家族企业形成方式、风险偏好与对外直接投资  

Family Firms’ Formation Ways,Risk Preference and OFDI

作　　者：程晨[1] 张素各 刘贯春 CHENG Chen;ZHANG Su-ge;LIU Guan-chun(School of Business,Zhengzhou University,Zhengzhou 450001,China;Lingnan College,Sun Yat-sen Univer-sity,Guangzhou 510275,China)

机构地区：[1]郑州大学商学院,河南郑州450001 [2]中山大学岭南学院,广东广州510275

出　　处：《经济问题》2023年第3期58-67,共10页On Economic Problems

基　　金：国家社会科学基金青年项目“科学家网络测度及其对企业创新的溢出效应研究”(21CGL053)。

摘　　要：以2009—2020年中国A股上市家族企业为样本,系统考察家族企业形成方式如何影响其对外直接投资。研究发现,创业家族企业与改制家族企业的对外直接投资存在明显差异,前者更倾向于在东道国以新设实体的方式进行对外直接投资,而且投资规模更大。特别地,当家族所有权较高、家族化年限较短以及董事不存在海外背景时,家族企业形成方式影响对外直接投资的效应更强。进一步地,机制检验表明改制家族企业具有良好的制度环境,其投资决策更加审慎、稳健。相较而言,创业家族企业具有更强的创业导向和风险偏好,承担风险进行对外直接投资的意愿更强。在克服模型内生性、排除竞争性解释和一系列稳健性测试后,研究结论依然成立。研究验证了家族企业形成方式的组织印记效应,有助于理解家族企业之间的对外直接投资行为差异。Using the sample of Chinese A-share listed family businesses from 2009 to 2020,this paper examines the impact of a family firm’s formation way on its outward foreign direct investment(OFDI). The results show that,there are significant differences between family businesses restructured by public,collective or state-owned enterprises and those formed by founder start-ups. Entrepreneurial family enterprises are more likely to invest overseas by setting up new businesses directly in the host country and the scale is larger. Specifically,the effect of family businesses’ formation way is stronger when family ownership is higher,the length of familization is shorter and directors do not have an overseas background. Further,mechanism tests show that restructured family firms have better institutional environments and their investment decisions are more prudent. In contrast,entrepreneurial family firms have stronger risk preference than restructured family firms,and are more inclined to high-risk OFDI. The findings still hold after mitigating endogeneity,excluding competing assumptions and a series of robustness tests. Overall,this paper not only confirms the organizational imprinting effect of family firm’formation way,but contributes to the understanding about the differences of OFDI behaviors within family enterprises.

关 键 词：家族企业形成方式 对外直接投资 风险偏好 组织印记 

分 类 号：F125[经济管理—世界经济]