双重权威动态适配视角下家族企业融资模式构建研究  

Research on the Financing Mode of Family Enterprise Under Dual Authority Dynamic Adaptation

作　　者：魏婷[1] 付攀 

机构地区：[1]重庆广播电视大学,重庆400052 [2]中国邮政储蓄银行重庆分行,重庆400015

出　　处：《改革与战略》2015年第8期169-172,185,共5页Reformation & Strategy

摘　　要：我国家族企业存在权益性融资比例高,股权集中、绝大部分家族企业为内源融资,融资成本高、难度大。文章分析了家族权威影响家族企业融资的作用机理,认为家族企业的融资行为及融资结构是一个复杂的过程,也是一个循环往复的过程。文章构建了家族企业生命周期和融资行为的动态模型和家族企业权威配置的动态三环模型,分析家族权威优化配置的动态方向,探寻了家族企业的融资模式。Family enterprise is featured of high financing ratio, centered stock rights, internal financing, high financing cost. This paper analyzes the dynamic motivation of the family right on the financing of family enterprise, considers that the financing behavior and structure of family enterprise is a complex process. The paper establishes a dynamic three-ring model about the life circle and financing behavior of family enterprise, as well as its distribution of management rights, analyzes the dynamic direction of family rights, so as to promote the family enterprise.

关 键 词：双重权威动态适配 家族企业 融资模式 

分 类 号：F832.42[经济管理—金融学]