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本文通过对家族企业控制权的特征进行总结,分析家族企业的管理权特点,从投资和融资的角度,对比家族经理人和职业经理人进行决策时的差异。经研究发现:职业经理人愿意采用高负债、快回报的投融资政策;家族经理人更愿意采用低负债、回报期长的投融资政策;金字塔结构和家族经理人的低负债资融资政策相反,和长期回报投资政策相符。上述结果表明:家族经理人和职业经理人决策时具有明显差异;家族经理人有偏好控制权和规避风险的特征;金字塔控制结构对家族经理人的决策行为有调节的作用。
This paper summarizes the characteristics of the control of family-owned enterprises, analyzes the characteristics of the management of family-owned enterprises, and contrasts the differences between family managers and professional managers in the decision-making process from the perspective of investment and financing. The study found that: professional managers are willing to adopt high debt, fast return of investment and financing policies; family managers are more willing to adopt low debt, long payback period investment and financing policies; pyramid structure and family managers, low debt financing policies contrary, In line with long-term investment returns policy. The above results show that: family managers and professional managers have significant differences in decision-making; family managers have the characteristics of preference control and risk avoidance; and the pyramid control structure has an effect on the family manager’s decision-making behavior.