创一代所有权保留与家族企业ESG表现  

Founding Generation's Ownership Retention and Family Firms'ESG Performance

作　　者：李浩[1] 周韵晨 杨朦 LI Hao;ZHOU Yun-chen;YANG Meng(Economics and Management School,Wuhan University,Wuhan 430072;Ningbo National Institute of Insurance Development,Wuhan University,Ningbo 315000;Public Administration School,Zhongnan University of Economics and Law,Wuhan 430073)

机构地区：[1]武汉大学经济与管理学院,武汉430072 [2]武汉大学宁波国家保险发展研究院,浙江宁波315000 [3]中南财经政法大学公共管理学院,武汉430073

出　　处：《软科学》2024年第10期120-126,共7页Soft Science

基　　金：湖北省社会科学基金一般项目(HBSK2022YB388)。

摘　　要：基于社会情感财富与代际偏好差异视角,以2013-2021年中国沪深A股上市家族企业为样本,探究创一代所有权保留对家族企业ESG表现的影响。实证结果显示,创一代所有权保留程度(即创一代持有的所有权与家族整体持有的所有权的比值)越高,家族企业ESG表现越好,并且即使创一代不再担任管理职务,该促进作用依然显著。调节效应分析表明,当家族成员之间亲缘关系紧密或家族企业是由创一代直接创办时,该促进作用更强。进一步研究表明,创一代所有权保留能够通过ESG表现这一路径提升家族企业市场价值和声誉。Based on the perspective of socioemotional wealth and intergenerational preference differences,this paper investigates the impact of the founding generation's ownership retention on family firms'ESG performance by using a sample of Chinese A-share listed family firms in Shanghai and Shenzhen from 2013 to 2021.Empirical results show that the higher the degree of the founding generation's ownership retention(i.e.,the ratio of the ownership held by the founding generation to that held by the family as a whole),the better the family firm's ESG performance,and the promotion effect is stil significant even if the founding generation no longer holds management positions.The promotion effect is stronger when the kinship of the family members is close or the family firm is directly established by the founding generation.The founding generation's ownership retention enhances the family firm market value and reputation through the path of ESG performance.

关 键 词：家族所有权 ESG 亲缘关系 家族化方式 企业声誉 

分 类 号：F276.5[经济管理—企业管理] F832.5[经济管理—国民经济] X322[环境科学与工程—环境工程]