风险投资、控制权与家族企业成长。
Venture capital, control rights, and family enterprise growth.
机构信息
Ankang University-Shaannan Eco-economy Research Centre, Ankang, China.
School of Business, Nankai University, Tianjin, China.
出版信息
PLoS One. 2021 Aug 18;16(8):e0256318. doi: 10.1371/journal.pone.0256318. eCollection 2021.
This research explores and explains the path of family enterprise venture capital equity financing from the perspective of endogenous family control rights. We adopted unbalanced panel data on Chinese listed companies from 2007 to 2018. Empirical research shows that there are significant differences in the impact of venture capital on the growth performance of family enterprises and non-family enterprises. Venture capital negatively affects the growth performance of family enterprises, while the negative impact of venture capital on family enterprises is not significant. In addition, family control positively moderates the negative impact of venture capital on family enterprise growth performance.
本研究从内生家族控制权的视角探讨并解释家族企业风险投资股权融资的路径。我们采用了 2007 年至 2018 年中国上市公司的非均衡面板数据。实证研究表明，风险投资对家族企业和非家族企业成长绩效的影响存在显著差异。风险投资对家族企业的成长绩效产生负面影响，而风险投资对家族企业的负面影响并不显著。此外，家族控制正向调节风险投资对家族企业成长绩效的负面影响。
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