从众还是独具一格?——中国家族企业战略趋同的实证研究  

Strategic Conformity in Family Business: Empirical Evidence from Listed Chinese Corporates

作　　者：巩键[1,2] 陈凌[1,2] 王健茜 王昊[1,2] 

机构地区：[1]浙江大学管理学院 [2]浙江大学企业家学院

出　　处：《管理世界》2016年第11期110-124,共15页Journal of Management World

基　　金：国家自然科学基金面上项目(71272172);福建省自然科学基金(2016J01335);福建省社科规划项目(FJ2015C113)资助

摘　　要：通过整合新制度理论和信号理论，本文探讨了家族控制权涉入与战略趋同之间的关系，并分析了董事长-CEO两职分离、CEO身份，以及行业绩效期望差距的调节作用。基于中国家族上市公司2009～2013年的数据分析，本文得到以下研究结论：第一，随着家族控制权的增加，企业为抵消外部利益相关者的质疑并赢取合法性，战略趋同程度也会增大；第二，当董事长和CEO两职分离时，董事会监督效力的提升以及信息不对称程度的下降传递了公司治理有效的信息，减弱了外部利益相关者对家族企业的质疑，从而企业表现出更低程度的战略趋同行为；第三，家族企业在两职分离后任命非家族CEO时，职业经理人较高的职业声望、企业目标导向传递了公司决策过程客观的信息，这既减轻了外部制度压力也缓解了家族企业的资源困境，从而降低了家族企业的战略趋同程度；最后，当公司经营业绩高于行业期望水平时，组织因其战略有效而赢得了合法性，家族企业的战略趋同程度也随之减弱。本文对于家族企业治理结构与战略行为关系的研究有一定的理论意义和实践指导价值。Integrating new institutional theory and signal theory, this paper analyzes the relationship between family involvement and strategic conformity, and the moderation effects of CEO non-duality, CEO identity and industrial performance expectation gap. Based on the data of listed Chinese family business(2009-2013), we draw the following conclusions:first, the strategic conformity level of the enterprise increases with increasing of family control rightstooffset the legitimacy suspicions of outside stakeholders. Second, CEO non-duality weakens the positive relationship between family involvement and strategic conformity, since CEO non-duality improves the monitoring efficacy of the boards, reduces information asymmetry and therefore releases positive signals regarding to effective corporate governance which weakens external stakeholders 'suspicions. Third, nonfamily CEO who has higher professional prestige to ease the resource starvation of family business and focuses on firm-oriented goals instead of family-oriented ones, weakens the positive relationship between family involvement and strategic conformity. Moreover, when corporate performance is above the industrial expectation level, the effectiveness of existing strategy endorses the firm 's legitimacy, which also weakens the positive effect of family involvement on strategic conformity. This paper has significant theoretical and practical guiding values for the research on the relationship between family businesses governance structure and strategic behavior.

关 键 词：家族企业 战略趋同 两职分离 CEO身份行 业绩效期望差距 

分 类 号：F276.5[经济管理—企业管理]