本文選題：家族企業(yè) + 創(chuàng)始人　； 參考：《財經(jīng)研究》2016年04期

【摘要】：基于創(chuàng)始人自身特征的異質(zhì)性,文章研究了家族創(chuàng)始人職業(yè)經(jīng)歷與企業(yè)財務(wù)保守行為的關(guān)系。研究發(fā)現(xiàn),與家族創(chuàng)始人具有企業(yè)部門職業(yè)經(jīng)歷的企業(yè)相比,創(chuàng)始人具有公共部門職業(yè)經(jīng)歷的企業(yè)財務(wù)杠桿更低,短期借款占比更小,現(xiàn)金持有更多,且連續(xù)三年采用低杠桿的可能性更高。進(jìn)一步地,企業(yè)所處行業(yè)的產(chǎn)品市場不確定性越高,家族創(chuàng)始人公共部門職業(yè)經(jīng)歷與企業(yè)財務(wù)保守行為的正相關(guān)關(guān)系越強(qiáng)。此外,家族創(chuàng)始人具有公共部門職業(yè)經(jīng)歷的企業(yè)會計及市場業(yè)績均更好。研究表明,家族創(chuàng)始人具有公共部門職業(yè)經(jīng)歷的企業(yè)財務(wù)決策更為保守,原因在于這類家族創(chuàng)始人的風(fēng)險厭惡程度較高,使企業(yè)更易形成相對保守的文化氛圍。文章從創(chuàng)始人職業(yè)經(jīng)歷異質(zhì)性的角度發(fā)展了家族企業(yè)財務(wù)保守成因的研究,以及管理者個人特征與企業(yè)財務(wù)決策關(guān)系的研究,同時有助于投資者識別企業(yè)財務(wù)風(fēng)險。
[Abstract]:Based on the heterogeneity of founder's own characteristics, this paper studies the relationship between family founder's professional experience and corporate financial conservative behavior. The study found that founders with a public sector career experience had lower financial leverage, a smaller share of short-term borrowing and more cash holdings than those whose family founders had a career experience in the business sector. And the possibility of using low-leverage for three years in a row is higher. Furthermore, the higher the uncertainty of the product market in the industry, the stronger the positive correlation between the family founder's career experience in the public sector and the financial conservative behavior of the firm. In addition, family founders with public sector career experience, business accounting and market performance better. The study shows that the financial decisions of the family founders with public sector career experience are more conservative because of the higher risk aversion of such family founders, which makes it easier for enterprises to form a relatively conservative cultural atmosphere. From the perspective of the heterogeneity of the founders' professional experience, this paper develops the research on the causes of financial conservatism in family enterprises and the relationship between the personal characteristics of managers and the financial decisions of enterprises, and it is helpful for investors to identify the financial risks of enterprises.
【作者單位】： 復(fù)旦大學(xué)管理學(xué)院;
【基金】：國家自然科學(xué)基金項目(70872023,71272072)
【分類號】：F275

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