家族认同与企业战略变革——来自中国家族上市公司的经验证据

当代财经 ›› 2021, Vol. 0 ›› Issue (9): 78-91.

家族认同与企业战略变革——来自中国家族上市公司的经验证据

杜善重¹, 李卓²

1.南开大学中国公司治理研究院/商学院,天津 300071;
2.苏州大学东吴商学院,江苏苏州 215021

收稿日期:2021-01-10 出版日期:2021-09-15 发布日期:2021-09-29
作者简介:杜善重,南开大学博士研究生,主要从事家族企业治理研究;李卓（通讯作者）,苏州大学博士研究生,主要从事公司治理与公司财务研究,联系方式lizhuo6199@163.com。
基金资助:
国家自然科学基金面上项目“股东网络特征与投资决策权配置研究”（71772094）; 教育部人文社会科学重点研究基地重大项目“多元利益主体参与的公司治理决策机制研究”（18JJD630002）

Family Identity and Corporate Strategic Transformation: Empirical Evidences from Chinese Family Listed Companies

DU Shan-zhong¹, LI Zhuo²

1. Nankai University, Tianjin 300071;
2. Soochow University, Suzhou 215021, China

Received:2021-01-10 Online:2021-09-15 Published:2021-09-29

摘要/Abstract

摘要： 战略变革是企业维持自身持续竞争优势的重要手段,对于以基业长青为目标的家族企业具有重要意义。以中国A股家族上市公司为样本,基于身份认同理论,探索了高管家族认同对企业战略变革的影响并关注了制度效率的调节效应。实证检验结果表明：家族认同能够有效地促使家族企业实施战略变革,对于处在制度效率较高地区的家族企业,家族认同对战略变革的积极效应更显著。机制检验结果表明,家族认同主要从意愿（风险承担和代际传承）与能力（合法性和融资约束）两方面推动战略变革的实施。拓展性分析发现,在董事长与总经理学历差距较大、年龄差距较小、性别相同的情境下,家族认同对战略变革的积极影响更显著。研究结论从家族认同的视角分析家族企业战略变革的决策动机、情境机制和影响路径,拓展了家族企业战略变革的相关研究。

关键词: 家族认同, 战略变革, 制度效率

Abstract: Strategic change is an important means for enterprises to maintain their own sustainable competitive advantages, and it is of great significance to family businesses whose goal is to have a long-lasting business. Taking China’s A-share family listed companies as samples and based on the theory of identity, this paper explores the influence of family identity of executives on corporate strategic changes and focuses on the moderating effect of institutional efficiency. The results of the empirical test show that family identity can effectively promote family businesses to implement strategic changes. For family businesses located in areas with higher institutional efficiency, family identity has a more significant positive effect on strategic changes. The results of the mechanism test show that family identity can promote the implementation of strategic changes mainly from the two aspects of willingness (risk-taking and intergenerational inheritance) and ability (legitimacy and financing constraints). It is found from the expansion analysis that the positive impact of family identity on strategic changes is more significant in the context of a large educational gap between the chairman of the board and the general manager, a small age gap, and the same gender. From the perspective of family identity, this study analyzes the decision-making motive, the situational mechanism and the influencing path of family business strategic reform, which expands the related researches on the strategic reform of family business.

Key words: family identity, strategic changes, system efficiency

中图分类号:

F276.5

杜善重, 李卓. 家族认同与企业战略变革——来自中国家族上市公司的经验证据[J]. 当代财经, 2021, 0(9): 78-91.

DU Shan-zhong, LI Zhuo. Family Identity and Corporate Strategic Transformation: Empirical Evidences from Chinese Family Listed Companies[J]. Contemporary Finance & Economics, 2021, 0(9): 78-91.

参考文献

[1] 张远飞,贺小刚,连燕玲. “富则思安”吗?——基于中国民营上市公司的实证分析[J]. 管理世界,2013,(7):130-144+188.
[2] Herrmann P., Nadkarni S.Managing Strategic Change: The Duality of CEO Personality[J]. Strategic Management Journal, 2014, 35(9): 1318-1342.
[3] 赵晶,张书博,祝丽敏. 传承人合法性对家族企业战略变革的影响[J]. 中国工业经济,2015,(8):130-144.
[4] Greve H.R. A Behavioral Theory of R&D Expenditures and Innovations: Evidence from Shipbuilding[J]. Academy of Management Journal, 2003, 46(6): 685-702.
[5] Miller D., Le Breton-Miller I., Lester R. H. Family Firm Governance, Strategic Conformity, and Performance: Institutional vs Strategic Perspectives[J]. Organization Science, 2013, 24(1): 189-209.
[6] 连燕玲,贺小刚,高皓. 业绩期望差距与企业战略调整——基于中国上市公司的实证研究[J]. 管理世界,2014,(11):119-132+188.
[7] 巩键,王昊,陈凌,朱建安. 企业家的变革开放性如何影响战略?——意愿和能力情境的家族企业战略变革研究[J]. 南方经济,2019,(4):84-105.
[8] 祝振铎,李新春,叶文平. “扶上马、送一程”:家族企业代际传承中的战略变革与父爱主义[J]. 管理世界,2018,(11):65-79+196.
[9] 胡珺,宋献中,王红建. 非正式制度、家乡认同与企业环境治理[J]. 管理世界,2017,(3):76-94+187-188.
[10] Akerlof G.A., Kranton R. E. Identity Economics[M]. Princeton:Princeton University Press, 2010.
[11] 王玉波. 传统的家族认同心理探析[J]. 历史研究,1988,(4):18-30.
[12] Lumpkin G.T., Brigham K. H. Long-Term Orientation and Intertemporal Choice in Family Firms[J]. Entrepreneurship Theory and Practice, 2011, 35(6): 1149-1169.
[13] 曹春方,张婷婷,范子英. 地区偏袒下的市场整合[J]. 经济研究,2017,(12):91-104.
[14] 周泽将,罗进辉,李雪. 民营企业身份认同与风险承担水平[J]. 管理世界,2019,(11):193-208.
[15] Kato T., Long C. CEO Turnover, Firm Performance,Enterprise Reform in China: Evidence from Micro Data[J]. Journal of Comparative Economics, 2006, 34(4): 796-817.
[16] 杜善重. 董事长与总经理的亲缘关系影响了中国家族企业的创新投入吗?[J]. 管理学季刊,2019,(4):86-111+156.
[17] 戴亦一,肖金利,潘越. “乡音”能否降低公司代理成本?——基于方言视角的研究[J]. 经济研究,2016,(12):147-160+186.
[18] Aldrich H.E., Cliff J. E. The Pervasive Effects of Family on Entrepreneurship: Toward a Family Embeddedness Perspective[J]. Journal of Business Venturing, 2003, 18(5): 573-596.
[19] Arregle J.L., Hitt M. A., Mari I. A Missing Link in Family Firms’ Internationalization Research: Family Structures[J]. Journal of International Business Studies, 2019, 50(5): 809-825.
[20] 贺小刚,连燕玲. 家族权威与企业价值:基于家族上市公司的实证研究[J]. 经济研究,2009,(4):90-102.
[21] Hambrick D.C., Mason P. A. Upper Echelons: The Organization as a Reflection of Its Top Managers[J]. Academy of Management Review, 1984, 9(2): 193-206.
[22] 周美华,林斌,李炜文. 家族控制、家族成员涉入与内部控制[J]. 当代财经,2017,(9):80-90.
[23] 吴芳,张岩. 家族涉入、非市场战略与企业绩效:基于社会情感财富的多维度视角[J]. 当代财经,2019,(3):81-93.
[24] De Massis A., Kotlar J., Chua J.H., Chrisman J. J. Ability and Willingness as Sufficiency Conditions for Family-Oriented Particularistic Behavior: Implications for Theory and Empirical Studies[J]. Journal of Small Business Management, 2014, 52(2): 344-364.
[25] 陈士慧,吴炳德,巩键,陈凌. 家族凝聚力与战略先动性[J]. 科研管理,2016,(5):94-102.
[26] 李雪灵,马文杰,刘钊,董保宝. 合法性视角下的创业导向与企业成长:基于中国新企业的实证检验[J]. 中国工业经济,2011,(8):99-108.
[27] Baum J.A. C., Powell W. W. Cultivating an Institutional Ecology of Organizations: Comment on Hannan, Carroll, Dundon, and Torres[J]. American Sociological Review, 1995, 60(4): 529-538.
[28] 王小鲁,樊纲,胡李鹏. 中国分省份市场化指数报告(2018)[M]. 北京:社会科学文献出版社,2019.
[29] Acemoglu D., Johnson S., Robinson J.A. The Colonial Origins of Comparative Development: An Empirical Investigation[J]. American Economic Review, 2001, 91(5): 1369-1401.
[30] 王明琳,徐萌娜,王河森. 利他行为能够降低代理成本吗?——基于家族企业中亲缘利他行为的实证研究[J]. 经济研究,2014,(3):144-157.
[31] 朱晓文,吕长江. 家族企业代际传承:海外培养还是国内培养?[J]. 经济研究,2019,(1):68-84.
[32] 吴超鹏,薛南枝,张琦,吴世农. 家族主义文化、“去家族化”治理改革与公司绩效[J]. 经济研究,2019,(2):182-198.
[33] Scott W.R. Institutions and Organizations[M]. London: Sage Publication Press, 1995.
[34] 黄宏斌,翟淑萍,孙雪娇. 自媒体信息披露与融资约束[J]. 当代财经,2020,(7):87-99.
[35] Smith W.K., Tushman M. L. Managing Strategic Contradictions: A Top Management Model for Managing Innovation Streams[J]. Organization Science, 2005, 16(5): 522-536.
[36] Yang L., Wang D.The Impacts of Top Management Team Characteristics on Entrepreneurial Strategic Orientation: The Moderating Effects of Industrial Environment and Corporate Ownership[J]. Management Decision, 2014, 52(2): 378-409.
[37] Ujunwa A.Board Characteristics and the Financial Performance of Nigerian Quoted Firms[J]. Corporate Governance International Journal of Business in Society, 2012, 12(5): 656-674.