本文主要基于社会情感财富理论，以“家族控制一慈善捐赠一企业绩效”这
一研究脉络，探究家族控制影响企业绩效的作用机制和影响路径。在本文研究过
程中，以下几个问题将得到来自理论与实证的解答：第一，家族控制与企业绩效
之间的直接关系；第二，家族如何影响具有非经济特征的慈善捐赠行为决策；第
三，家族企业是否能通过慈善捐赠行为赢得经济效益。为此，本文构建了连续五
年的狭义上市家族企业非平衡面板数据库进行实证检验。本文得出的结论主要
有：(1)家族控制的两个维度均与企业绩效正相关；(2)家族所有权与企业慈善捐
赠投入正相关；(3)企业慈善捐赠对家族所有权与企业绩效的关系起部分中介作
用。但本文并未发现家族管理对家族企业慈善捐赠行为的显著影响，由此慈善捐
赠也不在家族管理权与企业绩效的关系中具有部分中介作用
依据本文所得出的结论，特此提出三点管理上的建议：首先，家族企业应该
合理控制对管理权的涉入水平；其次，应将家族企业慈善捐赠决策上升到战略和
制度层面；最后，家族企业要围绕董事会建设完善家族企业治理结构以提升慈善
捐赠的效用。本文可能的创新点主要体现在理论角度和突破点的选取上。本文对
社会情感财富理论进行了充分的解析，并思考如何将其应用于本课题。引入慈善
捐赠作为中介变量不仅在理论层面实现了突破，而且更具实践意义
关键词：家族控制；慈善捐赠；企业绩效；家族企业治理II
Abstract
Since the family business has become an independent research field, the topic of
how the control of the ownership and management of the enterprise will have an
impact on the performance of the enterprise attracts the attention of the academic
community.The research on the direct relationship between the two is rich, but it is
also controversial.The impact of family control on firm performance is a recognized
conclusion, but it is necessary to explore the family control of the intermediary
mechanism that affects enterprise performance.Based on the previous research results,
this paper points out the breakthrough point of the research intermediary mechanism
in the family business behavior choicebined with the social emotional wealth
theory and the reality of the behavior of family business, select charitable donations as
a family control on the impact of corporate performance intermediary.This paper
argues that charitable donation is a high discretion of the enterprise, to explore
whether the family through charitable donation behavior decision-making and thus
affect the performance of enterprises, can more dialysis of the essence of the family
business.
Based on the theory of social emotional wealth, this paper explores the
mechanism and influence path of family control on enterprise performance based on
the study of family control--charity donation--enterprise performance.In the course
of this study, the following questions will be theoretical and empirical answers:First,
the direct relationship between family control and corporate performance; secondly,
how the family affects charitable donation behavior decisions with non-economic
characteristics;Third, the family business charitable donations can bring economic
benefits.To this end, this paper builds a five-year low-profile listed family business
non-balanced panel database for empirical testing.The main conclusions are as
follows: (1) The two dimensions of family control are positively correlated with firm
performance; (2) Family ownership is positively related to corporate charitable
donation; (3) Corporate charitable donations to family and business performance
Relations play a part of the intermediary role.This paper does not find that the family
management has a significant impact on the charitable donation of family business, so
charitable donations are also not part of the relationship between family management
and corporate performance.III
According to the conclusion of this paper, the development of three points on the
management of the revelation: First, the family business should be reasonable control
of the management of the level of involvement; Second, the family business
charitable donation decision to the strategic and institutional level; Finally, the family
business To build on the board of directors to improve the integrity of the corporate
governance structure.The possible innovation of this paper is mainly reflected in the
selection of theoretical point of view and breakthrough point. In this paper, the theory
of social emotional wealth was fully analyzed, and how to apply it to this subject. The
introduction of charitable donations as a mediator variable not only in the theoretical
level to achieve a breakthrough, but also close to the reality of the way so that
everyone on the family business have some new knowledge.
Key words：Family control; Charitable donation; Corporate performance; Family
firms’ governance;IV
目 录
摘要..I
Abstract .......II
第 1 章 引言
......... 1
1.1 选题背景与研究意义 ......1
1.1.1 选题背景...........1
1.1.2 研究意义...........2
1.2 国内外研究现状 ..........2
1.2.1 家族控制与企业绩效.2
1.2.2 慈善捐赠的动机与绩效...........4
1.2.3 家族企业视角下的慈善捐赠.......6
1.2.4 研究评述...........6
1.3 研究问题与方法 ..........7
1.3.1 研究问题...........7
1.3.2 研究方法...........8
1.4 内容结构安排 8
1.5 研究的创新点和不足之处 .10
1.5.1 可能的创新之处 ....10
1.5.2 研究不足之处......10
第 2 章 理论基础....11
2.1 家族企业的界定 .........11
2.1.1 家族参与界定法 ....11
2.1.2 家族企业本质界定..13
2.2 家族控制 ...13
2.3 家族企业治理 ...........14
2.3.1 家族企业治理结构的特殊性研究..15
2.3.2 家族企业治理模式的演进研究....16
2.4 委托代理理论 ...........18
2.4.1 传统的委托代理理论18
2.4.2 家族企业的委托代理问题........19
2.5 社会情感财富理论 .......20
2.5.1 SEW 的内涵及核心观点 ..........20
2.5.2 SEW 的构成维度 ....21V
2.5.3 SEW 在家族企业行为选择上的应用 22
2.6 战略性慈善捐赠理论 .....23
第 3 章 研究设计....26
3.1 研究假设提出 ...........26
3.1.1 家族控制与企业绩效26
3.1.2 家族控制与慈善捐赠27
3.1.3 慈善捐赠与企业绩效28
3.1.4 慈善捐赠的中介机制29
3.2 理论模型的构建..........29
3.3 数据来源及样本选择 .
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