摘要
文章基于前景理论的"损失规避"假说和"社会情感财富"假说,分析了危机冲击下的家族大股东行为选择动机及其对企业价值的影响。研究结果表明:当危机冲击到来时,家族大股东将家族社会情感财富的维持作为家族企业最主要的决策参照点,此时"损失规避"的家族大股东并未采取"掏空"的行为决策动机,而是发挥比国有大股东更强的支持效应。随着家族大股东持股水平的提升,危机冲击下家族大股东对基于所有权控制积累的"社会情感财富"的损失感知程度越强,在危机期间的家族大股东支持效应越明显;同时,对于处于低成长环境行业背景下的企业,家族大股东对所控制企业的"禀赋效应"更强,更能发挥支持效应,从而帮助企业渡过难关。
Based on the hypotheses of loss aversion and social-emotional wealth in prospect theory, this paper analyzes the motive for behavior choices of family blockholders and its effect on firm value under crisis shocks. It reaches the following conclusions： firstly, faced by crisis shocks, family blockholders regard the maintenance of social-emotional wealth as the most critical decision-making reference in family enterprises~ family block- holders with risk-aversion do not adopt the tunneling behavior decision-mak- ing motive and play a more supportive role than state-owned blockholders. With the increase in the shareholding of family blockholders, perceived de- gree of losses of social-emotional wealth based on the acceleration of owner- ship control by family blockholders is stronger under crisis shocks and the support effect of family blockholders is more significant; in enterprises un- der the low-growth environment industry background, family blcokholders have stronger endowment effects and are more apt to play a supportive role in the solution to the difficulties.
出处
《财经研究》
CSSCI
北大核心
2013年第7期122-133,共12页
Journal of Finance and Economics
基金
国家自然科学基金项目(70872065
71172140)
教育部新世纪优秀人才支持计划项目(NCET-08-0804)
上海市曙光计划项目(07SG41)
上海财经大学研究生科研创新基金资助项目(CXJJ-2011-323
CXJJ-2011-371)
关键词
危机冲击
损失规避
社会情感财富
支持效应
crisis shockl loss aversion
social-emotional wealth
sup- port effect
