数据进行实证分析,研究结果显示:(1)对全体民营上市公司来说,家族所有权有利于降低民营企业债务代理成本。(2)在制度环境好的地区,家族所有权可以显著降低民营企业债务代理成本;在制度环境差的地区,家族所有权与民营企业债务代理成本的关系不显著。(3)对家族自利倾向强的企业,家族所有权与民营企业债务代理成本的关系不显著;对家族自利倾向弱的企业,家族所有权可以显著降低民营企业债务代理成本。(4)基于制度环境和控制人自利倾向两个维度,可以把样本区分为四种类型。研究结果显示,只有在制度环境好且控制人自利倾向低的样本中,家族所有权才能显著降低债务代理成本。基于上述结果,本文提出了相关政策建议。The academic circle thinks that family ownership has dual effects on private enterprises' debt financing:'promoting effect' and 'blocking effect'.According to the above argument and the financing difficulties of private enterprises,this paper will explore the effects of family's ultimate ownership on debts' agency cost of private enterprise.The paper empirically analyzes the data of Chinese private listed companies from2007 to 2009 and the results of the study show:(1) For all of the private listed companies,family ownership helps to reduce the agency costs of debts in private enterprises.(2) In the areas of good institutional environment,family ownership can significantly reduce the agency costs of debts in the private enterprises.In the areas of poor institutional environment,the relationship between family ownership and debts' agency cost of private enterprise is not significant.(3) For the enterprises that have a strong family's self-interest tendency,the relationship between family ownership and debts' agency cost of private enterprises is not significant.For the enterprises that have a weak family's self-interest tendency,family ownership can significantly reduce the debts' agency cost of private enterprises.(4) Based on two dimensions of the institutional environments and the controller's self-interest tendency,the samples can be divided into four types.The results of the study show that,only in the sample of good institutional environment and weak controller's self-interest tendency,family ownership can significantly reduce the agency cost of debts.Based on the above results,this paper puts forward relevant policy suggestions.

关 键 词：家族所有权 终极所有权 债务代理成本 

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