数字金融的公司治理效应--基于非家族股东治理视角

非家族股东治理能够有效助力家族企业实现可持续发展与现代化转型的目标,因而提升非家族股东治理水平具有重要意义。数字金融作为传统金融发展模式的重要创新,能够实现“金融服务实体经济”的目标,促使非家族股东积极参与家族企业治理。基于此,本文以代理理论与社会情感财富理论为基础,探讨了数字金融对非家族股东治理的影响。实证检验发现,随着数字金融的发展,非家族股东治理水平不断提升。其作用机制在于,数字金融能够通过缓解代理冲突、弱化家族控制与强化传承意愿,提升非家族股东治理水平。拓展性分析发现,对于非创业型、融资约束较强、位于金融监管程度较强地区的家族企业来说,数字金融对非家族股东治理的积极效应更显著;数字金融对异质性非家族股东制衡度存在差异化影响,即相较于外资股东与机构股东制衡度,数字金融能够强化国有股东与民营股东对家族股东的制衡;数字金融能够通过提升非家族股东治理水平促进家族企业可持续发展。本文从数字金融视角探究非家族股东治理的动机,丰富了数字金融与非家族股东治理的相关研究。

Digital Finance's Effect on Corporate Governance:A Perspective from Non-Family Shareholder Governance

Non-family shareholder governance can effectively help family firms achieve sustainable development and modernization.Therefore,improving non-family shareholder governance is of great significance.As an important innovation of the traditional financial development model,digital finance can"serve the real economy"and help non-family shareholders participate in corporate governance of family firms.This paper discusses the impact of digital finance on non-family shareholder governance based on the agency theory and social-emotional wealth theory.The empirical test finds that with the development of digital finance,non-family shareholder governance has been improved.Its working mechanism is that digital finance can alleviate agency conflicts,weaken family control,strengthen inheritance intention,and thus improve the level of non-family shareholder governance.Extended analysis shows that the positive effect of digital finance on non-family shareholder governance is more significant for family firms that are non-startups,have strong financing constraints and are located in regions with strong financial regulation.The impact of digital finance on heterogeneous non-family equity is different;in other words,compared with foreign shareholders and institutional shareholders digital finance has a comparative advantage in attracting state-owned shareholders and private shareholders.Finally,digital finance can promote the sustainable development of firms by improving non-family shareholder governance.This paper explores the dynamic mechanism of non-family shareholder governance from the perspective of digital finance,and enriches the research on digital finance and non-family shareholder governance.