家族涉入对企业业绩的影响研究——基于粤港澳大湾区上市家族企业的比较分析  

Research on the Impacts of Family Involvement on Corporate Performance—Comparative Analysis Based on Listed Family Enterprises in the Guangdong-Hong Kong-Macao Greater Bay Area

作　　者：陈建林 夏泽维 Chen Jianin;Xia Zewei(School of Intelligent Accounting and Management,Guangdong University of Finance and Economics,School of Accounting,Guangdong University of Finance and Economics,Guangdong,Guangzhou,510000)

机构地区：[1]广东财经大学智能财会管理学院、广东财经大学会计学院,广东广州510000

出　　处：《中国经济特区研究》2023年第1期50-68,共19页Studies on China's Special Economic Zones

基　　金：广东省普通高校创新团队项目“粤港澳大湾区资本市场财务与会计创新研究团队”(2020WCXTD009);广东省教育厅科研项目【重点领域专项】“数字金融对农业家族企业创新的影响机制与治理效应研究”(2022ZDZX4009)。

摘　　要：家族企业在粤港澳大湾区经济发展中具有重要地位和作用。已有研究对有关家族涉入对企业业绩影响持有不同观点,为厘清分歧,本文采用粤港澳大湾区上市家族企业的面板数据,对该地区家族涉入对企业业绩的影响进行实证研究,并比较港澳与广东两地的差异。实证研究得出:粤港澳大湾区家族成员担任董事长或总经理有利于上市家族企业业绩的提升,家族成员担任高管人数比例也与企业业绩呈正相关;相较于内地,港澳家族成员担任董事长或总经理更有利于上市家族企业业绩的提升,家族成员高管比例提高对企业业绩的正向促进作用更强。研究表明,由于两地的市场化程度、家族企业发展阶段等因素差异,大湾区内的上市家族企业家族涉入对企业业绩的影响程度并不完全一致,这为粤港澳大湾区上市家族企业的比较研究提供了实证证据。Family enterprises play an important role in the economic development of the Guangdong-Hong Kong-Macao Greater Bay Area.Existing studies hold different views on the impacts of family involvement on corporate performance.In order to clarify the differences,this article,through using panel data of listed family enterprises in the Guangdong-Hong Kong-Macao Greater Bay Area,conducts an empirical study on the impacts of family involvement on corporate performance in the region,and compares the differences between Hong Kong,Macao and Guangdong.Empirical research has conclu-ded that family members serving as chairman or general manager in the Guangdong-Hong Kong-Macao Greater Bay Area are conducive to improving the performance of lis-ted family enterprises,and the proportion of family members in senior executives is also positively correlated to corporate performance.Compared with the mainland,family members in Hong Kong and Macao serving as chairman or general manager is more con-ducive to improving the performance of listed family enterprises,and the increase in the proportion of family members in senior executives has a stronger positive promotion effect on corporate performance.This research shows that due to differences in factors such as the degree of marketization and the development stage of family enterprises in these two places,the impacts of family involvement on the performance of listed family enterprises in the Greater Bay Area are not completelyconsistent,which provides empir-ical evidences for the comparative studies of the listed family enterprises in the Greater Bay Area.

关 键 词：粤港澳大湾区 家族企业 家族涉入 企业业绩 

分 类 号：F27[经济管理—企业管理]