基于动态变化的家族退出与企业投资效率——来自中国家族企业的证据。
Family Exit and Firms' Investment Efficiency Based on Dynamic Changes: Evidence from Chinese Family Firms.
机构信息
Faculty of Professional Finance & Accountancy, Shanghai Business School, Shanghai, China.
School of Economics and Management, Shanghai Maritime University, Shanghai, China.
出版信息
Comput Intell Neurosci. 2022 Jul 31;2022:7572891. doi: 10.1155/2022/7572891. eCollection 2022.
This study provides evidence about the influence of family exit on firms' investment efficiency using a sample of 6,842 firm-year observations of Chinese family (and family-exiting) firms from 2003 to 2019. Based on panel data, we find that family exit has negative effects on firms' investment efficiency. Further analysis also indicates that family exit can decrease firms' investment efficiency under low investment levels and increase their investment efficiency under high investment levels. We test the market reaction when family members are punished by the SEC and find that the market's reaction is significantly negative, which implies that the capital market cares about family managers and controllers.
本研究使用了 2003 年至 2019 年中国家族（及家族退出）企业的 6842 个公司年度观测值的样本，提供了有关家庭退出对企业投资效率影响的证据。基于面板数据，我们发现家族退出对企业投资效率有负面影响。进一步的分析还表明，家族退出可以降低企业在低投资水平下的投资效率，提高企业在高投资水平下的投资效率。我们测试了 SEC 对家族成员进行处罚时市场的反应，发现市场的反应明显为负，这意味着资本市场关注家族管理者和控制者。
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