家族控制权与企业现金持有水平——基于社会情感财富的分析视角  

Family Control and Enterprise Cash Holding Level

作　　者：桂良军 张金越 GUI Liang-jun;ZHANG Jin-yue(Shandong Technology and Business University,Yantai 264005,China)

机构地区：[1]山东工商学院统计学院,山东烟台264005 [2]山东工商学院会计学院,山东烟台264005

出　　处：《山东工商学院学报》2022年第4期15-26,共12页Journal of Shandong Technology and Business University

摘　　要：以2013—2020年沪深A股上市家族企业数据为样本,基于社会情感财富理论的角度,实证检验家族控制权和企业现金持有水平之间的关系。研究发现,家族控制权越高,企业持有现金越多;并且与非创业型家族企业相比,这种正向影响在创业型家族企业中更明显;政治关联发挥二次调节的作用,即当创业型家族企业建立政治关联时,家族控制权和现金持有水平的正向关系会减弱。影响机制表明,家族较高的控制权通过增加融资约束、降低风险承担能力以及实施更多的社会责任战略来强化现金持有的动机。进一步研究家族企业现金持有的价值效应,发现随着家族控制权的增强,持有较多的现金降低了其企业价值。Based on the data of A-share listed family enterprises in Shanghai and Shenzhen from 2013 to 2020,this paper empirically tests the relationship between family control and corporate cash holdings from the perspective of socioemotional wealth theory.It is found that the higher the family control,the more cash the corporate holds;Compared with non-found-family firms,this positive impact is more obvious in found-family firms;Political connection plays a moderating role,that is,when found-family firms establish political connection,the positive relationship between family control and cash holding level will weaken.The impact mechanism shows that family control strengthens the motivation of cash holding mainly by increasing financing constraints,reducing risk-taking ability and implementing more social responsibility strategies.Further research on the value effect of cash holding in family firms shows that with the enhancement of family control,holding more cash reduces the value of cash holding.

关 键 词：家族控制权 现金持有水平 控制类型 政治关联 社会情感财富 

分 类 号：F279.245[经济管理—企业管理]