本文以家族企业的全部家族成员为分析对象,探讨了不同亲缘关系的效应,得出以下结论:由单一家族成员控制家族企业的乏亲缘关系不利于企业的发展;核心家庭对企业绩效的改进起到显著促进作用,但这种作用主要体现在股权控制中.在家族管理权控制和金字塔控制中此效应并不明显:近亲关系对企业绩效的提升起到一定的阻碍作用,尤其是在管理权控制机制中其效应更加明显:远亲关系的作用方向不太稳健。在股权控制中起到显著的积极作用.但在管理权控制和金字塔中控制中则具有一定的消极作用:不同控制机制下的亲缘关系对企业绩效的边际贡献存在差异.即不同的家族控制模式应相机地选择不同的亲缘关系组合以改善企业的治理效率。
With more family agents participating in the management and decision-making, the former assumption that all family agents are homogeneous and hold same values shows its limitation in explaining the relationship between family governance and firm performance. This paper investigates the whole family agents in family firm and analyzes the arrangement of different kinship in family control and its influence on firm performance. The empirical results showed that: lacked kinship has a negative effect on firm performance; nuclear family has a positive effect in ownership controlling, but this positive effect is not significant in management controlling and pyramid-based structure controlling; close relative has a negative effect on firm performance, especially in management controlling; the effect of extended family on firm performance is not so robust, it has a positive effect in ownemhip controlling, but it negatively affect the performance in management controlling and pyramid- based structure controlling; the marginal contribution of different kinship to firm performance varies with different control mechanisms, which means that kinship combination should match the control mechanism in family business.