家族涉入、国有股权与中国家族企业国际化  

Family Involvement,State-owned Equity and Internationalization of Chinese Family Firms

作　　者：徐炜[1] 马树元 王赐之 XU Wei;MA Shu-yuan;WANG Ci-zhi(College of Business Administration, Capital University of Economics and Business,Beijing,100070,China)

机构地区：[1]首都经济贸易大学工商管理学院,北京100070

出　　处：《经济管理》2020年第10期102-119,共18页Business and Management Journal ( BMJ )

摘　　要：混合所有制改革过程中,国有股权能否助力民营企业持续健康发展,是近年来被广泛关注的议题。“一带一路”倡议下,家族企业的国际化问题恰好为研究国有股权的影响作用提供了良好的情境。本文以2014—2018年中国创业板和中小板上市家族企业为研究样本,考察国有股权对家族企业国际化的影响。研究发现,家族涉入对企业国际化具有显著的负向影响,国有股权参股可以有效地抑制家族涉入对企业国际化的负向作用。这一结论在经过内生性分析和稳健性检验后依然成立。进一步分析国有股权的影响发现,国有股权派驻董事可以有效地改变控股家族对企业国际化的态度,促使控股家族更有意愿进行国际化;从国有股权来源地异质性来看,当地国有股出于发展当地经济和保障人民就业的考虑而不希望家族企业采取国际化策略,但中央国有股为贯彻落实国家战略使命而促使家族企业更有意愿开展国际业务。本文的结论不仅验证了国有股权参股民营企业的积极作用,还发现了国有股权派驻董事和国有股权来源地异质性的特殊影响,这对于进一步推进混合所有制改革和助力民营企业持续健康发展具有良好的参考价值。Since the Chinese government proposed the mixed ownership reform,many listed private companies have attracted state-owned capital to rise firm competitiveness.Among listed private companies,the family firm is a representative firm type.At the same time,the family firm plays a significant role in promoting China's economic development in terms of employment,taxation and innovation.Whether state-owned equity participation can rise family firm competitiveness has been a topic that are widespread in recent years.Following the"Belt and Road"initiative,a group of outstanding Chinese companies are actively carrying out the internationalization process to maintain firm competitiveness.The internationalization is an investment activity with resource commitment and long cycle,which is also accompanied by high uncertainty and complexity.Therefore,seeking for the investment of state-owned equity is chosen by many Chinese family firms to start internationalization process and maintain firm competitiveness.Accordingly,this article uses the 2014—2018 Chinese listed family Firms as research samples to examine the impact of state-owned equity on the family firm internationalization.The results found that the family involvement has a significant negative impact on the internationalization,and the state-owned equity can effectively suppress the negative effect of family involvement on the internationalization.These results are still valid after robustness test and endogeneity analysis.Then,further analyses are conducted to specify two different involvement of state-owned equity:appointment of directors;the heterogeneity of state-owned equity source.For the appointment of directors,it is found that the appointment of directors of state-owned equity can effectively change the holding family's view on the internationalization,and encourage the holding family to carry out internationalization.For the heterogeneity of state-owned equity source,local state-owned shares prefer to limit family firm international strategy,so that family f

关 键 词：家族涉入 国有股权 国际化 混合所有制改革 

分 类 号：F276[经济管理—企业管理]