安常守故还是立足长远——夫妻共治对企业战略风险担当的影响  

Short-Term Security or Long-Term Orientation——The Impact of Husband and Wife Co-Governance on Corporate Strategic Risk Taking

作　　者：贺小刚 李婧文 闫静波 HE Xiaogang;LI Jingwen;YAN Jingbo(Shanghai University of Finance and Economics,Shanghai,200433;Shanghai University of Finance and Economics Zhejiang College,Zhejiang,321013;School of Business Administration,Henan University of Economics and Law,Zhengzhou,450016)

机构地区：[1]上海财经大学商学院 [2]上海财经大学浙江学院 [3]河南财经政法大学

出　　处：《中国经济问题》2024年第3期118-134,共17页China Economic Studies

基　　金：国家自然科学基金项目(71972121);国家自然科学基金项目(72272096)。

摘　　要：本文基于2008—2016年沪深两市家族企业数据研究发现:夫妻共治下家族企业的战略风险担当动力明显不足。夫妻搭档在战略上的“安常守故”受区域文化环境制约,即地方宗族主义增强了夫妻搭档的战略风险担当水平,而婚姻开放度则降低其战略风险担当水平;另外,公司治理机制如非家族大股东对夫妻搭档的制衡力度越强,其战略风险担当水平越高。进一步研究发现,夫妻共治对企业战略风险担当的作用还受到家族系统因素的影响,即子女涉入管理会弱化夫妻共治对战略风险担当的负向影响作用,姻亲成员涉入则会强化夫妻搭档的战略风险规避动机。Strategic risk taking is essential for organizations to achieve their long-term development goals.Whether the co-governance model of husband and wife partners in strategic risk decision-making of enterprises expresses itself as a containment behavior or a long-term promotion behavior is an important academic question that has not yet received much attention.Based on the data from family firms in Shanghai and Shenzhen stock markets from 2008 to 2016,this paper draws the following conclusions:Firstly,the motivation of strategic risk-taking in family firms co-governed by couples is insufficient.Secondly,the regional cultural environment affects the strategic“security”of husband and wife partners.Specifically,regional clannishness strengthens the relationship between spousal co-governance and strategic risk-taking,while regional marital openness weakens the relationship.Additionally,the stronger the checks and balances of non-family major shareholders on husband and wife partners,the higher their level of strategic risk bearing.Thirdly,further analysis indicates that the effect of husband and wife co-governance on strategic risk taking is influenced by family system factors,i.e.,children's involvement in management mitigates the negative effect of husband and wife co-governance on strategic risk taking,and in-laws'involvement in management strengthens the couple partners'strategic risk aversion motivation.These findings enrich our comprehension of how family membership heterogeneity influences strategic management within the Chinese context.Specifically,the study offers a fresh lens on how marital partnerships in family enterprises shape corporate strategic risk-taking.

关 键 词：夫妻共治 战略风险担当 家族企业 

分 类 号：F276.5[经济管理—企业管理] F272.3[经济管理—国民经济] F832.51