家族控制如何影响企业智力资本？--基于中国制造业民营上市公司的实证研究

摘要

Family control is a widespread governance characteristic of current domestic private listed companies.This pa-per studies the influence of two family control strengthening modes, namely, “divergence in control and ownership” and“the involvement of family members in the enterprise”, on intellectual capital of the listed enterprises.The empirical results show that divergence in control and ownership reduces the level of intellectual capital, while differential mode of association of fami-ly members is positively related to the level of intellectual capital.The differential mode of association can weaken the negative influence of divergence in control and ownership on intellectual capital.This study is of important significance for enlightening current private enterprises on the enhancement of intellectual capital from the governance perspective, and then the realization of sustainable growth.%家族控制是当前国内民营上市公司普遍存在的一个治理特征，本文研究“控制权和现金流权分离”及“家族成员涉入企业”这两类家族强化控制权方式对企业智力资本水平的影响。实证结果表明，控制权和现金流权分离降低了企业智力资本水平，而家族成员差序格局与企业智力资本水平呈正相关，并减弱了控制权和现金流权分离对企业智力资本水平的负面效应。这一研究结论对当前民营企业从治理结构的角度提升智力资本水平，进而实现可持续成长具有重要的启示意义。