摘要
从社会情感的视角出发,基于2012—2018年164家沪深A股上市家族企业的面板数据,检验家族企业股权集中度对企业合作行为的影响,以及金字塔式股权结构和冗余资源对两者关系的调节作用。研究发现:(1)家族企业股权集中度与企业合作行为之间存在倒U型关系,即股权较为分散时,家族企业不倾向于采取对外合作行为;随着股权集中度的提升,企业对外合作意愿加强;然而,当股权集中到一定程度,股权的进一步集中将削弱企业进行对外合作的意愿。(2)金字塔式股权结构对家族企业股权集中度与企业合作行为之间的关系起显著的负向调节作用,即金字塔式股权结构限制了企业进行对外合作的行为。(3)冗余资源对家族企业股权集中度与企业合作行为之间的关系起显著的正向调节作用,即冗余资源越多,企业越倾向于进行对外合作。同时,当进一步将冗余资源划分为沉淀性冗余资源和非沉淀性冗余资源时,结果发现,沉淀性冗余资源对家族企业股权集中度与企业合作行为之间的关系起负向调节作用,但不显著;而非沉淀性冗余资源则对家族企业股权集中度与企业合作行为之间的关系起显著的正向调节作用。
Based on the perspective of socio-emotional wealth,using the panel data of 164 family-owned firms which are listed in Shanghai and Shenzhen A-share market from 2012 to 2018,this paper empirically studies the effect of family ownership concentration on firm cooperative behavior and the moderating role of pyramid ownership structure and organizational slack.The results show that in public family-owned firms:(1)There is an inverted U shape relationship between family ownership concentration and firm cooperation,which means firm cooperation tendency is low when family ownership is diversified;firm cooperation increases as family ownership is concentrated,but when ownership concentration reaches a certain level,firm cooperation decreases as family ownership increasing.(2)Using pyramid ownership structure has a significantly negative moderating effect on the relationship between family ownership concentration and firm cooperation.(3)Organizational slack can positively moderate the mean effect.That is,the more organizational slack is,the more propensity firm has to cooperate.Meanwhile,when slack is further distinguished by precipitating redundant resource and non-precipitating redundant resource,as the study finds,precipitating redundant resource has a negative moderating effect on the mean effect,but it is not statistically significant;non-precipitating redundant resource has a significantly positive moderating effect on the mean effect.
作者
李婧
朱莹婷
LI Jing;ZHU Ying-ting(School of Economics and Management,Shanghai University of Political Science and Law,Shanghai 201701,China;School of Management,Lancaster University,Lancaster LA14YW,Britain)
出处
《苏州大学学报（哲学社会科学版）》
CSSCI
北大核心
2021年第1期117-133,共17页
Journal of Soochow University(Philosophy & Social Science Edition)
基金
国家自然科学基金项目“家族控制、合作偏好与私营企业成长机制研究”(项目编号:18BGL088)的阶段性成果。
关键词
股权结构
冗余资源
企业合作
社会情感财富
ownership structure
firm cooperation
organizational slack
socio-emotional wealth
