【摘要】 由于西方并未像中国这样强调家族的作用,因此西方学者鲜有关注家族权威及其配置问题,从而导致西方主流融资理论对中国家族企业实践的解释力不足。在受儒家文化影响深远的中国,家族企业权威注重在家族内部配置,导致中国家族企业融资行为的复杂性和独特性。文章分析了家族权威影响家族企业融资的作用机理,构建了家族企业家融资行为抉择的五力模型,探索了家族权威维护动力机制下家族企业家融资行为。研究发现:家族企业融资是家族权威维护与企业增长追求双重动力机制下的复杂管理行为;家族企业家主导了家族企业的融资行为。更多还原

【Abstract】 Unlike in China,western scholars seldom stress the issues of family role,family authority or authority allocation, leading to the insufficiency of western mainstream financing theories in explaining the Chinese family-firm practice. Under the profound influence of Confucian culture in China,family-firm authority stresses allocation within the family,resulting in the complexity and uniqueness of financing in Chinese family firms. This paper analyzes the functioning mechanism of the family authority impact on business financing,constructing the five-force mode of family entrepreneur financing choices,exploring the financing behavior of family entrepreneur from the family authority maintenance. We can find from the research that the financing decision of family firms is a complex management behavior under the pursuit of dual power,the growth and the family authority maintenance. Meanwhile, the family entrepreneur dominates the financing practice in the family firm.更多还原