家族控制如何影响企业智力资本?——基于中国制造业民营上市公司的实证研究  

How Does Family Control Affect Intellectual Capital of The Enterprise?——An Empirical Study Based on Private Listed Companies of China's Manufacturing Industry

作　　者：徐萌娜[1] 王明琳[1] 王河森[2] 

机构地区：[1]杭州师范大学经济与管理学院,浙江杭州311121 [2]杭州电子科技大学管理学院,浙江杭州310018

出　　处：《财经论丛》2015年第4期97-104,共8页Collected Essays on Finance and Economics

基　　金：浙江省自然科学基金资助项目(LQ14G020012);教育部人文社科研究基金资助项目(13YJC630163;14YJC790119);浙江省教育厅科研基金资助项目(Y201223969)

摘　　要：家族控制是当前国内民营上市公司普遍存在的一个治理特征,本文研究"控制权和现金流权分离"及"家族成员涉入企业"这两类家族强化控制权方式对企业智力资本水平的影响。实证结果表明,控制权和现金流权分离降低了企业智力资本水平,而家族成员差序格局与企业智力资本水平呈正相关,并减弱了控制权和现金流权分离对企业智力资本水平的负面效应。这一研究结论对当前民营企业从治理结构的角度提升智力资本水平,进而实现可持续成长具有重要的启示意义。Family control is a widespread governance characteristic of current domestic private listed companies. This paper studies the influence of two family control strengthening modes,namely,＂divergence in control and ownership＂and＂the involvement of family members in the enterprise＂,on intellectual capital of the listed enterprises. The empirical results show that divergence in control and ownership reduces the level of intellectual capital,while differential mode of association of family members is positively related to the level of intellectual capital. The differential mode of association can weaken the negative influence of divergence in control and ownership on intellectual capital. This study is of important significance for enlightening current private enterprises on the enhancement of intellectual capital from the governance perspective,and then the realization of sustainable growth.

关 键 词：家族控制 智力资本 两权分离 差序格局 

分 类 号：F276.5[经济管理—企业管理]