代际参与、家族高管薪酬与创新绩效——一个有调节的中介模型

家族企业在经济体中占有举足轻重的地位,探究家族企业创新绩效的影响因素,对家族企业的理论与实践具有重要意义。基于A股225家家族企业2015—2020年的数据,实证研究代际参与与家族企业创新绩效的有调节的中介模型。研究发现：代际参与对创新绩效具有抑制作用;家族高管薪酬部分中介该抑制作用;绩效落差负向调节该作用,表现企业面临绩效落差越严重时,代际参与对创新绩效的抑制作用越弱。     

家族企业代际传承中女性继任者的领导力及其影响机制研究

家族企业越来越多地呈现出性别范式转变的代际传承,也就是女性作为继任者开始崛起。随着性别刻板印象逐渐消解,女性的共情、沟通、民主等特质被不断重视,使其成为家族企业代际传承时的重要选择。女性继任者的领导力是人格特质、正式仪式、自身魅力、原本领导职位、前代管理风格等多种因素作用的结果,其会对家族管理、企业治理和员工管理产生正负两个方面的影响。另外,女性继任者的领导力还受到情境调节,存在着家族情境与企业情境两种边界条件,这进一步增加了女性继任者领导力影响机制的复杂性。在今后的研究中,需要进一步细化分析家庭关系对女性继任者及其领导力的深入影响、女性继任者的管理策略优化、女性继任的本土化研究等,丰富女性领导与家族企业代际传承相关理论。     

中美家族企业发展比较研究

家族企业是我国企业存在的一种主要形式。谈文针对这样的发展现状,从中美家族企业发展阶段的不同特点这个角度入手,从差异存在的文化因素、社会因素、产权因素、代际传承等原因,分析中美家族企业的异同点及各自优势,以及对我国家族企业发展的影响和启示。     

家族企业更重视员工利益吗?——基于劳动力成本粘性的考察视角

家族企业追求“基业长青”,其在对待员工这一重要利益相关者时,是否会表现出显著的行为偏好和特征?本文切入劳动力成本粘性的研究视角,以2003年—2019年民营上市公司为对象,考察了家族企业劳动力成本的决策行为表现及其机理.研究结果表明,与非家族企业相比,家族企业进行劳动力成本调整时会表现出更强的粘性特征,且随着家族持股水平提升、进入代际传承阶段以及董事会中家族成员占比提高,劳动力成本粘性现象会更加突出.进一步研究发现：维护员工关系和保持良好声誉是造成这一现象的主要原因;家族企业中的劳动力成本粘性具体表现为用工粘性,而非薪酬粘性;行业竞争程度和非劳动密集性都会加剧家族企业的劳动力成本粘性;家族企业承担适当的劳动力成本粘性还有助于促进生产效率,实现劳资“互惠”.本文既丰富了家族企业行为特征和成本粘性影响因素的相关研究,也为处理劳资关系和实现共同富裕提供了一定的现实启示.     

家族社会资本、企业所有权成本与家族企业分拆案例研究

针对家族因素如何导致家族企业分家的问题,建立理论框架:家族企业分家所对应的战略概念是企业分拆,是企业产权的再配置。决定家族企业产权结构的重要因素是监控成本、风险承担成本和集体决策成本等构成的所有权成本。由于家族权威、家族信任等家族社会资本条件影响着家族企业所有权成本,由此,也影响着家族企业分拆模式。就此对宗申摩托、希望集团、苏宁企业等兄弟创业型企业进行了多案例比较分析,分析结果为家族企业产权制度安排提供了新的理论依据。     

家族企业继承人创业成长金字塔模型——基于个人意义构建视角的多案例研究

家族企业是一种具有跨代持续发展愿望的企业,以跨代创业作为传承路径逐步获得认可。然而作为家族创业的主力军,家族继承人的创业成长体系尚未明晰。基于此,本研究从关注家族企业如何实施跨代创业、创业效绩效如何,转向继承人个体创业成长及其对家族企业代际传承的微观作用机制的研究。以5个兼具传承和转型需求的家族企业为研究对象,基于个人意义构建视角,采用探索性多案例研究方法,通过开放性译码分析提炼继承人个体发展的创业成长关键要素,包括创业导入、创业实践和创业升华3个阶段的创业成长核心要素、驱动因素及意义构建策略,试图在家族传承背景下构建以跨代创业为主要路径的家族企业继承人创业成长的金字塔模型。研究结论不仅为家族企业继承人成长的差异性提供了解释,而且为家族创业实践和继承人培育模式提供了理论框架,为家族企业传承和跨代持续成长提供启迪和借鉴。     

基于权威理论的家族企业家对企业的影响作用机理研究

以权威理论为基础,本文从科层权威、传统权威、报偿权威及超凡魅力权威四个构面分析了家族企业家的权威特征及其影响作用路径,在此基础上推导出家族企业家对企业的影响作用机理,解析了企业经营活动对家族企业家行为意志具有超强表达能力的根源。实证检验表明,问卷调查结果支持本文对家族企业家权威及其影响作用的分析和判断。     

家族为何意欲放手?——制度环境感知、政治地位与中国家族企业主的传承意愿

重视保持管理控制,跨代传递企业领导权是家族企业的根本特征。而2011年发布的《中国家族企业发展报告》显示,不计划将领导权交给子女的企业主比例超过了计划让子女接班的企业主比例。对上述现象,由于现有研究局限于关注企业内部因素对代际传承的影响,忽略了外部制度环境的潜在作用,不足以给出深刻剖析。文章首次将外部制度环境与家族企业代际传承研究联系起来,提出企业家对制度环境的不利感知会削弱他们的传承意愿,进而降低企业经营的长期导向,而占据有利的政治地位可以抵御不利制度环境感知的影响。研究采用第九次私营企业调查数据检验了上述理论命题,结果完全支持假设,揭示出制度环境与家族持续经营意愿的内在逻辑,以及企业家寻求政治地位的重要动因。     

代际传承下的家族企业创新策略研究

通过案例研究方式,结合代际传承相关理论,探究代际传承对企业创新的影响机制。结合龙湖集团的具体案例研究得出：从委托代理视角和父爱主义视角分析,代际传承有利于家族企业创新;但从合法性视角和社会情感财富视角分析,代际传承会降低企业创新力度。家族企业如果想要平稳度过代际传承、并且在代际传承后依旧保持企业创新活力,可以通过提前培养二代继任者、一代渐进式退出企业管理,以及引入职业经理人辅助等代际传承下家族企业推进创新的策略。     

家族企业的资源短缺与理念接续——宁波方太厨具有限公司持续发展的案例研究

家族企业的二重规定和矛盾以及家族对企业的控制 ,限制了家族企业对社会资源的吸纳、利用和集成 ,造成资金、人才、管理和信任资源等的短缺 ,日益严重地制约家族企业的持续发展。理念是核心竞争力的灵魂 ,具有融合特性和接续功能。以理念接续资源 ,包括目标定位理念的财产资源接续 ,企业文化理念的管理资源接续 ,核心价值理念的信任资源接续和理念的代际传承发展接续等。     

技术能力演化路径与利基市场选择:MY公司的案例研究

选取一个具有50年发展历史的典型案例开展研究,通过访谈、实地研究、历史与档案数据等研究方法以及3个历史阶段的划分,考察了技术能力与利基市场之间的动态演化关系。根据利基企业在不同阶段的研究,得到了4个结论:①在创业初期(或进入新市场),成功的利基企业选择利用仿制能力,通过差异化进入低竞争和高盈利的产业环节;②进入成长期,利基企业技术能力通过扩散提升,倾向于进入多利基市场;③适度进入多元化市场与企业的技术能力提升呈正相关关系,过度进入多元化市场与企业的技术能力提升呈负相关关系;④进入成熟期,利基企业通过互补性资产的选择和自主创新,获得核心技术能力,收缩并专注于核心利基市场。基于上述结论,归纳出技术能力演化路径与利基市场选择的动态演化模型。     

A finance professional who understands the family: family firms’ specific requirements for non-family chief financial officers

Non-family chief financial officers (CFOs) are often the first non-family members recruited into a family firm’s top management team. Based on the extant literature and with reference to the resource-based view of the firm, family firm peculiarities can also be expected to affect the requirements family firms look for when hiring non-family CFOs. To analyze these requirements, this paper draws on interviews with family firm owners, chief executive officers and non-family CFOs. Family firms’ specific requirements for CFOs are analyzed along four dimensions, namely education, professional know-how, career path and social/interpersonal skills, and 11 propositions are then developed. The presented findings suggest that family firm owners seek to integrate non-family CFOs with professional non-family firm experience in order to enrich the family firm’s resource pool. In turn, non-family CFOs are required to adapt to the specific governance characteristics prevalent in family firms.     

连锁董事与公司绩效:针对中国的研究

关于连锁董事对公司绩效产生正面影响还是负面影响的争论一直存在.一种假设认为,连锁董事在转型经济中能够弥补市场失灵和制度漏洞,从而有助于改善公司绩效.而另一相对的假设则认为,转型中的公司治理失灵催生了连锁董事作为一种社会凝聚的工具,有利于实现管理层利益的最大化.但是,还尚未有在制度变迁背景下对这一问题的研究.利用中国当前制度变迁的大环境,我们建立了284家上市公司连续八年的面板数据库,并针对以上两个假设进行了实证检验.研究结果发现,连锁董事的网络核心度与企业绩效呈负相关关系,即处于连锁董事网络中越核心位置的企业其绩效越差.该结果支持了治理失灵假设.本研究对连锁董事网络研究、公司治理以及转型经济研究具有重要借鉴.     

Remanufacturing and the Component Commonality Decision

Firms often determine whether or not to make components common across products by focusing on the manufacturing and sales of new products only. However, component commonality decisions that ignore remanufacturing can adversely affect the profitability of the firm. In this article we analyze how remanufacturing could reverse the OEM's commonality decision that is based on the manufacturing and sales of new products only. Specifically, we determine the conditions under which the OEM's optimal decision on commonality may be reversed and illustrate how her profit can be significantly higher if remanufacturing is taken into account ex ante. We illustrate the implementation of our model for two products in the Apple iPad family.     

Capital structure decisions in family firms: empirical evidence from a bank-based economy

This paper analyzes the question if and how founding families influence the capital structure decision of their firms. By using a unique, partially hand-collected panel dataset of 660 listed German companies (5,135 firm years) over the period 1995–2006, we come up with the following results: German family firms have significantly lower leverage ratios than non-family firms. With respect to the question how families influence the capital structure of their firms, we can show that the family impact is mostly driven via management involvement. In this context, we also detect that the presence of a founder CEO has a strong negative effect on the leverage ratio. Our results prove to be stable against a battery of robustness tests, including the influence of other types of blockholders and the firms’ life cycle. Moreover, we use a propensity-score based matching estimator to alleviate concerns of reverse causality. Overall, our study suggests a strong, negative and causal relationship between family firm characteristics (especially family management) and the level of leverage.     

面对共同供应商时的市场进入决策

研究了海外零售商在与本土零售商拥有相同供应商的情况下最优的市场进入策略,以及市场进入决策对供应商的定价决策和零售商的采购决策的影响.把进入决策分为3种类型,分别命名为"市场开拓型"、"采购导向型"和"双重收益型".研究发现当企业目标进入的市场规模比原有市场大时,企业的进入决策为"市场开拓型";而当企业的目标进入市场规模比原有市场小时,企业的进入决策为"采购导向型";当两个市场规模接近时,企业的进入决策为"双重收益型".还研究了市场进入成本对企业进入决策的影响.随着进入成本的增加,海外企业选择进入国内市场的可能性越来越小.而且当进入成本足够大的情况下,其进入只能为"市场开拓型"或"采购导向型",即不可能在两个市场同时获益.     

Additive manufacturing technology adoption: an empirical analysis of general and supply chain-related determinants

Despite experiencing immense growth in the past decade, additive manufacturing (AM) technologies—colloquially known as 3D-printing—are still rarely used in industrial fabrication. Being at the interface between technology, innovation, behavioral science and operations management research, this paper identifies multifaceted factors that determine the decision to adopt AM technologies for the production of industrial parts. A review of the relevant literature revealed eight potential factors. These can be classified into four interdisciplinary categories: technology-related factors, firm-related-factors, market structure-related factors, and supply chain-related factors. Special focus is placed on the impact of supply chain-related issues, because there are indicatives that these aspects have an influence on the decision to adopt AM technologies since AM may offer distinct opportunities for both, the supply- and demand-side of a firm’s operations. No work in the field of manufacturing technology adoption has examined the role of such inter-organizational factors before. The results of an empirical study among 195 firms indicate that demand-side benefits and compatibility are the main determinants of AM technology adoption. This suggests that not only intra- but also inter-organizational factors should be considered when investigating the adoption of technological innovations. Furthermore, it is carved out that the adoption of AM technologies has an interdisciplinary nature.     

An Analysis of the Relationship between Environmental Motivations and ISO14001 Certification

The objectives of this paper are both to identify the environmental motivations associated with the decision to initiate the process for ISO14001 certification and to check whether such motivations undergo any changes once the company obtains its certification and experiences the actual effects of this process. Based on the work of Bansal and Roth, we distinguish between ethical, competitive and relational motivations, and compare the importance of these motivations in four company stages with respect to the ISO14001 certification: not considered, considered, in process and awarded. This comparison was performed through a logit analysis applied over the data supplied by 184 Spanish manufacturers from three different industrial sectors. It was concluded that the decision to pursue the ISO14001 certification responds to ethical and competitive motivations, and that once the company gets its certification, the company portfolio of environmental motivations does not change significantly.     

Do Shareholders Really Prefer Their Executives to Maximize the Equity Value? A Newsvendor Case*

In this article, we study how the operational decisions of a firm manager depend on her own incentives, the capital structure, and financial decisions in the context of the newsvendor framework. We establish a relationship between the firm’s cost of raising funds and the riskiness of the inventory decisions of the manager. We consider four types of managers, namely, profit, equity, firm value, and profit‐equity maximizers, and initially assume that they may raise funds to increase the inventory level only by issuing debt. We show that the shareholders are indifferent between the different types of managers when the coefficient of variation (CV) of demand is low. However, this is not the case when the CV of demand is high. Based on the demand and the firm’s specific characteristics such as profitability, leverage, and bankruptcy costs, the shareholders might be better off with the manager whose compensation package is tied to the firm value as opposed to the equity value. We, then, extend our model by allowing the manager to raise the required funds by issuing both debt and equity. For this case we focus on the equity and firm value maximizer managers and show that our earlier results (for the debt only case) still hold subject to the cost of issuing equity. However the benefit of the firm value maximizer manager over the equity maximizer manager for shareholders is considerably less in this case compared to the case where the manager can only issue debt. The Board of Directors can take these factors into consideration when establishing/modifying the right incentive package for the managers. We also incorporate the notion of the asymmetric information to capture its impact on the board of directors’ decision about the managers’ incentive package.     

竞争环境下新创企业产量柔性技术战略决策研究

考虑新创企业与成熟企业相互竞争,重点研究竞争环境下,两企业的产量柔性技术选择及产能投资决策。首先分析了四种不同策略组合下两企业的最优产能决策、新创企业的最大生存概率以及成熟企业的最大利润;然后用传统博弈论的方法得出了二者的竞争均衡,并分析影响两企业产量柔性战略决策的因素;最后用数值实验进行验证。研究结果表明：在竞争中,新创企业更加关注成本因素,倾向于选择成本较小的无柔性技术;成熟企业对市场需求的波动更为敏感,当市场需求波动较大时,选择产量柔性技术能提高其收益;当产量柔性技术单位产量调整成本较大时,选择无柔性技术对两企业更为有利。