亲缘组合、环境动态性与家族企业风险承担  

Kinship Composition,Environmental Dynamics and Risk-Taking of Family Firms

作　　者：谭庆美[1] 严可欣 赵睿 Tan Qingmei;Yan Kexin;Zhao Rui(College of Management and Economics,Tianjin University,Tianjin 300072,China)

机构地区：[1]天津大学管理与经济学部,天津300072

出　　处：《天津大学学报（社会科学版）》2023年第6期528-540,共13页Journal of Tianjin University：Social Sciences

基　　金：国家社会科学基金资助项目(20BGL093)。

摘　　要：各种亲缘关系的家族成员涉入管理是家族在企业中发挥影响力的关键方式。文章从家族高管亲缘关系异质性视角,探究家族高管亲缘组合对家族企业风险承担的影响以及环境动态性的调节作用。以沪深两市A股家族上市企业2007—2020年数据为样本进行的实证研究发现,随着家族高管亲缘组合模式由核心成员组合发展至手足组合再至远亲组合,家族高管之间的亲缘关系趋于丰富,家族企业的风险承担水平显著提升。较高的环境动态性有利于增强家族高管亲缘关系对家族企业风险承担的积极作用。研究结论证实了家族高管亲缘关系及环境动态性在家族企业风险承担决策中的重要作用,能够为家族企业提升风险承担能力提供经验证据。The involvement of family members with different kinship in management is the key way for families to exert influence on family firms.From the perspective of kinship heterogeneity of family executives,this paper explores the effect of family executives’kinship composition on risk-taking of family firms and the moderating role of environmental dynamics.By using the data of A-share listed family firms in Shanghai and Shenzhen from 2007 to 2020,the empirical study found that with family executives’kinship composition ranging from the nuclear family management to sibling partnership and then to cousin partnership,the risk-taking level of family firm significantly increases as kinship between family executives becomes richer.The increased environmental dynamics is conducive to enhancing the positive effect of family executives’kinship on risk-taking in family firms.The findings confirm the important roles of both family executives’kinship ties and environmental dynamics on family firms’risk-taking decisions,which can provide empirical evidence for family firms to improve their risk-taking ability.

关 键 词：家族企业 亲缘组合 风险承担 环境动态性 社会情感财富 

分 类 号：F276.5[经济管理—企业管理]