家族企业CEO来源、风险承担及经济后果

财经论丛 ›› 2017, Vol. 33 ›› Issue (11): 74-83.

家族企业CEO来源、风险承担及经济后果

汪祥耀¹, 迟殿洲¹, 金一禾^1,2

1.浙江财经大学会计学院,浙江杭州 310018;
2.中南财经政法大学会计学院,湖北武汉 430073

收稿日期:2017-05-29 出版日期:2017-11-10 发布日期:2017-11-10
作者简介:汪祥耀(1957－),男,浙江杭州人,浙江财经大学会计学院教授,博士; 迟殿洲(1991-),男,黑龙江佳木斯人,浙江财经大学会计学院硕士; 金一禾 (1990－),女,浙江金华人,中南财经政法大学会计学院博士生,浙江财经大学会计学院助教。
基金资助:
浙江省自然科学基金资助项目(Y17G020074);浙江省自然科学基金青年项目(LQ16G030007);财政部全国会计科研一般项目(2015KJB022);浙江省大学生科技成果推广项目(2016R414066)

The Sources of Family Business CEOs,Risk-taking and Economic Consequences

WANG Xiangyao¹, CHI Dianzhou¹, JIN Yihe^1,2

1. School of Accounting, Zhejiang University of Finance and Economics, Hangzhou 310018, China;
2. School of Accounting, Zhongnan University of Economics and Law, Wuhan 430073, China

Received:2017-05-29 Online:2017-11-10 Published:2017-11-10

摘要/Abstract

摘要： 随着家族企业创业者年龄的增长,继任人选择已经成为影响家族企业发展的一大障碍。本文将家族企业CEO来源分成创始人CEO、继任者CEO和职业经理人CEO三个类别,检验了不同来源CEO对企业风险承担及其经济后果的影响。研究发现,家族创始人CEO和家族继任者CEO降低了家族企业的风险承担水平,并且这种抑制效应在家族继任者担任CEO时更为明显,而职业经理人CEO会提高家族企业的风险承担水平。进一步检验风险承担的经济后果发现,家族企业风险承担行为能够提高企业价值,并且这种提升效应不会因CEO来源的改变而发生改变。本文研究结论为我国家族企业继任者选择提供了新的参考标准,有利于解决我国家族企业的传承难题,也为家族企业的风险投资提供一定的参考。

关键词: 家族企业, CEO来源, 风险承担, 经济后果

Abstract: With the aging of the family business entrepreneurs, the successor choice has become one of the major obstacles in the development of family business. This paper divides the family business CEOs into three categories, the founder CEO, the successor CEO and the professional manager CEO. We test the impact of different sources of CEOs on corporate risk-taking, as well as the economic consequences. It's found that the family founder CEO and the family successor CEO will significantly reduce the risk of family business commitment level, and this inhibition effect in the family successor as CEO is more obvious. Professional manager CEOs will significantly improve the level of risk borne by the family business. Further examination of the economic consequences of risk-taking finds that family business risk-taking behavior can significantly enhance the value of the enterprise, and this effect will not change with the change of the CEO source The results of this study provide a new reference standard for the successor choice of family business in our country and is conducive to the solution of the inheritance problem faced by family enterprises in china. Besides, it also provides some reference for the venture investment of family business.

Key words: Family Business, the Source of CEO, Risk-taking, Economic Consequences

中图分类号:

F272

汪祥耀, 迟殿洲, 金一禾. 家族企业CEO来源、风险承担及经济后果[J]. 财经论丛, 2017, 33(11): 74-83.

WANG Xiangyao, CHI Dianzhou, JIN Yihe. The Sources of Family Business CEOs,Risk-taking and Economic Consequences[J]. , 2017, 33(11): 74-83.

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