结构性工具控股与家族企业全要素生产率——维持家族控制的视角  

Structural Tool Controlling and Total Factor Productivity of Family Businesses:A Perspective of Maintaining Family Control

作　　者：黎文靖[1] 彭远怀 LI Wenjing;PENG Yuanhuai(Jinan University,Guangzhou,China)

机构地区：[1]暨南大学管理学院,510632

出　　处：《经济学动态》2024年第8期111-129,共19页Economic Perspectives

基　　金：国家自然科学基金青年项目“政府数据开放的微观经济效应研究:基于企业投融资视角”(72303078);教育部哲学社会科学研究重大课题攻关项目“健全中国特色国有资产治理体系研究”(22JZD007)。

摘　　要：维持家族控制是家族企业管理者决策的关键优先事项,中国家族企业正值传承窗口期,为应对传承带来的家族所有权和控制权分散,越来越多的家族企业从自然人直接控股转向利用结构性工具间接控股,以实现家族所有权和控制权紧锁。本文引入家族企业三角理论实证分析了结构性工具对家族企业全要素生产率的影响。基准回归发现,结构性工具能显著提高家族企业全要素生产率;作用机制分析发现,融资约束缓解和资源配置改善是重要作用路径;异质性分析发现,结构性工具对家族企业全要素生产率的积极效用主要存在于代际传承之后、家族管理涉入较深、经营风险较高以及股权均衡度较高的家族企业。本文紧密结合中国经济发展与社会结构变化,拓展家族企业治理研究边界,为家族企业治理实践和政策制定提供了重要理论与经验证据支持。The uniqueness of family business governance lies in its dual objectives: not only pursuing the steady development of family businesses but also providing continuous support for the growth and expansion of the family. This makes maintaining family control a key priority for family business managers in their decision-making. Family ownership and control rights are essential foundations for maintaining family control, and their allocation significantly impacts the family control over the business. However, to facilitate entry and exit, the controlling family tends to directly hold shares as natural persons at the early stages. However, family control and ownership gradually disperse as more family members participate in shareholding and management, thereby increasing the difficulty of maintaining family control. Notably, succession is an inevitable process in the development of family businesses, where apart from the replacement of managers, the more likely and significant impact lies in the dispersion of family ownership and control, subsequently weakening control over family businesses.Utilizing structural tools to lock in family ownership and control is a significant countermeasure employed by practitioners, such as the Rockefeller family of ExxonMobil, the Bill Gates family of Microsoft, and the Walton family of Walmart. The statistics in this paper show that in 2019, 644 of the 1448 family businesses listed in the A-share market employed structural tool controlling, accounting for as high as 44.48% of the total. The structural tools primarily refer to legal entities or structures with clear legal provisions and recognition, exemplified by family holding companies, family limited partnerships, family foundations, and family trusts. Their primary function is to hold controlling stakes in family businesses on behalf of family members, without engaging in substantial business operations. The introduction of structural tools transforms the family-to-family business holding model into a family-to-structural tool-to-

关 键 词：结构性工具 家族控制 家族企业三角 全要素生产率 

分 类 号：F271[经济管理—企业管理] F276.5[经济管理—国民经济]