期刊论文

Differences between Internal and External Facets:Family Equity Allocation Preference Under the Co-ownership by Couples

中文

南方经济

1000-6249

2024

2

97-115

10.19592/j.cnki.scje.402300

72272096:国家自然科学基金 71972121:国家自然科学基金 18BGL088:国家社会科学基金 :上海高校特聘教授(东方学者)岗位计划

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家族股权配置是非常重要的治理问题.文章认为,实际控制人配偶是否持股的身份将直接影响到家族股权配置给血亲还是姻亲成员.基于2008-2016年中国家族上市公司的数据,本文研究结果显示:第一,在夫妻共同持股模式下,家族企业血亲成员与姻亲成员的持股差距将会加大,即实际控制人更倾向于将股权配置给其血亲成员,该结果在采取工具变量法、倾向得分匹配法、控制行业随时间变化、安慰剂检验、剔除特殊样本、更换变量测量方式等多种检验后依然成立.第二,公司大股东间的股权制衡和家族系统中立的父辈是重要的调节机制.股权制衡度越高,夫妻共同持股下家族血亲成员持股超过姻亲成员的可能性越小;父辈的中立性...

How to allocate family equity is an important issue for family governance.This paper holds that whether the spouse of the actual controller has shares or not will directly affect the allocation of shares to blood or in-laws.Based on the data of Chinese family listed firms from 2008 to 2016,the results show that:First,under the co-ownership by couples'model,the ac-tual controller of the firm will be more inclined to allocate equity to its blood.Second,equity balance degree and neutral par-ents in the family system are important mechanisms.The stronger the equity balance degree,the less likely t...