夫妻共同持股、公司治理与家族企业社会责任

婚姻和家庭关系可以通过家庭成员的嵌入而深刻影响家族企业的公司治理及战略决策。文章采用手工搜集的2010-2018年中国A股上市家族企业实际控制人及其配偶持股数据，检验了夫妻共同持股的治理模式对家族企业社会责任的影响。结果发现：相比丈夫单独持股企业，夫妻共同持股家族企业的社会责任表现更差，其CSR总得分与CSR评级均显著更低。机制检验表明，夫妻共同持股时，双方家族成员会更多的介入企业经营治理并担任董监高职务、企业内部控制质量更差、大股东利益侵占更加严重，低效的公司治理水平抑制了家族企业的社会责任表现。文章结论在采用工具变量法、PSM、安慰剂检验、实际控制人婚变等一系列稳健性检验后仍然成立。文章研究表明女性“她力量”未能在家族企业社会责任领域发挥决定性作用。

Coownership by Couples，Corporate Governance and Corporate Social Responsibility of Family Firms

Marriage and family relationships can profoundly influence the corporate governance and strategic decision-making of family firms through the intervention of family members in the administration of companies. Using hand-collected ownership data by the ultimate controllers and their spouses of Chinese listed family companies during 2010 to 2018, we examine how the wife's coownership affects the corporate social responsibility of family firms. The results show that the CSR performance of family enterprises co-owned by husband and wife is significantly worse，no matter in terms of the CSR score and CSR rating. The mechanism test shows that when wife co-holds ownerships，more family members serve as directors or top managers，the quality of internal control is worse，and the “tunneling” behavior by the largest shareholder is more serious, thus inhibiting the investment and performance of CSR. The conclusions are still robust through a series of robustness tests,such as instrumental variable method，propensity score matching，and the exogenous accidents of divorces of ultimate controllers. The conclusion of this paper shows that “female power” of wives fail to play a decisive role in the field of CSR of family firms.