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“保守”的婚姻:夫妻共同持股与公司风险承担
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TitleConservative Marriage: Couple’s Joint Holdings and Corporate Risk-Taking  
作者潘越 肖金利 戴亦一  
AuthorPan Yue,Xiao Jinli and Dai Yiyi  
作者单位厦门大学 
OrganizationXiaMen University 
作者Emailpanyue@xmu.edu.cn;mailjinli@126.com;yydai@xmu.edu.cn 
中文关键词婚姻 性别 夫妻共同持股 风险承担 
Key WordsMarriage; Gender; Couple’s Joint Holdings; Corporate Risk-Taking 
内容提要婚姻和性别是影响经济主体风险决策行为的关键因素。本文以2007-2015年沪深两市上市家族企业为样本,首次基于婚姻经济学的视角研究实际控制人夫妻共同持股对公司风险承担水平的影响。结果发现,夫妻共同持股的家族企业其风险承担水平显著更低,在使用工具变量解决内生性问题,用安慰剂方法进行数据模拟、改变度量指标以及控制联合控制、亲戚涉入等遗漏变量之后,本文的结论依然稳健,而且妻子在决策中的作用不受夫妻双方持股差异的影响,但是双方学历的差异以及地区的婚姻氛围会显著调节妻子的影响力。本文发现,夫妻持股公司的风险决策更加保守既是因为妻子相对风险厌恶,也是因为乐意与妻子共享股份的丈夫大男子主义倾向较低,性格相对温和,这一性格特征映射到公司财务行为之中,表现为更加保守的风险态度。本文首次探讨了“夫妻店”式家族企业的经营特点,创新性地将婚姻经济学的研究成果引入公司财务行为的研究范畴,发现企业家的夫妻关系具有超出家庭范围的经济影响,这从一个新的角度再次验证了婚姻经济学文献认为家庭结构和特征是影响经济发展的重要变量这一观点,为从更广阔的视野理解企业家的决策模式和家族企业公司财务行为提供了新思路。 
AbstractMarriage and gender are two key factors which would affect ones’ decision-making behavior. We study the impact of joint-shareholding between controlling couple on the firm’s risk-taking level from the perspective of marriage economics for the first time, basing on the sample of 2007 - 2015 Shanghai and Shenzhen listed family enterprises. We find that the firm’s risk-taking level would be lower when the controlling couple both holding shares. The conclusion is still robust even after using instrumental variables, adopting PSM and placebo test, changing the measurement and controlling omitted variables. What’s more, the role of wife in the decision-making is not affected by the difference of shares hold by two sides, but differences in education background and region’s marriage atmosphere. We also summary two effective mechanisms. First, the wife, as a women, is relatively risk aversion. Second, a husband who is willing to share the shares with his wife would be less likely to be a male chauvinist, also showing a more conservative risk attitude when making decisions. This paper first discusses the management characteristics of "Couple shop". By introducing marriage economics into the research of firms’ financial behavior, we find that the conjugal relationship of the entrepreneur has economic impact beyond the family scope. The paper reaffirms the view in marriage economics field that the family structure and characteristics are important variables in promoting economic development. It also provides a new way to understand the entrepreneur's decision-making model and the financial behavior of family companies from a broader perspective. 
文章编号WP1319 
登载时间2018-12-25 
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