CEO类型、战略选择与家族企业经营绩效——基于中国家族上市公司的实证研究  

CEO Category,Strategic Choice and Family Business Performance:An Empirical Research of Chinese Family Listed Companies

作　　者：杨小科[1] 刘静[2] 唐寅 YANG Xiao-ke;LIU Jing;TANG Yin(School of Business,University of Chinese Academy of Social Sciences,Beijing,102488,China;School of Economics and Management,Inner Mongolia University,Hohhot,Inner Mongolia,010021,China;School of Business,Renmin University of China,Beijing,100872,China)

机构地区：[1]中国社会科学院大学商学院,北京102488 [2]内蒙古大学经济管理学院,内蒙古呼和浩特010021 [3]中国人民大学商学院,北京100872

出　　处：《经济管理》2021年第11期89-103,共15页Business and Management Journal ( BMJ )

基　　金：国家自然科学基金项目“家族企业生存环境、非市场要素与代际传承模式”(71562026);内蒙古大学引进高层次人才启动项目“家族管理、职业化经营对家族企业战略偏好及绩效的影响研究”(20700-5175139)。

摘　　要：家族CEO和非家族CEO谁能带来更好的企业绩效?这是家族企业经营实践中的重要问题;同时,家族管理和职业化经营的绩效差异在学术研究中也存在较大争议。本文基于中国445家上市家族企业、3439个观测值的面板数据,从分殊偏待和社会情感财富的理论视角,探讨家族CEO和非家族CEO在战略选择偏好上的差异及其对企业经营绩效的影响。研究发现:相比非家族CEO,家族CEO经营管理下的中国家族企业绩效更优;家族CEO不同于非家族CEO的战略选择(如对多元化战略的低偏好和对国际化战略的高偏好)积极影响企业的经营绩效。本研究为家族管理和职业化经营的效率之争提供来自新兴转型市场的一种实证检验,并基于战略选择的视角拓展了家族企业"组内"的异质性研究成果,为家族企业寻求管理者类型与企业战略的有效匹配提供参考。Currently,China is going through the period of economic transition.The property rights protection system is not yet complete,and the development of the financial system is still relatively stagnated.In this context,Chinese family firms,with their unique family management pattern,not only realize the rapid development,but also have profound impact on the economy.However,in the critical transition period of second entrepreneurship,it has become a dilemma for many Chinese family firms whether to choose a family CEO to maintain family governance or hire a non-family CEO to realize professional management.Although Chinese family firms have both internal family CEO and non-family CEO,the current research has not paid enough attention to these issues related to the type of family business’s top manager.For instance,how to determine the CEO selection mode?How does the type of CEO influence strategic decisions?What is the impact of CEO strategic model selection on firm performance?These problems are not only the focus of current theoretical research,but also the realistic challenges faced by family businesses.This research studies 445 public family firms from 2005 to 2020 to explore the impact of family CEO and non-family CEO on strategic decisions and performance of family firms.This paper mainly carries out the discussion according to the following structure:The first part introduces the main issues concerned by this research;the second part discusses the main theoretical basis and research hypothesis of this research;the third part presents the study design;the fourth part is the data analysis;the fifth part is the conclusion and discussion.The research findings of this paper are as follows:Firstly,due to the relatively imperfect environment of the market transition period and the impact of bifurcation bias,Chinese family businesses operated and managed by family CEO have better performance than non-family CEO;Secondly,compared with non-family CEO,family CEO have a higher preference for international strategy,but a l

关 键 词：CEO类型 家族管理 职业化经营 战略选择 分殊偏待 

分 类 号：F276.5[经济管理—企业管理]