中文摘要：

本文分别研究了家族管理对中小家族企业价值产生影响的代理成本、决策效率和执行效率三条路径。并引入行业竞争深入研究该外部变量对三条内部路径的调节效应。对2012—2014年创业板和中小企业板的A股中小家族企业面板数据进行检验，结果表明：对于中小家族企业而言，家族管理可以降低代理成本、提高执行效率，从而对企业价值产生正向影响：同时，家族管理也会降低决策效率，进而对企业价值产生负面影响。而行业竞争放大了家族管理对中小家族企业价值的正向影响,减弱了家族管理对中小家族企业价值的负面影响。其经济意义在于，因为家族管理降低代理成本且提升执行效率，所以家族管理对中小家族企业价值存在明显的正面影响，但由于家族管理严重影响到决策效率,使得家族管理对中小家族企业价值的负面影响亦不可忽视，这一结论解释了前人研究分歧的根源。然而，由于协同治理效应、悲观预期和先发优势的存在，行业竞争减弱了家族管理对决策效率的阻碍效应,且放大了家族管理对降低代理成本和提升执行效率的促进效应。因此。相对低竞争行业而言，在高竞争行业中，家族管理对降低代理成本，提升执行效率的促进作用更明显,对决策效率的阻碍作用更微弱，使得家族管理迹象越明显的中小家族企业,其价值相对越高。

英文摘要：

In this paper, the impact of paternalistic management on the value of small and medium-sized family enterprises （hereinafter referred to as＂SMFEs＂）was studied from three paths that were agent cost, decisionmaking efficiency and execution efficiency. In addition, it was further studied that the regulatory effect of industrial competition to the above three internal paths. The paper examined the panel data of all A-share listed companies in the Shenzhen GEM and SME Boards from 2012 to 2014. It turned out that paternalistic management had a positive impact on SMFEs by reducing agency costs and improving execution-efficiency, and also had a negative impact on the SMFEs by reducing the efficiency of decision-making. The results also show that the industrial competition amplifies the positive impact of paternalistic management on the value of SMFEs, weakens the negative impact of paternalistic management on the value of SMFEs. Considering that paternalistic managementcan reduces agency costs and improves execution-efficiency, paternalistic management still has a positive impact on the value of SMFEs. However, it cannot be ignored that the negative effect of paternalistic management on the value of SMFEs because of the reduced decision-making efficiency. This conclusion explains the roots of previous researches＇ differences. However, on account of the synergistic governance effect, pessimistic expectations and first-mover advantage, industrial competition weakens the impediment effect of paternalistic management on decision-making efficiency, and enlarges the promotion effect of paternalistic management model on reducing agency cost and improving execution-efficiency. Therefore compared with low competitive industries, in the high competitive industries, paternalistic management can do more to promote the agency cost reducing and execution-efficiency improving and do less to impede decision-making efficiency, thus for the SMFEs, the more obvious sign of paternalistic management, the relatively higher the value