家族管理与企业生产率

李善民,刘英,陈涛,510275:生产率是衡量企业生产经营活动的一个非常重要的指标,生产率除了与资本投入和劳动投入有密切联系外,还与企业的管理模式存在关系基于柯布-道格拉斯生产函数,用家族指定管理层家族成员担任董事长或总经理作为家族管理的替代变量,建立家族管理与企业生产率关系的函数,以2002年~2006年沪深两市制造行业的283家家族上市公司为样本,从生产率的角度检验家族管理对企业生产率的影响研究结果发现,在家族上市企业全样本中,家族管理对企业生产率有显著的负向影响,即家族指定管理层家族成员担任董事长或总经理对企业生产率有显著的负向影响;进一步研究发现,家族管理对企业生产率的负向作用在直接上市的家族企业子样本中更明显,家族参与企业管理的程度越高,企业生产率越低:家族企业;家族管理;柯布-道格拉斯生产函数;企业生产率:F27:A:1672-0334(2009)02-0024-08:2008-12-07:2009-04-17:(70572054):(1963-),,,,,,:Emai:[e-mail]130,,,90%[1],,,,2006,392,[2],,;,,,Q,,,,,,2Jaskiesicz55,14,41[3],55,46%,AndersonChrisman,QQ[4,5];8%,Claessens92980[6],,,[7],Morck[8];20%;26%,Gugler,,,[9]22220094ISSN1672-0334JOURNALOFMANAGEMENTSCIENCESVo.l22No.224-31Apri,l2009,[10,11];[12];,,[13];,[14];,[15];,Q[16],,,,[17](ROEROA)(Q)[18],()Mundlak,[19];Wall,,,,18%[20];Barth-,,,[21];Kim(),,[22],,3(),,,[23],=YX(1),,Y,X,,,(totalfactorproductivity,TFP),,,T=Yf(L,K,T)(2),T,f(!),L,K,T(2),Y=T!f(L,K,T)(3)(3)f(!),f(!)-,f(L,K)=LK(4),,(4)(3)Y=T!LK(5)(5),lnY=lnT+lnL+lnK(6),{Yi,Li,Ki},i=1,∀,N,,TFPTi(T),,TFP,,(6)lnYi=lnLi+lnKi+ui(7),ui#lnTi,,ui,g(!),ui=g(!)+ei(8)(8)(7)lnYi=lnLi+lnKi+g(!)+ei(9),ei(i.i.d.),g(!),Mundlak[19],g(!),g(!),g(!)=!dManage+∀dSome(10),!252:,dManage,∀,dSome(10)(9),lnYi=lnLi+lnKi+!dManage+∀dSome+ei(11),,,,,,WallBarth,[20,21],H1aH1b44.1,(1);(2);(3)10%(1);(2);(3),283944,2002~2006,CCERWind,4.2,,,,STATA10.0lnY=0+1lnL+2lnK+3dManage+4dSome+5dType+6SQ+7dRoad+8lnAge+9Out+#(12),0,1~9,#Y,,lnY,()dManage1,0;dSome1,0(lnL)(lnK)(dRoad)(dType)(SQ)(Out)(Age),,lnL,,,,(),lnK,,,,dRoad1,0;dType1,0;SQ,,Out~,,Age,,,,(Dyear)55.11,2002102,2003143,2004204,200520062242711,YK2002~2006,11%,4%,1,26(JournalofManagementSciences)200941Table1AnnualStatisticofMainVariable20022003200420052006Y744.148887.938965.1671086.3051235.317(1219.723)(1431.646)(1709.472)(1927.019)(1949.714)L22982422249723562462(2750.637)(2955.426)(4040.934)(3008.114)(3546.823)K1475.7161579.1871589.8111631.5121808.778(1448.447)(1528.758)(1722.927)(1656.923)(2130.101)SQ2.2882.2112.1272.1552.147(3.101)(2.817)(1.605)(2.247)(2.219)Out0.2450.2510.2690.2600.321(0.131)(0.141)(0.138)(0.130)(1.136)102143204224271注:每个变量报告的是均值,括号内为标准差Y和K的单位为百万元,L的单位为人2Table2ResultofDescriptiveStatisticsA:Y1035.885546.6080.28221313.6111757.629L242114767430283374.452K1648.6291073.3630.22217249.6511782.182SQ2.1691.5150.20230.7552.321Out(%)25.69026.7830.73865.9520.134Age()4.37041122.240B:dManage01dRoad01dType01dSome0125269251343172872228716(%)26.69573.30554.34345.6577.62792.37324.15275.848,,1YKL,2,872,92.373%;692,73.305%;716,75.848%,272:,(IPO)(),54.343%45.657%2,~25.690%,65952%(),0.738%(),0.134;2.169,30.755,0.202,2.321()()()3,,,(,3)5.2,331~3,1,2333,(),5%,;,,H1aH1b,,1%,,[14],[12],,3,0.882,1%,1%,,3,~,,,,,441~3,,1,23;4~6,,4,563Table3RegressionResultofFullSample1p2p3pConstant0.539***0.0060.462**0.0190.459**0.020lnL0.300***0.0000.299***0.0000.307***0.000lnK0.563***0.0000.590***0.0000.587***0.000dManage-0.053**0.028-0.056**0.034-0.058**0.029dSome-0.054**0.035-0.056**0.027-0.055**0.030dType-0.275***0.005-0.275***0.005SQ-0.0050.272Out0.0000.2980.0000.2850.0000.292lnAge0.103***0.0000.098***0.0000.099***0.000dYearYesYesYesR20.5940.5580.557F8.440***8.590***8.590***注:表中数据是各变量的回归系数和系数的p值,***为在1%的置信水平上显著,**为在5%的置信水平上显著下同28(JournalofManagementSciences)200944Table4SubsampleRegressionResult123123Constant1.016***0.028-0.063-0.948***-0.568***-0.567***(0.000)(0.893)(0.769)(0.000)(0.001)(0.001)lnL0.236***0.279***0.271***0.468***0.358***0.356***(0.001)(0.000)(0.000)(0.000)(0.000)(0.000)lnK0.494***0.508***0.518***0.792***0.791***0.792***(0.000)(0.000)(0.000)(0.000)(0.000)0.000dManage-0.083**-0.085**-0.082**-0.0090.0030.001(0.041)(0.021)(0.025)(0.721)(0.915)(0.959)dSome-0.089**-0.089**0.013-0.009(0.032)(0.024)(0.569)(0.659)dType-0.549***-0.550***0.0270.028(0.002)(0.002)(0.493)(0.490)SQ-0.005-0.006-0.0050.000-0.002-0.003(0.410)(0.309)(0.382)(0.995)(0.654)(0.666)Out0.001*0.001**0.001**-0.000-0.001**-0.001**(0.063)(0.034)(0.043)(0.160)(0.028)(0.031)lnAge0.063*0.1150.0420.113***0.115***0.115***(0.064)(0.151)(0.216)(0.000)(0.000)(0.000)dYearYesYesYesYesYesYesR20.5590.5610.5450.6950.7100.684F8.600***8.950***9.010***9.140***9.180***9.140***513434注:表中数据是各变量的回归系数,括号内是对应系数的p值,*为在10%的置信水平上显著46,,,()2%~5%,H1aH1b;,,,,,,,[24],,33,;,,(),(),H1aH1b6,-,292:,,,,,283,,,,,,,,,,,,,,,,,,,,,,,:[1].[J].,2003(7):97-98.WangYC.ResearchonProblemofListinginChineseFamilyBusiness[J].Science&TechnologyProgressandPolicy,2003(7):97-98.(inChinese)[2],,,.[J].,2008(8):119-126.ZhaoCW,TangYK,ZhouJ,ZhouH.IndependentDirectorofFamilyBusinessandFirmValue[J].ManagementWorld,2008(8):119-126.(inChinese)[3]JaskiesiczP,KleinSB.FamilyInfluenceandPerformanceTheoreticalConceptsandEmpiricalResults[R].FERC,OregonProposalCoverSheet,2005.[4]AndersonRC,ReebDM.FoundingFamilyOwnershipandFirmPerformance:EvidencefromtheS&P500[J].JournalofFinance,2003,58(3):1301-1328.[5]ChrismanJJ,ChuaJH,LitzRA.ComparingtheAgencyCostsofFamilyandNonfamilyFirms:ConceptualIssuesandExploratoryEvidence[J].Entrepreneurship:TheoryandPractice,2004,28(4):335-354.[6]ClaessensS,DjankovS,LangLHP.TheSep