长期导向、投资平滑度与家族企业的绩效形成机制

利用2003~2014年1199家制造业上市公司数据,实证发现家族企业与非家族企业在长期投资强度上不存在显著差异,但家族企业的长期投资较非家族企业更加平滑;基于偏差校正的百分位Bootstrap法,进一步发现投资平滑度可以解释家族企业的绩效形成.这说明家族企业的长期导向更体现在资源投入的平滑度而不是数量上,而投资平滑度构成了家族企业绩效形成的中介.

Long-term Orientation,Investment Smoothing and Performance Mechanism of Family Business

Based on the data of 1199 listed manufacturing companies from 2013 to 2014, the results of the empirical study found there was no significant difference in the long-term investment between family and non-family businesses, but family business have higher investment smooth than their counterpart.Based on bias corrected percentile bootstrap CI method, it found that the investment smooth of family business can partly explain their performance mechanism.It can be believed that the long-term orientation of family business is reflected on investment smoothing rather than resource quantity, which constitutes a mediator of performance mechanism of family business.