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1673本文基于家族代理理论，以研发投入和盈余操纵为切入点，探究姻亲涉入管理对家族企业冒险性决策的影响。文章以中国家族上市公司的数据进行实证检验，结果表明，姻亲担任公司高管会导致家族企业的研发投入动力显著降低，而盈余操纵动机则显著增强；改变姻亲成员的家族代理人身份，允许其持有公司股份既可以强化姻亲管理者的研发投入动力，又能弱化其盈余操纵动机。进一步的分析表明，涉入管理的不同姻亲结构在研发投入决策上持有一致的谨慎态度，但对于短期导向的投机决策存在差异化的风险偏好，体现为近姻亲涉入管理的盈余操纵动机更强；后代参与治理将弱化姻亲消极对待公司研发的动机，但会助长姻亲的盈余操纵；期望落差状态则不仅弱化姻亲消极对待研发的动机，而且能够显著遏制姻亲的盈余操纵动机。本文从家族成员组合异质性的视角深入分析家族系统在公司治理中的作用机制，为家族治理研究打开了新的思路，也为促进姻亲有效参与企业决策提供了实践启示。
姻亲涉入下的家族企业冒险性决策：研发投入还是盈余操纵？
摘要
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引用本文
贺小刚, 戚阳阳, 舒心. 姻亲涉入下的家族企业冒险性决策：研发投入还是盈余操纵？[J]. 外国经济与管理, 2024, 46(3): 69-87.
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