家族涉入对股价崩盘风险的影响研究——基于共同富裕视角下两次分配的调节作用  

The Impact of Family Involvement on Stock Price Crash Risk——Moderating Roles of Two Distribution Mechanisms from the Perspective of Common Prosperity

作　　者：单蒙蒙 王咏荷 宋运泽 李元旭[4] Shan Mengmeng;Wang Yonghe;Song Yunze;Li Yuanxu

机构地区：[1]复旦大学旅游学系 [2]上海大学管理学院 [3]复旦大学经济学院 [4]复旦大学管理学院企业管理系

出　　处：《投资研究》2023年第11期139-159,共21页Review of Investment Studies

基　　金：国家自然科学基金面上项目“中国企业海外子公司跨界搜索与本土化战略研究:基于组织学习和战略适应的视角”(71872052);上海市科委软课题研究项目“在沪外资研发机构组织形态与功能转变研究”(23692117600)的资助。

摘　　要：家族企业股价崩盘现象频发,作为家族企业重要的治理方式,家族涉入究竟是会加剧还是缓解企业的股价崩盘风险,现有研究仍未有定论。为深入探讨家族企业股权涉入的治理效果,本文研究了家族股权涉入对股价崩盘风险的影响。研究发现,家族涉入程度加大会加剧企业股价崩盘风险,且在企业发放更高的高管薪酬和实行更多自利性慈善捐赠的情况下这种作用更加明显。本文研究结论有助于家族企业合理配置股权结构,缓解股价崩盘风险。The relationship between family involvement and stock price crash risk has drawn much attention in the field of corporate governance research,but there is no consensus on whether family involvement will aggravate or alleviate stock price crash risk.To deeply explore the governance effect of family involvement,this paper explores the relationship between family involvement and stock price crash risk.This paper finds that family involvement can aggravate stock price crash risk,and this positive relationship can be intensified in case of higher executive compensation and higher self-interested donations.The conclusion of this study is helpful to deepen the understanding of family involvement and stock price crash risk in family firms,which has enlightenment on how to optimize ownership structure to restrain the stock price crash risk in family firms.

关 键 词：家族涉入 股价崩盘风险 高管薪酬 慈善捐赠 共同富裕 

分 类 号：F276.5[经济管理—企业管理] F832.51[经济管理—国民经济] F124.7