家族命名与家族企业风险承担  

Eponymous family firms and corporate risk-taking

作　　者：罗进辉[1] 李雪 黄泽悦 LUO Jin-hui;LI Xue;HUANG Ze-yue(School of Management,Xiamen University,Xiamen 361005,China;School of Management,Shandong University,Jinan 250100,China;School of Economics Management,Southeast University,Nanjing 211189,China)

机构地区：[1]厦门大学管理学院,厦门361005 [2]山东大学管理学院,济南250100 [3]东南大学经济管理学院,南京211189

出　　处：《管理科学学报》2022年第12期21-50,共30页Journal of Management Sciences in China

基　　金：国家自然科学基金资助项目(71572160,71790602)。

摘　　要：企业的风险承担是企业家精神的微观反映.搜集整理了控股家族创始人和重要家族成员的姓名等相关信息,将企业划分为有较高声誉维护动机的家族命名的家族企业和有较低声誉维护动机的非家族命名的家族企业,从社会情感财富视角研究家族命名会如何影响企业的风险承担水平.结果发现,家族命名显著降低了企业的风险承担水平,且这一负面影响关系在存在家族成员涉入管理、家族股权中仅有核心家族成员参与时表现得更强.此外,家族命名的上述影响主要表现为抑制了企业的投资水平、股权质押、战略激进度等实际的风险行为,家族命名对企业风险承担水平的抑制作用主要体现在成立时间较短的企业中,家族命名也会显著提升企业的慈善捐赠水平.最后,还发现家族命名方式在子公司的使用范围也会负向影响企业的风险承担水平.研究结论有助于加深对家族企业风险承担行为的认识与理解,对如何更好地鼓励和发挥民营家族企业的企业家精神具有启发意义.Corporate risk-taking is the micro-reflection of entrepreneurial spirit.Drawing on the socioemotional wealth perspective,this paper investigates how family owners’motivation for protecting family reputation affects risk-taking behavior in family firms.By spliting family firms into eponymous firms with stronger motivation for protecting family reputation and non-eponymous firms with weaker motivation for protecting family reputation,this paper finds that compared with non-eponymous firms,eponymous firms have significant lower levels of risk-taking.This negative association is found to be stronger when family members involve in management and when only core family members involve in family ownership.In addition,this paper further finds that the negative effect of eponymy on corporate risk-taking is specifically reflected in reducing family firms’investment level,propensity and intensity of stock pledge,and strategic aggressiveness.The negative effect of eponymy is more pronounced in younger family firms.Eponymous firms also have significant higher levels of charitable giving.Finally,this paper also finds that there is a negative relationship between the use range of eponymy in focal firms’subsidiaries and their risk taking.In conclusion,those findings can deepen the understanding of risk-taking behaviors and inspire how to better encourage risk-taking behavior and entrepreneurial spirit in family firms.

关 键 词：家族命名 家族企业 风险承担 家族管理涉入 家族股权结构 

分 类 号：F272[经济管理—企业管理]