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本文以2011~2013年沪深两市的家族企业为研究对象,以家族凝聚力、家族宪法等协调机制及家族与经理人关系度量家族和谐程度,以赫芬达尔—赫希曼指数度量股权集中度,实证研究家族和谐及股权集中度对家族企业绩效的影响。研究发现:家族和谐程度与家族企业绩效呈正相关关系,当家族越和谐时,即家族凝聚力越强,家族宪法等协调机制发挥越好,家族与经理人和谐程度越高,家族企业绩效越好;家族股权集中度与家族企业绩效呈倒U形关系,只有当家族成员的股权集中度处在一个适度的范围内,家族企业绩效才能达到最优;家族和谐程度对二者间的关系起到了正向的调节作用。
This article takes the family-run enterprises in Shanghai and Shenzhen from 2011 to 2013 as the research object and measures the family harmony by the coordination mechanism of the family cohesion, the family constitution and the relationship between the family and the manager. The Herfindahl-Hirschman index measures the ownership concentration , Empirical study of family harmony and ownership concentration on the impact of family business performance. The findings are as follows: Family harmony is positively correlated with family business performance. When the family is more harmonious, the family cohesion is stronger, the family constitution and other coordination mechanisms play better, the family and manager harmony is higher, the family business performance is better; Family ownership concentration and family business performance is inverted U-shaped relationship, and only when family members’ equity concentration is in a moderate range, family business performance can achieve the optimal; Family harmony degree plays a positive role in the relationship between the two To the regulatory role.