李学迁 徐柳芹

摘 要：家族式管理一直是家族企业经营的典型特征，但随着家族企业的发展壮大，“创一代”逐渐老去、二代接班意愿低、经济结构转型等内外部环境的变化，职业化经营成为家族企业持续经营的必然选择。因此，为了研究家族控制与企业职业化经营的关系是否会受到制度环境和行业特征的影响，基于国泰安中国上市家族企业数据库，选取641家上市家族企业的2013—2017年的数据作为样本进行实证研究。通过面板Logit模型进行回归分析，实证结果表明：家族控制与企业职业化经营呈负相关关系;制度环境对家族控制与职业化经营起正向调节作用;行业特征对家族控制与职业化经营起正向调节作用。因此针对家族控制与职业化经营，应该充分重视经济转型下制度环境和行业特征对家族企业治理结构转变的影响。

关键词：家族控制;职业化经营;制度环境;行业特征;社会情感财富

中图分类号：F 276.5    文献标识码：A   文章编号：1672-7312（2021）01-0102-08

Family Control and Professional Management

——Regulatory role of institutional environment and industrial characteristics

LI Xueqian，XU Liuqin

（School of Management，University of Shanghai for Science and Technology，Shanghai 200093，China）

Abstract：Family management has always been a typical feature of family business.However，with the development and growth of family business，the change of internal and external environment，such as the gradual aging of “the first generation”，the low willingness of the second generation to take over，the transformation of economic structure and other internal and external environment，professional management has become the inevitable choice for family business to continue to operate.Therefore，In order to study whether the relationship between family control and enterprise professional management will be affected by the institutional environment and industry characteristics，based on guotaian China listed family business database，this paper selects the data of 641 listed family enterprises from 2013 to 2017 as samples for empirical research.Through the panel logit model regression analysis，the empirical results show that：family control and enterprise professional management is negatively correlated;institutional environment has a positive regulatory effect on family control and professional management;industry characteristics have a positive regulatory effect on family control and professional management.Therefore，in view of family control and professional management，we should pay full attention to the impact of institutional environment and industry characteristics on the transformation of family business governance structure under the economic transformation.

Key words：family control;professional management;institutional environment;industry characteristics;social emotional wealth

0 引言

改革开放推动了中国民营企业的发展，在民营企业中，家族企业占比超过80%，作为民营企业的主体，家族企业可持续经营对国民经济的发展意义重大。2011年《中国家族企业发展报告》指出，未来5～10年内中国家族企业普遍面临着家族传承问题。但是，亚洲家族企业与创业研究中心研究发现，中国大陆80%的家族二代对接管家族企业的意愿低。在传承问题亟待解决、二代接班意愿低的双重压力下，企业家和学者们纷纷将注意力转向职业化经营（TABOR et al.，2018）[1]。……