【作者】 古志辉； 王伟杰；

【Author】 Zhihui Gu;Weijie Wang;Business School of Nankai University;

【机构】 南开大学商学院；

【摘要】 运用2004-2011年的非平衡面板数据对创业型家族企业中的亲缘关系如何影响代理成本进行实证研究。获得了以下研究结论:(1)家族成员卷入企业经营管理的可能性和程度可以有效地降低代理成本;(2)家族成员担任董事或者CEO可以有效地降低与在职消费关联的代理成本,但在降低与管理效率关联的代理成本方面作用并不显著。此外,研究表明董事会规模和独立性不能有效地降低代理成本。更多还原

【Abstract】 To study how kindred relationship of entrepreneurial family firm influence agency cost by empirical approach with unbalanced panel data from 2004 to 2011.Draw the following conclusions:(1) the involvement probability and degree of family member can effectively reduce agency cost,(2) family member hold director or CEO can effectively reduce agency cost relative to company-paid consumption,but the effect is non-significant to reduce the cost relative to management efficiency.Moreover,the results imply the size and independence of board may not reduce agency costs effectively.更多还原