（47）AllenFQianJ and M J Qian2005ldquoLawFinance and Economic Growth in ChinardquoJournal of Financial EconomicsVol 77pp57~116
（48）AmitRDingYVillalongaB and H Zhang2015ldquoThe Role of Institutional Development in the Prevalence andPerformance of Entrepreneur and Family-Controlled FirmsrdquoJournal of Corporate FinanceVol 31pp284~305
（49）AmoreM DMinichilliA and G Corbetta2011ldquoHow Do Managerial Successions Shape Corporate Financial Policies in Family FirmsrdquoJournal of Corporate FinanceVol 17pp1016~1027
（50）AndersonR CDuruA and D M Reeb2012ldquoInvestment Policy in Family Controlled FirmsrdquoJournal of Bankingand FinanceVol 36pp1744~1758
（51）AndersonR CMansiS A and D M Reeb2003ldquoFounding Family Ownership and the Agency Cost of DebtrdquoJournal of Financial EconomicsVol 68pp263~285
（52）AndersonR C and D M Reeb2003ldquoFounding-Family Ownership and Firm Performance Evidence from theSampP 500rdquoThe Journal of FinanceVol 58pp1301~1327
（53）AndresC2008ldquoLarge Shareholders and Firm Performance- An Empirical Examination of Founding- Family OwnershiprdquoJournal of Corporate FinanceVol 14pp431~445
（54）BaeK-HKangJ-K and J Wang2011ldquoEmployee Treatment and Firm Leverage A Test of the Stakeholder Theory of Capital StructurerdquoJournal of Financial EconomicsVol100pp130~153
（55）BennedsenMNielsenK MPeacuterez-GonzaacutelezF andD Wolfenzon2007ldquoInside the Family Firm The Role of Families in Succession Decisions and PerformancerdquoThe QuarterlyJournal of EconomicsVol 122pp647~691
（56）BurkartMPanunziF and A Shleifer2003ldquoFamily FirmsrdquoThe Journal of FinanceVol 58pp2167~2201
（57）CaoJPanX and G Tian2011ldquoDisproportionalOwnership Structure and Pay- performance Relationship Evidence from Chinas Listed FirmsrdquoJournal of Corporate FinanceVol 17pp541~554
（58）CassonM C1999ldquoThe Economics of the FamilyFirmrdquoScandinavian Economic History ReviewVol 47pp10~23
（59）ChahineS and M Goergen2013ldquoThe Effects ofManagement-board Ties on IPO PerformancerdquoJournal of Corporate FinanceVol 21pp153~179
（60）ChenXChengQ and Z L Dai2013ldquoFamily Own-- 143
ership and CEO TurnoversrdquoContemporary Accounting ResearchVol 30pp1166~1190
（61）ChengQ2014ldquoFamily Firm Research -A ReviewrdquoChina Journal of Accounting ResearchVol 7pp149~163
（62）CheungY- LRauP R and A Stouraitis2006ldquoTunnelingPropping and Expropriation Evidence from Connected Party Transactions in Hong KongrdquoJournal of Financial EconomicsVol 82pp343~386
（63）ClaessensSDjankovSFanJ P H and L H PLang2002ldquoDisentangling the Incentive and Entrenchment Effects of Large ShareholdingsrdquoThe Journal of FinanceVol 57pp2741~2771
（64）ClaessensSDjankovS and L H P Lang2000ldquoThe Separation of Ownership and Control in East Asian CorporationsrdquoJournal of Financial EconomicsVol 58pp81~112
（65）CucculelliM and G Micucci2008ldquoFamily Succession and Firm Performance Evidence from Italian FamilyFirmsrdquoJournal of Corporate FinanceVol 14pp17~31
（66）CustoacutedioC and D Metzger2014ldquoFinancial ExpertCEOs CEOrsquos Work Experience and Firmrsquos Financial PoliciesrdquoJournal of Financial EconomicsVol 114pp125~154
（67）DittmarAMahrt-SmithJ and H Servaes2003ldquoInternational Corporate Governance and Corporate Cash HoldingsrdquoJournal of Financial and Quantitative AnalysisVol 38pp111~133
（68）DuJ L and Y Dai2005ldquoUltimate Corporate Ownership Structures and Capital Structures Evidence from East AsianEconomiesrdquoCorporate Governance-an International ReviewVol13pp60~71
（69）DyckAVolchkovaN and L Zingales2008ldquoTheCorporate Governance Role of the Media Evidence from RussiardquoThe Journal of FinanceVol 63pp1093~1135
（70）DyckA and L Zingales2004ldquoPrivate Benefits ofControl An International ComparisonrdquoThe Journal of FinanceVol 59pp537~600
（71）FaccioMLangL H P and L Young2001ldquoDividends and ExpropriationrdquoThe American Economic ReviewVol91pp54~78
（72）FahlenbrachR2009ldquoFounder- CEOsInvestmentDecisionsand Stock Market PerformancerdquoJournal of Financialand Quantitative AnalysisVol 44pp439~466
（73）FanJ P HTitmanS and G Twite2011ldquoAn International Comparison of Capital Structure and Debt MaturityChoicesrdquoJournal of Financial and Quantitative AnalysisVol47pp23~56
（74）GrossmanS and O Hart1988ldquoOne Share- OneVote and the Market for Corporate ControlrdquoJournal of FinancialEconomicsVol 20pp175~202
（75）GuumlnerA BMalmendierU and G Tate2008ldquoFinancial Expertise of DirectorsrdquoJournal of Financial EconomicsVol 88pp323~354
（76）GuisoLSapienzaP and L Zingales2004ldquoTheRole of Social Capital in Financial DevelopmentrdquoThe AmericanEconomic ReviewVol 94pp526~556
（77）HeJ and X Tian2013ldquoThe Dark Side of AnalystCoverage The Case of InnovationrdquoJournal of Financial EconomicsVol 109pp856~878
（78）HeckmanJ J1979ldquoSample Selection Bias As ASpecification ErrorrdquoEconometricaVol 47pp153~161
（79）HirshleiferDLowA and S H Teoh2012ldquoAre
Overconfident CEOs Better Innovators rdquoThe Journal of FinanceVol 67pp1457~1498
（80）ImbensG W and J M Wooldridge2009ldquoRecentDevelopments in the Econometrics of Program EvaluationrdquoJournal of Economic LiteratureVol 47pp5~86
（81）IsakovD and J-P Weisskopf2014ldquoAre FoundingFamilies Special Blockholders An Investigation of ControllingShareholder Influence on Firm PerformancerdquoJournal of Bankingand FinanceVol 41pp1~16
（82）JamesonMPrevostA and J Puthenpurackal2014ldquoControlling ShareholdersBoard Structure and Firm Performance Evidence from IndiardquoJournal of Corporate FinanceVol27pp1~20
（83）JensenM C and W H Meckling1976ldquoTheory ofthe Firm Managerial BehaviorAgency Costs and OwnershipStructurerdquoJournal of Financial EconomicsVol 3pp305~360
（84）JianM and T J Wong2010ldquoPropping Through Related Party TransactionsrdquoReview of Accounting StudiesVol 15pp70~105
（85）JiangF and K A Kim2015ldquoCorporate Governancein China A Modern PerspectiverdquoJournal of Corporate FinanceVol 32pp190~216
（86）JiangG HLeeC M C and H Yue2010ldquoTunneling Through Intercorporate Loans The China ExperiencerdquoJournal of Financial EconomicsVol 98pp1~20
（87）JohnsonSLa PortaRLopez-De-SilanesF and AShleifer2000ldquoTunnelingrdquoThe American Economic ReviewVol 90pp22~27
（88）KarpoffJ MScott LeeD and G S Martin2008ldquoThe Consequences to Managers for Financial MisrepresentationrdquoJournal of Financial EconomicsVol 88pp193~215
（89）KothariS PLaguerreT E and A J Leone2002ldquoCapitalization Versus Expensing Evidence on the Uncertaintyof Future Earnings from Capital Expenditures Versus RampD OutlaysrdquoReview of Accounting StudiesVol 7pp355~382
（90）La PortaRLopez-De-SilanesFShleiferA and RW Vishny2000ldquoAgency Problems and Dividend PoliciesAround the WorldrdquoThe Journal of FinanceVol 55pp1~33
（91）La PortaRLopez- De- SilanesF and A Shleifer1999ldquoCorporate Ownership Around the WorldrdquoThe Journal ofFinanceVol 54pp471~517
（92）Le Breton- MillerI and D Miller2006ldquoWhy DoSome Family Businesses Out-Compete GovernanceLong-TermOrientations and Sustainable CapabilityrdquoEntrepreneurship Theory and PracticeVol 30pp731~746
（93）LiuQLuoT and G G Tian2015ldquoFamily Controland Corporate Cash Holdings Evidence from ChinardquoJournal ofCorporate FinanceVol 31pp220~245
（94）MauryB2006ldquoFamily Ownership and Firm Performance Empirical Evidence from Western European CorporationsrdquoJournal of Corporate FinanceVol 12pp321~341
（95）McConaughyD LMatthewsC H and A S Fialko2001ldquoFounding Family Controlled Firms PerformanceRiskand ValuerdquoJournal of Small Business ManagementVol39pp31~49
（96）MorckRShleiferA and R W Vishny1988ldquoManagement Ownership and Market Valuation-An Empirical AnalysisrdquoJournal of Financial EconomicsVol 20pp293~315
（97）MullinsW and A Schoar2016ldquoHow Do CEOs See
控股家族的ldquo垂帘听政rdquo与公司财务决策
中国上市公司研究
-- 144
《管理世界》(月刊)2017年第 3期
（上接第 124页） FinanceVol 67pp45~83（25）JustmanM1995ldquoInfrastructureGrowth and the
Two Dimensions of Industrial PolicyrdquoThe Review of EconomicStudiesVol 62pp131~157
（26）KlineP and E Moretti2014ldquoLocal Economic DevelopmentAgglomeration Economiesand the Big Push 100 Yearsof Evidence from the Tennessee Valley AuthorityrdquoQuarterlyJournal of EconomicsVol129pp275~331
（27）KollmannRW Roeger and J Veld2012ldquoFiscalPolicy in a Financial Crisis Standard Policy versus Bank RescueMeasuresrdquoThe American Economic ReviewVol 102pp77~81
（28）KrugmanP R1983ldquoTargeted Industrial PoliciesTheory and EvidencerdquoIndustrial Change and Public Policypp123~155
（29）LazzariniS G2015ldquoStrategizing by the Government Can Industrial Policy Create Firm-Level Competitive AdvantagerdquoStrategic Management JournalVol 36pp97~112
（30）Lyu CK WangF Zhang and X Zhang2015ldquoGDPManagement to Meet or Beat Growth TargetsrdquoWorking Paper
（31）McDonaldR and D Siegel1986ldquoThe Value of Waiting to InvestrdquoThe Quarterly Journal of EconomicsVol 101pp707~728
（32）McleanR DT Zhang and M Zhao2012ldquoWhyDoes the Law Matter Investor Protection and Its Effects on InvestmentFinanceand GrowthrdquoThe Journal of FinanceVol67pp313~350
（33）McNicholsM F2002ldquoDiscussion of the Quality ofAccruals and Earnings The Role of Accrual Estimation Errorsrdquo
The Accounting ReviewVol 77pp61~69（34）MurphyK MA Shleifer and R W Vishny1989
ldquoIndustrialization and the Big PushrdquoJournal of Political EconomyVol 97pp1003~1026
（35）MusacchioAS G Lazzarini and R V Aguilera2015ldquoNew Varieties of State Capitalism Strategic and Governance ImplicationsrdquoThe Academy of Management PerspectivesVol 29pp115~131
（36）NearyJ P and D Leahy2000ldquoStrategic Trade andIndustrial Policy towards Dynamic OligopoliesrdquoThe EconomicJournalVol 110pp484~508
（37）NortonR D1986ldquoIndustrial Policy and AmericanRenewalrdquoJournal of Economic LiteratureVol 24pp1~40
（38）RichardsonS2006ldquoOver- investment of Free CashFlowrdquoReview of Accounting StudiesVol11pp159~189
（39）RodrikDG Grossman and V Norman1995ldquoGetting Interventions Right How South Korea and Taiwan GrewRichrdquoEconomic PolicyVol 10pp55~107
（40）TsuiK2005ldquoLocal Tax SystemIntergovernmentalTransfers and Chinas Local Fiscal DisparitiesrdquoJournal of Comparative EconomicsVol 33pp173~196
（41）WallstenSJ2000ldquoThe Effects of Government- Industry RampD Programs on Private RampD The Case of the SmallBusiness Innovation Research ProgramrdquoRAND Journal of EconomicsVol 31pp82~100
（42）XuC2011ldquoThe Fundamental Institutions of ChinasReforms and DevelopmentrdquoJournal of Economic LiteratureVol49pp1076~1151
Their Roles Management Philosophies and Styles in Family andNon-Family FirmsrdquoJournal of Financial EconomicsVol 119pp24~43
（98）MyersS C and R G Rajan1998ldquoThe Paradox ofLiquidityrdquoQuarterly Journal of EconomicsVol113pp733~771
（99）OplerTPinkowitzLStulzR and R Williamson1999ldquoThe Determinants and Implications of Corporate CashHoldingsrdquoJournal of Financial EconomicsVol 52pp3~46
（100）PamukA2000ldquoInformal Institutional Arrangements in CreditLand Markets and Infrastructure Delivery inTrinidadrdquoInternational Journal of Urban and Regional ResearchVol 24pp379~496
（101）PanX and G G Tian2016ldquoFamily Control andLoan Collateral Evidence from ChinardquoJournal of Banking andFinanceVol 67pp53~68
（102）ParkS H and Y Luo2001ldquoGuanxi and Organizational Dynamics Organizational Networking in Chinese FirmsrdquoStrategic Management JournalVol 22pp455~477
（103）PengM W and P S Heath1996ldquoThe Growth ofthe Firm in Planned Economies in Transition InstitutionsOrganizations and Strategic ChoicerdquoAcademy of Management ReviewVol 21pp492~528
（104）PengW QWeiK C J and Z Yang2011ldquoTunneling or Propping Evidence from Connected Transactions inChinardquoJournal of Corporate FinanceVol 17pp306~325
（105）PutnamR1993ldquoThe Prosperous Community Social Capital and Public LiferdquoThe American ProspectVol 13
pp35~42（106）ShleiferA and R W Vishny1986ldquoLarge Share
holders and Corporate ControlrdquoJournal of Political EconomyVol 94pp461~488
（107）ShleiferA and R W Vishny1997ldquoA Survey ofCorporate GovernancerdquoThe Journal of FinanceVol52pp737~783
（108）TanYTianXZhangX and H Zhao2015ldquoTheReal Effect of Privatization Evidence from Chinas Split ShareStructure ReformrdquoUnpublished Working PaperIndiana University
（109）VillalongaB and R Amit2006ldquoHow Do FamilyOwnershipControl and Management Affect Firm ValuerdquoJournal of Financial EconomicsVol 80pp385~417
（110）WangK and X Xiao2011ldquoControlling Shareholders Tunneling and Executive Compensation Evidence from ChinardquoJournal of Accounting and Public PolicyVol 30pp89~100
（111）XuNXuX and Q Yuan2013ldquoPolitical ConnectionsFinancing Friction and Corporate Investment Evidencefrom Chinese Listed Family FirmsrdquoEuropean Financial ManagementVol 19pp675~702
（112）XuNYuanQJiangX and K C Chan2015ldquoFounders Political ConnectionsSecond Generation Involvementand Family Firm Performance Evidence from ChinardquoJournal of Corporate FinanceVol 33pp243~259
-- 145
社会知名度因此由家族成员担任董事长将是提
高控股家族声誉影响力和社会资本的便捷途径
然而通过对中国资本市场上家族企业的董事长背
景进行考察我们发现约有 26家族企业的董事
长由非家族成员担任
自然地随着公司的发展和成熟企业家逐渐
退出公司的经营管理或者经过多年的发展历经
代际交替当没有合适的家族继承人时非家族成
员成为必然选择（Cucculelli and Micucci2008）例
如已有的国外家族企业研究发现由非家族成员
担任 CEO 的家族企业占比约在 30~60之间 ②
（Anderson and Reeb2003Villalonga and Amit2006Andres2008Isakov and Weisskopf2014）
但是需要注意的是中国家族企业与国外家族企
业具有显著不同的特征首先中国家族企业规模
相对较小成立年限较短（Cheng2014Amit et al2015Xu et al2015）以上市公司样本来看中国
家族企业平均仅成立 12年而美国丹麦等国家的
家族企业平均则至少已有 50 年的历史（Andersonand Reeb2003Villalonga and Amit2006Andres2008Isakov and Weisskopf2014）其次中国家族
企业大部分仍处于第一代③且未经历家族传承而
国外家族企业中第二代第三代甚至第四代家族
成员进入企业工作已很常见（Villalonga and Amit2006）因此在中国职业经理人市场不成熟④（Jiang and Kim2015）而企业家较年轻⑤又注重家族
声誉和社会关系建立（Park and Luo2001Allen etal2005）的背景下如此高比例的家族企业董事长
由非家族成员担任显然超过我们的想象对于为
何会有如此高的非家族参与率我们不得而知但
由非家族成员担任董事长对家族企业行为可能产
生的影响却不容忽视然而不管是学术界还是实
务界有关中国家族企业中家族与职业经理人的讨
论大都围绕公司经营管理的经济效益问题（王明琳
等2010连燕玲等2011夏立军等2012）或是将
公司领导人的选择置于家族企业基业长青的框架
下探讨家族传承问题（如何轩等2014顾振华沈
瑶2016）而对家族企业通过引入非家族成员担任
董事长可能产生的公司行为决策变化则少有关注
通过管理涉入是控股股东增强控制力的重要
方式（La Porta et al1999Claessens et al2000苏
启林朱文2003）在家族企业中控股股东的代
理问题是上市公司代理问题的主要体现（Shleiferand Vishny1997La Porta et al1999Claessens etal2002王明琳2006）在ldquo一股独大rdquo投资者保
护不力公司治理机制不完善的中国家族企业中
控股股东代理问题更为突出然而控股家族从事
侵占外部投资者的私利行为也存在成本尤其是声
誉的损失作为市场的长期参与者控股家族与银
行投资者政府及监管部门长期打交道华人社会
关系中的ldquo熟人圈rdquo文化使得家族十分重视声誉
（Anderson and Reeb2003Xu et al2015刘正才
2002）当控股家族以董事长这一高知名度透明
度的职位参与上市公司管理时家族在社会信息网
络中的嵌入度增加董事长企业家族 3者的声誉
也将绑定控股家族的任何私利行为都会直接影响
到其自身声誉鉴于声誉损失的巨大成本（叶康涛
等2010）控股家族不得不对其实施私利行为的成
本收益进行权衡即家族成员是否担任上市公司
董事长将极大地影响家族企业中控股股东代理
问题
由于董事长常由实际控制人直接指定或间接
委派（La Porta et al1999）其与控制家族常具有显
性或隐性的社会联系（Mullins and Schoar2016）因
此即使家族成员不担任董事长控制家族对上市
公司决策也有充分的影响力集中的股权结构及缺
乏有效的内部治理也保证了控股家族在包括投资
融资股利等财务决策上有绝对的主导权为更好
说明本文的研究问题我们将家族企业成员不担任
公司董事长这一现象称为控股家族ldquo垂帘听政rdquo
基于代理理论本文从影响控股股东私利行为成本
的董事长任职这一角度检验了家族企业中控股家
族的ldquo垂帘听政rdquo对公司财务决策的影响对于研究
公司治理尤其是控股股东与外部投资者之间的利
益冲突问题具有较为重要的理论意义
我们认为在中国的家族企业中上市公司的
财务决策首先服务于控股家族的私有利益由于
中国的商业环境主要依赖于非正式制度约束人际
关系等非正式联系在公司决策及治理方面具有重
要作用（Peng and Heath1996Allen et al2005）
考虑声誉机制对控股股东行为的影响对理解家族
上市公司财务决策具有重要帮助在中国重人情
控股家族的ldquo垂帘听政rdquo与公司财务决策
中国上市公司研究
-- 126
《管理世界》(月刊)2017年第 3期
讲关系的社会文化下良好声誉是企业家的一项无
形资产（姜涛2010）控股家族珍惜并重视作为社
会网络基础的个人及家族声誉（Park and Luo2001Allen et al2005Xu et al2015）尽管控股
股东具有较强的私利动机可以采用多种方式ldquo掏
空rdquo上市公司（Johnson et al2000）如通过关联交
易（魏明海等2013姜付秀等2015Liu et al2015）资金占用（李增泉等2004Jiang et al2010）等转移公司资源或支付家族成员超额薪酬
管理层堑壕效应（Morck et al1988Chen et al2013）等服务家族目标但巨大的声誉损失成本如
因实施不当行为而被证监会或证券交易所处罚因
违背儒家文化中诚信道义而受到舆论指责等在一
定程度上约束了控股股东的机会主义行为然而
当家族企业聘用非家族董事长而控股家族退居ldquo幕
后rdquo时控股家族私利行为的隐蔽性增加了监管部
门及其他投资者的监督成本及难度家族受到的社
会关注度下降声誉机制的约束作用削弱同时
家族声誉不因公司经营不善而受损也促使控股家
族具有较强的剥削其他投资者的动机从而导致控
股股东可能利用上市公司的财务决策攫取家族私
利（冯旭南2012）即当控股家族退居ldquo幕后rdquo时
家族声誉与公司形象的分离将会降低家族声誉受
损的成本从而加剧了控股股东与中小股东的利益
冲突使得公司财务决策可能成为服务控股股东掏
空行为的手段因此由实际控制人家族担任董事
长的企业与非家族成员担任董事长的企业在财务
决策上将存在显著差异⑥
为检验董事长性质即董事长是否为实际控制
人或其家族成员对上市公司财务决策的影响本文
利用 1999~2014年所有A股上市家族企业作为研究
样本依据上市公司年报招股说明书新闻报道等
公开资料明确了董事长与实际控制人之间的家族
关系并以此考察由实际控制人家族成员担任董事
长的企业与非家族成员担任董事长企业在投资融
资股利政策方面的异同本文的实证研究发现
当家族企业的董事长由与实际控制人无明确家族
关系的人员担任时上市公司的财务决策显著区别
于家族成员担任董事长的企业具体而言与家族
董事长企业相比非家族董事长企业的资本支出和
创新产出较少负债比例较高债务期限结构较长
现金持有较多股利支付的意愿和股利支付率均较
低这一结论在控制了潜在的董事长任命与公司
决策之间的内生性问题及一系列稳健性检验后仍
保持不变尽管决定上市公司财务决策的因素有
很多如控股家族的风险规避态度等但这些结果
更可能是因为控股股东的代理问题所致
为验证控股家族ldquo垂帘听政rdquo对公司财务决策
的影响主要服务于控股股东的掏空动机我们检验
了由非家族成员担任董事长与家族成员担任董事
长的两类公司中第二类代理问题的差异实证检
验结果表明由非家族成员担任董事长的企业的关
联交易和资金占用比家族成员任董事长的企业多
第二类代理问题更为严重同时我们还检验了两
类公司在第一类代理问题上的差异我们发现在
非家族董事长企业中管理层的代理倾向也更高
表现为管理层的薪酬-业绩敏感性离职-业绩敏感
性均较低在职消费较多此外相比家族董事长
企业非家族董事长企业的绩效较差被ldquoSTrdquo的可
能性更高总而言之本文实证结果表明当实际
控制人家族退居ldquo幕后rdquo时上市公司的治理水平下
降控股股东掏空动机的增强显著影响了上市公司
的财务决策
本文的贡献主要体现在以下几个方面第一
本文从董事长这一新的视角考察了家族涉入对上
市公司财务行为的影响为家族涉入如何影响公司
财务决策提供了新的证据已有文献主要从 CEO视角研究家族成员涉入公司经营管理对企业行为
与绩效的影响如 Anderson 和 Reeb（2003）Anderson 等（2003）Maury（2006）Fahlenbrach（2009）
（47）AllenFQianJ and M J Qian2005ldquoLawFinance and Economic Growth in ChinardquoJournal of Financial EconomicsVol 77pp57~116
（48）AmitRDingYVillalongaB and H Zhang2015ldquoThe Role of Institutional Development in the Prevalence andPerformance of Entrepreneur and Family-Controlled FirmsrdquoJournal of Corporate FinanceVol 31pp284~305
（49）AmoreM DMinichilliA and G Corbetta2011ldquoHow Do Managerial Successions Shape Corporate Financial Policies in Family FirmsrdquoJournal of Corporate FinanceVol 17pp1016~1027
（50）AndersonR CDuruA and D M Reeb2012ldquoInvestment Policy in Family Controlled FirmsrdquoJournal of Bankingand FinanceVol 36pp1744~1758
（51）AndersonR CMansiS A and D M Reeb2003ldquoFounding Family Ownership and the Agency Cost of DebtrdquoJournal of Financial EconomicsVol 68pp263~285
（52）AndersonR C and D M Reeb2003ldquoFounding-Family Ownership and Firm Performance Evidence from theSampP 500rdquoThe Journal of FinanceVol 58pp1301~1327
（53）AndresC2008ldquoLarge Shareholders and Firm Performance- An Empirical Examination of Founding- Family OwnershiprdquoJournal of Corporate FinanceVol 14pp431~445
（54）BaeK-HKangJ-K and J Wang2011ldquoEmployee Treatment and Firm Leverage A Test of the Stakeholder Theory of Capital StructurerdquoJournal of Financial EconomicsVol100pp130~153
（55）BennedsenMNielsenK MPeacuterez-GonzaacutelezF andD Wolfenzon2007ldquoInside the Family Firm The Role of Families in Succession Decisions and PerformancerdquoThe QuarterlyJournal of EconomicsVol 122pp647~691
（56）BurkartMPanunziF and A Shleifer2003ldquoFamily FirmsrdquoThe Journal of FinanceVol 58pp2167~2201
（57）CaoJPanX and G Tian2011ldquoDisproportionalOwnership Structure and Pay- performance Relationship Evidence from Chinas Listed FirmsrdquoJournal of Corporate FinanceVol 17pp541~554
（58）CassonM C1999ldquoThe Economics of the FamilyFirmrdquoScandinavian Economic History ReviewVol 47pp10~23
（59）ChahineS and M Goergen2013ldquoThe Effects ofManagement-board Ties on IPO PerformancerdquoJournal of Corporate FinanceVol 21pp153~179
（60）ChenXChengQ and Z L Dai2013ldquoFamily Own-- 143
ership and CEO TurnoversrdquoContemporary Accounting ResearchVol 30pp1166~1190
（61）ChengQ2014ldquoFamily Firm Research -A ReviewrdquoChina Journal of Accounting ResearchVol 7pp149~163
（62）CheungY- LRauP R and A Stouraitis2006ldquoTunnelingPropping and Expropriation Evidence from Connected Party Transactions in Hong KongrdquoJournal of Financial EconomicsVol 82pp343~386
（63）ClaessensSDjankovSFanJ P H and L H PLang2002ldquoDisentangling the Incentive and Entrenchment Effects of Large ShareholdingsrdquoThe Journal of FinanceVol 57pp2741~2771
（64）ClaessensSDjankovS and L H P Lang2000ldquoThe Separation of Ownership and Control in East Asian CorporationsrdquoJournal of Financial EconomicsVol 58pp81~112
（65）CucculelliM and G Micucci2008ldquoFamily Succession and Firm Performance Evidence from Italian FamilyFirmsrdquoJournal of Corporate FinanceVol 14pp17~31
（66）CustoacutedioC and D Metzger2014ldquoFinancial ExpertCEOs CEOrsquos Work Experience and Firmrsquos Financial PoliciesrdquoJournal of Financial EconomicsVol 114pp125~154
（67）DittmarAMahrt-SmithJ and H Servaes2003ldquoInternational Corporate Governance and Corporate Cash HoldingsrdquoJournal of Financial and Quantitative AnalysisVol 38pp111~133
（68）DuJ L and Y Dai2005ldquoUltimate Corporate Ownership Structures and Capital Structures Evidence from East AsianEconomiesrdquoCorporate Governance-an International ReviewVol13pp60~71
（69）DyckAVolchkovaN and L Zingales2008ldquoTheCorporate Governance Role of the Media Evidence from RussiardquoThe Journal of FinanceVol 63pp1093~1135
（70）DyckA and L Zingales2004ldquoPrivate Benefits ofControl An International ComparisonrdquoThe Journal of FinanceVol 59pp537~600
（71）FaccioMLangL H P and L Young2001ldquoDividends and ExpropriationrdquoThe American Economic ReviewVol91pp54~78
（72）FahlenbrachR2009ldquoFounder- CEOsInvestmentDecisionsand Stock Market PerformancerdquoJournal of Financialand Quantitative AnalysisVol 44pp439~466
（73）FanJ P HTitmanS and G Twite2011ldquoAn International Comparison of Capital Structure and Debt MaturityChoicesrdquoJournal of Financial and Quantitative AnalysisVol47pp23~56
（74）GrossmanS and O Hart1988ldquoOne Share- OneVote and the Market for Corporate ControlrdquoJournal of FinancialEconomicsVol 20pp175~202
（75）GuumlnerA BMalmendierU and G Tate2008ldquoFinancial Expertise of DirectorsrdquoJournal of Financial EconomicsVol 88pp323~354
（76）GuisoLSapienzaP and L Zingales2004ldquoTheRole of Social Capital in Financial DevelopmentrdquoThe AmericanEconomic ReviewVol 94pp526~556
（77）HeJ and X Tian2013ldquoThe Dark Side of AnalystCoverage The Case of InnovationrdquoJournal of Financial EconomicsVol 109pp856~878
（78）HeckmanJ J1979ldquoSample Selection Bias As ASpecification ErrorrdquoEconometricaVol 47pp153~161
（79）HirshleiferDLowA and S H Teoh2012ldquoAre
Overconfident CEOs Better Innovators rdquoThe Journal of FinanceVol 67pp1457~1498
（80）ImbensG W and J M Wooldridge2009ldquoRecentDevelopments in the Econometrics of Program EvaluationrdquoJournal of Economic LiteratureVol 47pp5~86
（81）IsakovD and J-P Weisskopf2014ldquoAre FoundingFamilies Special Blockholders An Investigation of ControllingShareholder Influence on Firm PerformancerdquoJournal of Bankingand FinanceVol 41pp1~16
（82）JamesonMPrevostA and J Puthenpurackal2014ldquoControlling ShareholdersBoard Structure and Firm Performance Evidence from IndiardquoJournal of Corporate FinanceVol27pp1~20
（83）JensenM C and W H Meckling1976ldquoTheory ofthe Firm Managerial BehaviorAgency Costs and OwnershipStructurerdquoJournal of Financial EconomicsVol 3pp305~360
（84）JianM and T J Wong2010ldquoPropping Through Related Party TransactionsrdquoReview of Accounting StudiesVol 15pp70~105
（85）JiangF and K A Kim2015ldquoCorporate Governancein China A Modern PerspectiverdquoJournal of Corporate FinanceVol 32pp190~216
（86）JiangG HLeeC M C and H Yue2010ldquoTunneling Through Intercorporate Loans The China ExperiencerdquoJournal of Financial EconomicsVol 98pp1~20
（87）JohnsonSLa PortaRLopez-De-SilanesF and AShleifer2000ldquoTunnelingrdquoThe American Economic ReviewVol 90pp22~27
（88）KarpoffJ MScott LeeD and G S Martin2008ldquoThe Consequences to Managers for Financial MisrepresentationrdquoJournal of Financial EconomicsVol 88pp193~215
（89）KothariS PLaguerreT E and A J Leone2002ldquoCapitalization Versus Expensing Evidence on the Uncertaintyof Future Earnings from Capital Expenditures Versus RampD OutlaysrdquoReview of Accounting StudiesVol 7pp355~382
（90）La PortaRLopez-De-SilanesFShleiferA and RW Vishny2000ldquoAgency Problems and Dividend PoliciesAround the WorldrdquoThe Journal of FinanceVol 55pp1~33
（91）La PortaRLopez- De- SilanesF and A Shleifer1999ldquoCorporate Ownership Around the WorldrdquoThe Journal ofFinanceVol 54pp471~517
（92）Le Breton- MillerI and D Miller2006ldquoWhy DoSome Family Businesses Out-Compete GovernanceLong-TermOrientations and Sustainable CapabilityrdquoEntrepreneurship Theory and PracticeVol 30pp731~746
（93）LiuQLuoT and G G Tian2015ldquoFamily Controland Corporate Cash Holdings Evidence from ChinardquoJournal ofCorporate FinanceVol 31pp220~245
（94）MauryB2006ldquoFamily Ownership and Firm Performance Empirical Evidence from Western European CorporationsrdquoJournal of Corporate FinanceVol 12pp321~341
（95）McConaughyD LMatthewsC H and A S Fialko2001ldquoFounding Family Controlled Firms PerformanceRiskand ValuerdquoJournal of Small Business ManagementVol39pp31~49
（96）MorckRShleiferA and R W Vishny1988ldquoManagement Ownership and Market Valuation-An Empirical AnalysisrdquoJournal of Financial EconomicsVol 20pp293~315
（97）MullinsW and A Schoar2016ldquoHow Do CEOs See
控股家族的ldquo垂帘听政rdquo与公司财务决策
中国上市公司研究
-- 144
《管理世界》(月刊)2017年第 3期
（上接第 124页） FinanceVol 67pp45~83（25）JustmanM1995ldquoInfrastructureGrowth and the
Two Dimensions of Industrial PolicyrdquoThe Review of EconomicStudiesVol 62pp131~157
（26）KlineP and E Moretti2014ldquoLocal Economic DevelopmentAgglomeration Economiesand the Big Push 100 Yearsof Evidence from the Tennessee Valley AuthorityrdquoQuarterlyJournal of EconomicsVol129pp275~331
（27）KollmannRW Roeger and J Veld2012ldquoFiscalPolicy in a Financial Crisis Standard Policy versus Bank RescueMeasuresrdquoThe American Economic ReviewVol 102pp77~81
（28）KrugmanP R1983ldquoTargeted Industrial PoliciesTheory and EvidencerdquoIndustrial Change and Public Policypp123~155
（29）LazzariniS G2015ldquoStrategizing by the Government Can Industrial Policy Create Firm-Level Competitive AdvantagerdquoStrategic Management JournalVol 36pp97~112
（30）Lyu CK WangF Zhang and X Zhang2015ldquoGDPManagement to Meet or Beat Growth TargetsrdquoWorking Paper
（31）McDonaldR and D Siegel1986ldquoThe Value of Waiting to InvestrdquoThe Quarterly Journal of EconomicsVol 101pp707~728
（32）McleanR DT Zhang and M Zhao2012ldquoWhyDoes the Law Matter Investor Protection and Its Effects on InvestmentFinanceand GrowthrdquoThe Journal of FinanceVol67pp313~350
（33）McNicholsM F2002ldquoDiscussion of the Quality ofAccruals and Earnings The Role of Accrual Estimation Errorsrdquo
The Accounting ReviewVol 77pp61~69（34）MurphyK MA Shleifer and R W Vishny1989
ldquoIndustrialization and the Big PushrdquoJournal of Political EconomyVol 97pp1003~1026
（35）MusacchioAS G Lazzarini and R V Aguilera2015ldquoNew Varieties of State Capitalism Strategic and Governance ImplicationsrdquoThe Academy of Management PerspectivesVol 29pp115~131
（36）NearyJ P and D Leahy2000ldquoStrategic Trade andIndustrial Policy towards Dynamic OligopoliesrdquoThe EconomicJournalVol 110pp484~508
（37）NortonR D1986ldquoIndustrial Policy and AmericanRenewalrdquoJournal of Economic LiteratureVol 24pp1~40
（38）RichardsonS2006ldquoOver- investment of Free CashFlowrdquoReview of Accounting StudiesVol11pp159~189
（39）RodrikDG Grossman and V Norman1995ldquoGetting Interventions Right How South Korea and Taiwan GrewRichrdquoEconomic PolicyVol 10pp55~107
（40）TsuiK2005ldquoLocal Tax SystemIntergovernmentalTransfers and Chinas Local Fiscal DisparitiesrdquoJournal of Comparative EconomicsVol 33pp173~196
（41）WallstenSJ2000ldquoThe Effects of Government- Industry RampD Programs on Private RampD The Case of the SmallBusiness Innovation Research ProgramrdquoRAND Journal of EconomicsVol 31pp82~100
（42）XuC2011ldquoThe Fundamental Institutions of ChinasReforms and DevelopmentrdquoJournal of Economic LiteratureVol49pp1076~1151
Their Roles Management Philosophies and Styles in Family andNon-Family FirmsrdquoJournal of Financial EconomicsVol 119pp24~43
（98）MyersS C and R G Rajan1998ldquoThe Paradox ofLiquidityrdquoQuarterly Journal of EconomicsVol113pp733~771
（99）OplerTPinkowitzLStulzR and R Williamson1999ldquoThe Determinants and Implications of Corporate CashHoldingsrdquoJournal of Financial EconomicsVol 52pp3~46
（100）PamukA2000ldquoInformal Institutional Arrangements in CreditLand Markets and Infrastructure Delivery inTrinidadrdquoInternational Journal of Urban and Regional ResearchVol 24pp379~496
（101）PanX and G G Tian2016ldquoFamily Control andLoan Collateral Evidence from ChinardquoJournal of Banking andFinanceVol 67pp53~68
（102）ParkS H and Y Luo2001ldquoGuanxi and Organizational Dynamics Organizational Networking in Chinese FirmsrdquoStrategic Management JournalVol 22pp455~477
（103）PengM W and P S Heath1996ldquoThe Growth ofthe Firm in Planned Economies in Transition InstitutionsOrganizations and Strategic ChoicerdquoAcademy of Management ReviewVol 21pp492~528
（104）PengW QWeiK C J and Z Yang2011ldquoTunneling or Propping Evidence from Connected Transactions inChinardquoJournal of Corporate FinanceVol 17pp306~325
（105）PutnamR1993ldquoThe Prosperous Community Social Capital and Public LiferdquoThe American ProspectVol 13
pp35~42（106）ShleiferA and R W Vishny1986ldquoLarge Share
holders and Corporate ControlrdquoJournal of Political EconomyVol 94pp461~488
（107）ShleiferA and R W Vishny1997ldquoA Survey ofCorporate GovernancerdquoThe Journal of FinanceVol52pp737~783
（108）TanYTianXZhangX and H Zhao2015ldquoTheReal Effect of Privatization Evidence from Chinas Split ShareStructure ReformrdquoUnpublished Working PaperIndiana University
（109）VillalongaB and R Amit2006ldquoHow Do FamilyOwnershipControl and Management Affect Firm ValuerdquoJournal of Financial EconomicsVol 80pp385~417
（110）WangK and X Xiao2011ldquoControlling Shareholders Tunneling and Executive Compensation Evidence from ChinardquoJournal of Accounting and Public PolicyVol 30pp89~100
（111）XuNXuX and Q Yuan2013ldquoPolitical ConnectionsFinancing Friction and Corporate Investment Evidencefrom Chinese Listed Family FirmsrdquoEuropean Financial ManagementVol 19pp675~702
（112）XuNYuanQJiangX and K C Chan2015ldquoFounders Political ConnectionsSecond Generation Involvementand Family Firm Performance Evidence from ChinardquoJournal of Corporate FinanceVol 33pp243~259
-- 145
《管理世界》(月刊)2017年第 3期
讲关系的社会文化下良好声誉是企业家的一项无
形资产（姜涛2010）控股家族珍惜并重视作为社
会网络基础的个人及家族声誉（Park and Luo2001Allen et al2005Xu et al2015）尽管控股
股东具有较强的私利动机可以采用多种方式ldquo掏
空rdquo上市公司（Johnson et al2000）如通过关联交
易（魏明海等2013姜付秀等2015Liu et al2015）资金占用（李增泉等2004Jiang et al2010）等转移公司资源或支付家族成员超额薪酬
管理层堑壕效应（Morck et al1988Chen et al2013）等服务家族目标但巨大的声誉损失成本如
因实施不当行为而被证监会或证券交易所处罚因
违背儒家文化中诚信道义而受到舆论指责等在一
定程度上约束了控股股东的机会主义行为然而
当家族企业聘用非家族董事长而控股家族退居ldquo幕
后rdquo时控股家族私利行为的隐蔽性增加了监管部
门及其他投资者的监督成本及难度家族受到的社
会关注度下降声誉机制的约束作用削弱同时
家族声誉不因公司经营不善而受损也促使控股家
族具有较强的剥削其他投资者的动机从而导致控
股股东可能利用上市公司的财务决策攫取家族私
利（冯旭南2012）即当控股家族退居ldquo幕后rdquo时
家族声誉与公司形象的分离将会降低家族声誉受
损的成本从而加剧了控股股东与中小股东的利益
冲突使得公司财务决策可能成为服务控股股东掏
空行为的手段因此由实际控制人家族担任董事
长的企业与非家族成员担任董事长的企业在财务
决策上将存在显著差异⑥
为检验董事长性质即董事长是否为实际控制
人或其家族成员对上市公司财务决策的影响本文
利用 1999~2014年所有A股上市家族企业作为研究
样本依据上市公司年报招股说明书新闻报道等
公开资料明确了董事长与实际控制人之间的家族
关系并以此考察由实际控制人家族成员担任董事
长的企业与非家族成员担任董事长企业在投资融
资股利政策方面的异同本文的实证研究发现
当家族企业的董事长由与实际控制人无明确家族
关系的人员担任时上市公司的财务决策显著区别
于家族成员担任董事长的企业具体而言与家族
董事长企业相比非家族董事长企业的资本支出和
创新产出较少负债比例较高债务期限结构较长
现金持有较多股利支付的意愿和股利支付率均较
低这一结论在控制了潜在的董事长任命与公司
决策之间的内生性问题及一系列稳健性检验后仍
保持不变尽管决定上市公司财务决策的因素有
很多如控股家族的风险规避态度等但这些结果
更可能是因为控股股东的代理问题所致
为验证控股家族ldquo垂帘听政rdquo对公司财务决策
的影响主要服务于控股股东的掏空动机我们检验
了由非家族成员担任董事长与家族成员担任董事
长的两类公司中第二类代理问题的差异实证检
验结果表明由非家族成员担任董事长的企业的关
联交易和资金占用比家族成员任董事长的企业多
第二类代理问题更为严重同时我们还检验了两
类公司在第一类代理问题上的差异我们发现在
非家族董事长企业中管理层的代理倾向也更高
表现为管理层的薪酬-业绩敏感性离职-业绩敏感
性均较低在职消费较多此外相比家族董事长
企业非家族董事长企业的绩效较差被ldquoSTrdquo的可
能性更高总而言之本文实证结果表明当实际
控制人家族退居ldquo幕后rdquo时上市公司的治理水平下
降控股股东掏空动机的增强显著影响了上市公司
的财务决策
本文的贡献主要体现在以下几个方面第一
本文从董事长这一新的视角考察了家族涉入对上
市公司财务行为的影响为家族涉入如何影响公司
财务决策提供了新的证据已有文献主要从 CEO视角研究家族成员涉入公司经营管理对企业行为
与绩效的影响如 Anderson 和 Reeb（2003）Anderson 等（2003）Maury（2006）Fahlenbrach（2009）
（47）AllenFQianJ and M J Qian2005ldquoLawFinance and Economic Growth in ChinardquoJournal of Financial EconomicsVol 77pp57~116
（48）AmitRDingYVillalongaB and H Zhang2015ldquoThe Role of Institutional Development in the Prevalence andPerformance of Entrepreneur and Family-Controlled FirmsrdquoJournal of Corporate FinanceVol 31pp284~305
（49）AmoreM DMinichilliA and G Corbetta2011ldquoHow Do Managerial Successions Shape Corporate Financial Policies in Family FirmsrdquoJournal of Corporate FinanceVol 17pp1016~1027
（50）AndersonR CDuruA and D M Reeb2012ldquoInvestment Policy in Family Controlled FirmsrdquoJournal of Bankingand FinanceVol 36pp1744~1758
（51）AndersonR CMansiS A and D M Reeb2003ldquoFounding Family Ownership and the Agency Cost of DebtrdquoJournal of Financial EconomicsVol 68pp263~285
（52）AndersonR C and D M Reeb2003ldquoFounding-Family Ownership and Firm Performance Evidence from theSampP 500rdquoThe Journal of FinanceVol 58pp1301~1327
（53）AndresC2008ldquoLarge Shareholders and Firm Performance- An Empirical Examination of Founding- Family OwnershiprdquoJournal of Corporate FinanceVol 14pp431~445
（54）BaeK-HKangJ-K and J Wang2011ldquoEmployee Treatment and Firm Leverage A Test of the Stakeholder Theory of Capital StructurerdquoJournal of Financial EconomicsVol100pp130~153
（55）BennedsenMNielsenK MPeacuterez-GonzaacutelezF andD Wolfenzon2007ldquoInside the Family Firm The Role of Families in Succession Decisions and PerformancerdquoThe QuarterlyJournal of EconomicsVol 122pp647~691
（56）BurkartMPanunziF and A Shleifer2003ldquoFamily FirmsrdquoThe Journal of FinanceVol 58pp2167~2201
（57）CaoJPanX and G Tian2011ldquoDisproportionalOwnership Structure and Pay- performance Relationship Evidence from Chinas Listed FirmsrdquoJournal of Corporate FinanceVol 17pp541~554
（58）CassonM C1999ldquoThe Economics of the FamilyFirmrdquoScandinavian Economic History ReviewVol 47pp10~23
（59）ChahineS and M Goergen2013ldquoThe Effects ofManagement-board Ties on IPO PerformancerdquoJournal of Corporate FinanceVol 21pp153~179
（60）ChenXChengQ and Z L Dai2013ldquoFamily Own-- 143
ership and CEO TurnoversrdquoContemporary Accounting ResearchVol 30pp1166~1190
（61）ChengQ2014ldquoFamily Firm Research -A ReviewrdquoChina Journal of Accounting ResearchVol 7pp149~163
（62）CheungY- LRauP R and A Stouraitis2006ldquoTunnelingPropping and Expropriation Evidence from Connected Party Transactions in Hong KongrdquoJournal of Financial EconomicsVol 82pp343~386
（63）ClaessensSDjankovSFanJ P H and L H PLang2002ldquoDisentangling the Incentive and Entrenchment Effects of Large ShareholdingsrdquoThe Journal of FinanceVol 57pp2741~2771
（64）ClaessensSDjankovS and L H P Lang2000ldquoThe Separation of Ownership and Control in East Asian CorporationsrdquoJournal of Financial EconomicsVol 58pp81~112
（65）CucculelliM and G Micucci2008ldquoFamily Succession and Firm Performance Evidence from Italian FamilyFirmsrdquoJournal of Corporate FinanceVol 14pp17~31
（66）CustoacutedioC and D Metzger2014ldquoFinancial ExpertCEOs CEOrsquos Work Experience and Firmrsquos Financial PoliciesrdquoJournal of Financial EconomicsVol 114pp125~154
（67）DittmarAMahrt-SmithJ and H Servaes2003ldquoInternational Corporate Governance and Corporate Cash HoldingsrdquoJournal of Financial and Quantitative AnalysisVol 38pp111~133
（68）DuJ L and Y Dai2005ldquoUltimate Corporate Ownership Structures and Capital Structures Evidence from East AsianEconomiesrdquoCorporate Governance-an International ReviewVol13pp60~71
（69）DyckAVolchkovaN and L Zingales2008ldquoTheCorporate Governance Role of the Media Evidence from RussiardquoThe Journal of FinanceVol 63pp1093~1135
（70）DyckA and L Zingales2004ldquoPrivate Benefits ofControl An International ComparisonrdquoThe Journal of FinanceVol 59pp537~600
（71）FaccioMLangL H P and L Young2001ldquoDividends and ExpropriationrdquoThe American Economic ReviewVol91pp54~78
（72）FahlenbrachR2009ldquoFounder- CEOsInvestmentDecisionsand Stock Market PerformancerdquoJournal of Financialand Quantitative AnalysisVol 44pp439~466
（73）FanJ P HTitmanS and G Twite2011ldquoAn International Comparison of Capital Structure and Debt MaturityChoicesrdquoJournal of Financial and Quantitative AnalysisVol47pp23~56
（74）GrossmanS and O Hart1988ldquoOne Share- OneVote and the Market for Corporate ControlrdquoJournal of FinancialEconomicsVol 20pp175~202
（75）GuumlnerA BMalmendierU and G Tate2008ldquoFinancial Expertise of DirectorsrdquoJournal of Financial EconomicsVol 88pp323~354
（76）GuisoLSapienzaP and L Zingales2004ldquoTheRole of Social Capital in Financial DevelopmentrdquoThe AmericanEconomic ReviewVol 94pp526~556
（77）HeJ and X Tian2013ldquoThe Dark Side of AnalystCoverage The Case of InnovationrdquoJournal of Financial EconomicsVol 109pp856~878
（78）HeckmanJ J1979ldquoSample Selection Bias As ASpecification ErrorrdquoEconometricaVol 47pp153~161
（79）HirshleiferDLowA and S H Teoh2012ldquoAre
Overconfident CEOs Better Innovators rdquoThe Journal of FinanceVol 67pp1457~1498
（80）ImbensG W and J M Wooldridge2009ldquoRecentDevelopments in the Econometrics of Program EvaluationrdquoJournal of Economic LiteratureVol 47pp5~86
（81）IsakovD and J-P Weisskopf2014ldquoAre FoundingFamilies Special Blockholders An Investigation of ControllingShareholder Influence on Firm PerformancerdquoJournal of Bankingand FinanceVol 41pp1~16
（82）JamesonMPrevostA and J Puthenpurackal2014ldquoControlling ShareholdersBoard Structure and Firm Performance Evidence from IndiardquoJournal of Corporate FinanceVol27pp1~20
（83）JensenM C and W H Meckling1976ldquoTheory ofthe Firm Managerial BehaviorAgency Costs and OwnershipStructurerdquoJournal of Financial EconomicsVol 3pp305~360
（84）JianM and T J Wong2010ldquoPropping Through Related Party TransactionsrdquoReview of Accounting StudiesVol 15pp70~105
（85）JiangF and K A Kim2015ldquoCorporate Governancein China A Modern PerspectiverdquoJournal of Corporate FinanceVol 32pp190~216
（86）JiangG HLeeC M C and H Yue2010ldquoTunneling Through Intercorporate Loans The China ExperiencerdquoJournal of Financial EconomicsVol 98pp1~20
（87）JohnsonSLa PortaRLopez-De-SilanesF and AShleifer2000ldquoTunnelingrdquoThe American Economic ReviewVol 90pp22~27
（88）KarpoffJ MScott LeeD and G S Martin2008ldquoThe Consequences to Managers for Financial MisrepresentationrdquoJournal of Financial EconomicsVol 88pp193~215
（89）KothariS PLaguerreT E and A J Leone2002ldquoCapitalization Versus Expensing Evidence on the Uncertaintyof Future Earnings from Capital Expenditures Versus RampD OutlaysrdquoReview of Accounting StudiesVol 7pp355~382
（90）La PortaRLopez-De-SilanesFShleiferA and RW Vishny2000ldquoAgency Problems and Dividend PoliciesAround the WorldrdquoThe Journal of FinanceVol 55pp1~33
（91）La PortaRLopez- De- SilanesF and A Shleifer1999ldquoCorporate Ownership Around the WorldrdquoThe Journal ofFinanceVol 54pp471~517
（92）Le Breton- MillerI and D Miller2006ldquoWhy DoSome Family Businesses Out-Compete GovernanceLong-TermOrientations and Sustainable CapabilityrdquoEntrepreneurship Theory and PracticeVol 30pp731~746
（93）LiuQLuoT and G G Tian2015ldquoFamily Controland Corporate Cash Holdings Evidence from ChinardquoJournal ofCorporate FinanceVol 31pp220~245
（94）MauryB2006ldquoFamily Ownership and Firm Performance Empirical Evidence from Western European CorporationsrdquoJournal of Corporate FinanceVol 12pp321~341
（95）McConaughyD LMatthewsC H and A S Fialko2001ldquoFounding Family Controlled Firms PerformanceRiskand ValuerdquoJournal of Small Business ManagementVol39pp31~49
（96）MorckRShleiferA and R W Vishny1988ldquoManagement Ownership and Market Valuation-An Empirical AnalysisrdquoJournal of Financial EconomicsVol 20pp293~315
（97）MullinsW and A Schoar2016ldquoHow Do CEOs See
控股家族的ldquo垂帘听政rdquo与公司财务决策
中国上市公司研究
-- 144
《管理世界》(月刊)2017年第 3期
（上接第 124页） FinanceVol 67pp45~83（25）JustmanM1995ldquoInfrastructureGrowth and the
Two Dimensions of Industrial PolicyrdquoThe Review of EconomicStudiesVol 62pp131~157
（26）KlineP and E Moretti2014ldquoLocal Economic DevelopmentAgglomeration Economiesand the Big Push 100 Yearsof Evidence from the Tennessee Valley AuthorityrdquoQuarterlyJournal of EconomicsVol129pp275~331
（27）KollmannRW Roeger and J Veld2012ldquoFiscalPolicy in a Financial Crisis Standard Policy versus Bank RescueMeasuresrdquoThe American Economic ReviewVol 102pp77~81
（28）KrugmanP R1983ldquoTargeted Industrial PoliciesTheory and EvidencerdquoIndustrial Change and Public Policypp123~155
（29）LazzariniS G2015ldquoStrategizing by the Government Can Industrial Policy Create Firm-Level Competitive AdvantagerdquoStrategic Management JournalVol 36pp97~112
（30）Lyu CK WangF Zhang and X Zhang2015ldquoGDPManagement to Meet or Beat Growth TargetsrdquoWorking Paper
（31）McDonaldR and D Siegel1986ldquoThe Value of Waiting to InvestrdquoThe Quarterly Journal of EconomicsVol 101pp707~728
（32）McleanR DT Zhang and M Zhao2012ldquoWhyDoes the Law Matter Investor Protection and Its Effects on InvestmentFinanceand GrowthrdquoThe Journal of FinanceVol67pp313~350
（33）McNicholsM F2002ldquoDiscussion of the Quality ofAccruals and Earnings The Role of Accrual Estimation Errorsrdquo
The Accounting ReviewVol 77pp61~69（34）MurphyK MA Shleifer and R W Vishny1989
ldquoIndustrialization and the Big PushrdquoJournal of Political EconomyVol 97pp1003~1026
（35）MusacchioAS G Lazzarini and R V Aguilera2015ldquoNew Varieties of State Capitalism Strategic and Governance ImplicationsrdquoThe Academy of Management PerspectivesVol 29pp115~131
（36）NearyJ P and D Leahy2000ldquoStrategic Trade andIndustrial Policy towards Dynamic OligopoliesrdquoThe EconomicJournalVol 110pp484~508
（37）NortonR D1986ldquoIndustrial Policy and AmericanRenewalrdquoJournal of Economic LiteratureVol 24pp1~40
（38）RichardsonS2006ldquoOver- investment of Free CashFlowrdquoReview of Accounting StudiesVol11pp159~189
（39）RodrikDG Grossman and V Norman1995ldquoGetting Interventions Right How South Korea and Taiwan GrewRichrdquoEconomic PolicyVol 10pp55~107
（40）TsuiK2005ldquoLocal Tax SystemIntergovernmentalTransfers and Chinas Local Fiscal DisparitiesrdquoJournal of Comparative EconomicsVol 33pp173~196
（41）WallstenSJ2000ldquoThe Effects of Government- Industry RampD Programs on Private RampD The Case of the SmallBusiness Innovation Research ProgramrdquoRAND Journal of EconomicsVol 31pp82~100
（42）XuC2011ldquoThe Fundamental Institutions of ChinasReforms and DevelopmentrdquoJournal of Economic LiteratureVol49pp1076~1151
Their Roles Management Philosophies and Styles in Family andNon-Family FirmsrdquoJournal of Financial EconomicsVol 119pp24~43
（98）MyersS C and R G Rajan1998ldquoThe Paradox ofLiquidityrdquoQuarterly Journal of EconomicsVol113pp733~771
（99）OplerTPinkowitzLStulzR and R Williamson1999ldquoThe Determinants and Implications of Corporate CashHoldingsrdquoJournal of Financial EconomicsVol 52pp3~46
（100）PamukA2000ldquoInformal Institutional Arrangements in CreditLand Markets and Infrastructure Delivery inTrinidadrdquoInternational Journal of Urban and Regional ResearchVol 24pp379~496
（101）PanX and G G Tian2016ldquoFamily Control andLoan Collateral Evidence from ChinardquoJournal of Banking andFinanceVol 67pp53~68
（102）ParkS H and Y Luo2001ldquoGuanxi and Organizational Dynamics Organizational Networking in Chinese FirmsrdquoStrategic Management JournalVol 22pp455~477
（103）PengM W and P S Heath1996ldquoThe Growth ofthe Firm in Planned Economies in Transition InstitutionsOrganizations and Strategic ChoicerdquoAcademy of Management ReviewVol 21pp492~528
（104）PengW QWeiK C J and Z Yang2011ldquoTunneling or Propping Evidence from Connected Transactions inChinardquoJournal of Corporate FinanceVol 17pp306~325
（105）PutnamR1993ldquoThe Prosperous Community Social Capital and Public LiferdquoThe American ProspectVol 13
pp35~42（106）ShleiferA and R W Vishny1986ldquoLarge Share
holders and Corporate ControlrdquoJournal of Political EconomyVol 94pp461~488
（107）ShleiferA and R W Vishny1997ldquoA Survey ofCorporate GovernancerdquoThe Journal of FinanceVol52pp737~783
（108）TanYTianXZhangX and H Zhao2015ldquoTheReal Effect of Privatization Evidence from Chinas Split ShareStructure ReformrdquoUnpublished Working PaperIndiana University
（109）VillalongaB and R Amit2006ldquoHow Do FamilyOwnershipControl and Management Affect Firm ValuerdquoJournal of Financial EconomicsVol 80pp385~417
（110）WangK and X Xiao2011ldquoControlling Shareholders Tunneling and Executive Compensation Evidence from ChinardquoJournal of Accounting and Public PolicyVol 30pp89~100
（111）XuNXuX and Q Yuan2013ldquoPolitical ConnectionsFinancing Friction and Corporate Investment Evidencefrom Chinese Listed Family FirmsrdquoEuropean Financial ManagementVol 19pp675~702
（112）XuNYuanQJiangX and K C Chan2015ldquoFounders Political ConnectionsSecond Generation Involvementand Family Firm Performance Evidence from ChinardquoJournal of Corporate FinanceVol 33pp243~259
（47）AllenFQianJ and M J Qian2005ldquoLawFinance and Economic Growth in ChinardquoJournal of Financial EconomicsVol 77pp57~116
（48）AmitRDingYVillalongaB and H Zhang2015ldquoThe Role of Institutional Development in the Prevalence andPerformance of Entrepreneur and Family-Controlled FirmsrdquoJournal of Corporate FinanceVol 31pp284~305
（49）AmoreM DMinichilliA and G Corbetta2011ldquoHow Do Managerial Successions Shape Corporate Financial Policies in Family FirmsrdquoJournal of Corporate FinanceVol 17pp1016~1027
（50）AndersonR CDuruA and D M Reeb2012ldquoInvestment Policy in Family Controlled FirmsrdquoJournal of Bankingand FinanceVol 36pp1744~1758
（51）AndersonR CMansiS A and D M Reeb2003ldquoFounding Family Ownership and the Agency Cost of DebtrdquoJournal of Financial EconomicsVol 68pp263~285
（52）AndersonR C and D M Reeb2003ldquoFounding-Family Ownership and Firm Performance Evidence from theSampP 500rdquoThe Journal of FinanceVol 58pp1301~1327
（53）AndresC2008ldquoLarge Shareholders and Firm Performance- An Empirical Examination of Founding- Family OwnershiprdquoJournal of Corporate FinanceVol 14pp431~445
（54）BaeK-HKangJ-K and J Wang2011ldquoEmployee Treatment and Firm Leverage A Test of the Stakeholder Theory of Capital StructurerdquoJournal of Financial EconomicsVol100pp130~153
（55）BennedsenMNielsenK MPeacuterez-GonzaacutelezF andD Wolfenzon2007ldquoInside the Family Firm The Role of Families in Succession Decisions and PerformancerdquoThe QuarterlyJournal of EconomicsVol 122pp647~691
（56）BurkartMPanunziF and A Shleifer2003ldquoFamily FirmsrdquoThe Journal of FinanceVol 58pp2167~2201
（57）CaoJPanX and G Tian2011ldquoDisproportionalOwnership Structure and Pay- performance Relationship Evidence from Chinas Listed FirmsrdquoJournal of Corporate FinanceVol 17pp541~554
（58）CassonM C1999ldquoThe Economics of the FamilyFirmrdquoScandinavian Economic History ReviewVol 47pp10~23
（59）ChahineS and M Goergen2013ldquoThe Effects ofManagement-board Ties on IPO PerformancerdquoJournal of Corporate FinanceVol 21pp153~179
（60）ChenXChengQ and Z L Dai2013ldquoFamily Own-- 143
ership and CEO TurnoversrdquoContemporary Accounting ResearchVol 30pp1166~1190
（61）ChengQ2014ldquoFamily Firm Research -A ReviewrdquoChina Journal of Accounting ResearchVol 7pp149~163
（62）CheungY- LRauP R and A Stouraitis2006ldquoTunnelingPropping and Expropriation Evidence from Connected Party Transactions in Hong KongrdquoJournal of Financial EconomicsVol 82pp343~386
（63）ClaessensSDjankovSFanJ P H and L H PLang2002ldquoDisentangling the Incentive and Entrenchment Effects of Large ShareholdingsrdquoThe Journal of FinanceVol 57pp2741~2771
（64）ClaessensSDjankovS and L H P Lang2000ldquoThe Separation of Ownership and Control in East Asian CorporationsrdquoJournal of Financial EconomicsVol 58pp81~112
（65）CucculelliM and G Micucci2008ldquoFamily Succession and Firm Performance Evidence from Italian FamilyFirmsrdquoJournal of Corporate FinanceVol 14pp17~31
（66）CustoacutedioC and D Metzger2014ldquoFinancial ExpertCEOs CEOrsquos Work Experience and Firmrsquos Financial PoliciesrdquoJournal of Financial EconomicsVol 114pp125~154
（67）DittmarAMahrt-SmithJ and H Servaes2003ldquoInternational Corporate Governance and Corporate Cash HoldingsrdquoJournal of Financial and Quantitative AnalysisVol 38pp111~133
（68）DuJ L and Y Dai2005ldquoUltimate Corporate Ownership Structures and Capital Structures Evidence from East AsianEconomiesrdquoCorporate Governance-an International ReviewVol13pp60~71
（69）DyckAVolchkovaN and L Zingales2008ldquoTheCorporate Governance Role of the Media Evidence from RussiardquoThe Journal of FinanceVol 63pp1093~1135
（70）DyckA and L Zingales2004ldquoPrivate Benefits ofControl An International ComparisonrdquoThe Journal of FinanceVol 59pp537~600
（71）FaccioMLangL H P and L Young2001ldquoDividends and ExpropriationrdquoThe American Economic ReviewVol91pp54~78
（72）FahlenbrachR2009ldquoFounder- CEOsInvestmentDecisionsand Stock Market PerformancerdquoJournal of Financialand Quantitative AnalysisVol 44pp439~466
（73）FanJ P HTitmanS and G Twite2011ldquoAn International Comparison of Capital Structure and Debt MaturityChoicesrdquoJournal of Financial and Quantitative AnalysisVol47pp23~56
（74）GrossmanS and O Hart1988ldquoOne Share- OneVote and the Market for Corporate ControlrdquoJournal of FinancialEconomicsVol 20pp175~202
（75）GuumlnerA BMalmendierU and G Tate2008ldquoFinancial Expertise of DirectorsrdquoJournal of Financial EconomicsVol 88pp323~354
（76）GuisoLSapienzaP and L Zingales2004ldquoTheRole of Social Capital in Financial DevelopmentrdquoThe AmericanEconomic ReviewVol 94pp526~556
（77）HeJ and X Tian2013ldquoThe Dark Side of AnalystCoverage The Case of InnovationrdquoJournal of Financial EconomicsVol 109pp856~878
（78）HeckmanJ J1979ldquoSample Selection Bias As ASpecification ErrorrdquoEconometricaVol 47pp153~161
（79）HirshleiferDLowA and S H Teoh2012ldquoAre
Overconfident CEOs Better Innovators rdquoThe Journal of FinanceVol 67pp1457~1498
（80）ImbensG W and J M Wooldridge2009ldquoRecentDevelopments in the Econometrics of Program EvaluationrdquoJournal of Economic LiteratureVol 47pp5~86
（81）IsakovD and J-P Weisskopf2014ldquoAre FoundingFamilies Special Blockholders An Investigation of ControllingShareholder Influence on Firm PerformancerdquoJournal of Bankingand FinanceVol 41pp1~16
（82）JamesonMPrevostA and J Puthenpurackal2014ldquoControlling ShareholdersBoard Structure and Firm Performance Evidence from IndiardquoJournal of Corporate FinanceVol27pp1~20
（83）JensenM C and W H Meckling1976ldquoTheory ofthe Firm Managerial BehaviorAgency Costs and OwnershipStructurerdquoJournal of Financial EconomicsVol 3pp305~360
（84）JianM and T J Wong2010ldquoPropping Through Related Party TransactionsrdquoReview of Accounting StudiesVol 15pp70~105
（85）JiangF and K A Kim2015ldquoCorporate Governancein China A Modern PerspectiverdquoJournal of Corporate FinanceVol 32pp190~216
（86）JiangG HLeeC M C and H Yue2010ldquoTunneling Through Intercorporate Loans The China ExperiencerdquoJournal of Financial EconomicsVol 98pp1~20
（87）JohnsonSLa PortaRLopez-De-SilanesF and AShleifer2000ldquoTunnelingrdquoThe American Economic ReviewVol 90pp22~27
（88）KarpoffJ MScott LeeD and G S Martin2008ldquoThe Consequences to Managers for Financial MisrepresentationrdquoJournal of Financial EconomicsVol 88pp193~215
（89）KothariS PLaguerreT E and A J Leone2002ldquoCapitalization Versus Expensing Evidence on the Uncertaintyof Future Earnings from Capital Expenditures Versus RampD OutlaysrdquoReview of Accounting StudiesVol 7pp355~382
（90）La PortaRLopez-De-SilanesFShleiferA and RW Vishny2000ldquoAgency Problems and Dividend PoliciesAround the WorldrdquoThe Journal of FinanceVol 55pp1~33
（91）La PortaRLopez- De- SilanesF and A Shleifer1999ldquoCorporate Ownership Around the WorldrdquoThe Journal ofFinanceVol 54pp471~517
（92）Le Breton- MillerI and D Miller2006ldquoWhy DoSome Family Businesses Out-Compete GovernanceLong-TermOrientations and Sustainable CapabilityrdquoEntrepreneurship Theory and PracticeVol 30pp731~746
（93）LiuQLuoT and G G Tian2015ldquoFamily Controland Corporate Cash Holdings Evidence from ChinardquoJournal ofCorporate FinanceVol 31pp220~245
（94）MauryB2006ldquoFamily Ownership and Firm Performance Empirical Evidence from Western European CorporationsrdquoJournal of Corporate FinanceVol 12pp321~341
（95）McConaughyD LMatthewsC H and A S Fialko2001ldquoFounding Family Controlled Firms PerformanceRiskand ValuerdquoJournal of Small Business ManagementVol39pp31~49
（96）MorckRShleiferA and R W Vishny1988ldquoManagement Ownership and Market Valuation-An Empirical AnalysisrdquoJournal of Financial EconomicsVol 20pp293~315
（97）MullinsW and A Schoar2016ldquoHow Do CEOs See
控股家族的ldquo垂帘听政rdquo与公司财务决策
中国上市公司研究
-- 144
《管理世界》(月刊)2017年第 3期
（上接第 124页） FinanceVol 67pp45~83（25）JustmanM1995ldquoInfrastructureGrowth and the
Two Dimensions of Industrial PolicyrdquoThe Review of EconomicStudiesVol 62pp131~157
（26）KlineP and E Moretti2014ldquoLocal Economic DevelopmentAgglomeration Economiesand the Big Push 100 Yearsof Evidence from the Tennessee Valley AuthorityrdquoQuarterlyJournal of EconomicsVol129pp275~331
（27）KollmannRW Roeger and J Veld2012ldquoFiscalPolicy in a Financial Crisis Standard Policy versus Bank RescueMeasuresrdquoThe American Economic ReviewVol 102pp77~81
（28）KrugmanP R1983ldquoTargeted Industrial PoliciesTheory and EvidencerdquoIndustrial Change and Public Policypp123~155
（29）LazzariniS G2015ldquoStrategizing by the Government Can Industrial Policy Create Firm-Level Competitive AdvantagerdquoStrategic Management JournalVol 36pp97~112
（30）Lyu CK WangF Zhang and X Zhang2015ldquoGDPManagement to Meet or Beat Growth TargetsrdquoWorking Paper
（31）McDonaldR and D Siegel1986ldquoThe Value of Waiting to InvestrdquoThe Quarterly Journal of EconomicsVol 101pp707~728
（32）McleanR DT Zhang and M Zhao2012ldquoWhyDoes the Law Matter Investor Protection and Its Effects on InvestmentFinanceand GrowthrdquoThe Journal of FinanceVol67pp313~350
（33）McNicholsM F2002ldquoDiscussion of the Quality ofAccruals and Earnings The Role of Accrual Estimation Errorsrdquo
The Accounting ReviewVol 77pp61~69（34）MurphyK MA Shleifer and R W Vishny1989
ldquoIndustrialization and the Big PushrdquoJournal of Political EconomyVol 97pp1003~1026
（35）MusacchioAS G Lazzarini and R V Aguilera2015ldquoNew Varieties of State Capitalism Strategic and Governance ImplicationsrdquoThe Academy of Management PerspectivesVol 29pp115~131
（36）NearyJ P and D Leahy2000ldquoStrategic Trade andIndustrial Policy towards Dynamic OligopoliesrdquoThe EconomicJournalVol 110pp484~508
（37）NortonR D1986ldquoIndustrial Policy and AmericanRenewalrdquoJournal of Economic LiteratureVol 24pp1~40
（38）RichardsonS2006ldquoOver- investment of Free CashFlowrdquoReview of Accounting StudiesVol11pp159~189
（39）RodrikDG Grossman and V Norman1995ldquoGetting Interventions Right How South Korea and Taiwan GrewRichrdquoEconomic PolicyVol 10pp55~107
（40）TsuiK2005ldquoLocal Tax SystemIntergovernmentalTransfers and Chinas Local Fiscal DisparitiesrdquoJournal of Comparative EconomicsVol 33pp173~196
（41）WallstenSJ2000ldquoThe Effects of Government- Industry RampD Programs on Private RampD The Case of the SmallBusiness Innovation Research ProgramrdquoRAND Journal of EconomicsVol 31pp82~100
（42）XuC2011ldquoThe Fundamental Institutions of ChinasReforms and DevelopmentrdquoJournal of Economic LiteratureVol49pp1076~1151
Their Roles Management Philosophies and Styles in Family andNon-Family FirmsrdquoJournal of Financial EconomicsVol 119pp24~43
（98）MyersS C and R G Rajan1998ldquoThe Paradox ofLiquidityrdquoQuarterly Journal of EconomicsVol113pp733~771
（99）OplerTPinkowitzLStulzR and R Williamson1999ldquoThe Determinants and Implications of Corporate CashHoldingsrdquoJournal of Financial EconomicsVol 52pp3~46
（100）PamukA2000ldquoInformal Institutional Arrangements in CreditLand Markets and Infrastructure Delivery inTrinidadrdquoInternational Journal of Urban and Regional ResearchVol 24pp379~496
（101）PanX and G G Tian2016ldquoFamily Control andLoan Collateral Evidence from ChinardquoJournal of Banking andFinanceVol 67pp53~68
（102）ParkS H and Y Luo2001ldquoGuanxi and Organizational Dynamics Organizational Networking in Chinese FirmsrdquoStrategic Management JournalVol 22pp455~477
（103）PengM W and P S Heath1996ldquoThe Growth ofthe Firm in Planned Economies in Transition InstitutionsOrganizations and Strategic ChoicerdquoAcademy of Management ReviewVol 21pp492~528
（104）PengW QWeiK C J and Z Yang2011ldquoTunneling or Propping Evidence from Connected Transactions inChinardquoJournal of Corporate FinanceVol 17pp306~325
（105）PutnamR1993ldquoThe Prosperous Community Social Capital and Public LiferdquoThe American ProspectVol 13
pp35~42（106）ShleiferA and R W Vishny1986ldquoLarge Share
holders and Corporate ControlrdquoJournal of Political EconomyVol 94pp461~488
（107）ShleiferA and R W Vishny1997ldquoA Survey ofCorporate GovernancerdquoThe Journal of FinanceVol52pp737~783
（108）TanYTianXZhangX and H Zhao2015ldquoTheReal Effect of Privatization Evidence from Chinas Split ShareStructure ReformrdquoUnpublished Working PaperIndiana University
（109）VillalongaB and R Amit2006ldquoHow Do FamilyOwnershipControl and Management Affect Firm ValuerdquoJournal of Financial EconomicsVol 80pp385~417
（110）WangK and X Xiao2011ldquoControlling Shareholders Tunneling and Executive Compensation Evidence from ChinardquoJournal of Accounting and Public PolicyVol 30pp89~100
（111）XuNXuX and Q Yuan2013ldquoPolitical ConnectionsFinancing Friction and Corporate Investment Evidencefrom Chinese Listed Family FirmsrdquoEuropean Financial ManagementVol 19pp675~702
（112）XuNYuanQJiangX and K C Chan2015ldquoFounders Political ConnectionsSecond Generation Involvementand Family Firm Performance Evidence from ChinardquoJournal of Corporate FinanceVol 33pp243~259
（47）AllenFQianJ and M J Qian2005ldquoLawFinance and Economic Growth in ChinardquoJournal of Financial EconomicsVol 77pp57~116
（48）AmitRDingYVillalongaB and H Zhang2015ldquoThe Role of Institutional Development in the Prevalence andPerformance of Entrepreneur and Family-Controlled FirmsrdquoJournal of Corporate FinanceVol 31pp284~305
（49）AmoreM DMinichilliA and G Corbetta2011ldquoHow Do Managerial Successions Shape Corporate Financial Policies in Family FirmsrdquoJournal of Corporate FinanceVol 17pp1016~1027
（50）AndersonR CDuruA and D M Reeb2012ldquoInvestment Policy in Family Controlled FirmsrdquoJournal of Bankingand FinanceVol 36pp1744~1758
（51）AndersonR CMansiS A and D M Reeb2003ldquoFounding Family Ownership and the Agency Cost of DebtrdquoJournal of Financial EconomicsVol 68pp263~285
（52）AndersonR C and D M Reeb2003ldquoFounding-Family Ownership and Firm Performance Evidence from theSampP 500rdquoThe Journal of FinanceVol 58pp1301~1327
（53）AndresC2008ldquoLarge Shareholders and Firm Performance- An Empirical Examination of Founding- Family OwnershiprdquoJournal of Corporate FinanceVol 14pp431~445
（54）BaeK-HKangJ-K and J Wang2011ldquoEmployee Treatment and Firm Leverage A Test of the Stakeholder Theory of Capital StructurerdquoJournal of Financial EconomicsVol100pp130~153
（55）BennedsenMNielsenK MPeacuterez-GonzaacutelezF andD Wolfenzon2007ldquoInside the Family Firm The Role of Families in Succession Decisions and PerformancerdquoThe QuarterlyJournal of EconomicsVol 122pp647~691
（56）BurkartMPanunziF and A Shleifer2003ldquoFamily FirmsrdquoThe Journal of FinanceVol 58pp2167~2201
（57）CaoJPanX and G Tian2011ldquoDisproportionalOwnership Structure and Pay- performance Relationship Evidence from Chinas Listed FirmsrdquoJournal of Corporate FinanceVol 17pp541~554
（58）CassonM C1999ldquoThe Economics of the FamilyFirmrdquoScandinavian Economic History ReviewVol 47pp10~23
（59）ChahineS and M Goergen2013ldquoThe Effects ofManagement-board Ties on IPO PerformancerdquoJournal of Corporate FinanceVol 21pp153~179
（60）ChenXChengQ and Z L Dai2013ldquoFamily Own-- 143
ership and CEO TurnoversrdquoContemporary Accounting ResearchVol 30pp1166~1190
（61）ChengQ2014ldquoFamily Firm Research -A ReviewrdquoChina Journal of Accounting ResearchVol 7pp149~163
（62）CheungY- LRauP R and A Stouraitis2006ldquoTunnelingPropping and Expropriation Evidence from Connected Party Transactions in Hong KongrdquoJournal of Financial EconomicsVol 82pp343~386
（63）ClaessensSDjankovSFanJ P H and L H PLang2002ldquoDisentangling the Incentive and Entrenchment Effects of Large ShareholdingsrdquoThe Journal of FinanceVol 57pp2741~2771
（64）ClaessensSDjankovS and L H P Lang2000ldquoThe Separation of Ownership and Control in East Asian CorporationsrdquoJournal of Financial EconomicsVol 58pp81~112
（65）CucculelliM and G Micucci2008ldquoFamily Succession and Firm Performance Evidence from Italian FamilyFirmsrdquoJournal of Corporate FinanceVol 14pp17~31
（66）CustoacutedioC and D Metzger2014ldquoFinancial ExpertCEOs CEOrsquos Work Experience and Firmrsquos Financial PoliciesrdquoJournal of Financial EconomicsVol 114pp125~154
（67）DittmarAMahrt-SmithJ and H Servaes2003ldquoInternational Corporate Governance and Corporate Cash HoldingsrdquoJournal of Financial and Quantitative AnalysisVol 38pp111~133
（68）DuJ L and Y Dai2005ldquoUltimate Corporate Ownership Structures and Capital Structures Evidence from East AsianEconomiesrdquoCorporate Governance-an International ReviewVol13pp60~71
（69）DyckAVolchkovaN and L Zingales2008ldquoTheCorporate Governance Role of the Media Evidence from RussiardquoThe Journal of FinanceVol 63pp1093~1135
（70）DyckA and L Zingales2004ldquoPrivate Benefits ofControl An International ComparisonrdquoThe Journal of FinanceVol 59pp537~600
（71）FaccioMLangL H P and L Young2001ldquoDividends and ExpropriationrdquoThe American Economic ReviewVol91pp54~78
（72）FahlenbrachR2009ldquoFounder- CEOsInvestmentDecisionsand Stock Market PerformancerdquoJournal of Financialand Quantitative AnalysisVol 44pp439~466
（73）FanJ P HTitmanS and G Twite2011ldquoAn International Comparison of Capital Structure and Debt MaturityChoicesrdquoJournal of Financial and Quantitative AnalysisVol47pp23~56
（74）GrossmanS and O Hart1988ldquoOne Share- OneVote and the Market for Corporate ControlrdquoJournal of FinancialEconomicsVol 20pp175~202
（75）GuumlnerA BMalmendierU and G Tate2008ldquoFinancial Expertise of DirectorsrdquoJournal of Financial EconomicsVol 88pp323~354
（76）GuisoLSapienzaP and L Zingales2004ldquoTheRole of Social Capital in Financial DevelopmentrdquoThe AmericanEconomic ReviewVol 94pp526~556
（77）HeJ and X Tian2013ldquoThe Dark Side of AnalystCoverage The Case of InnovationrdquoJournal of Financial EconomicsVol 109pp856~878
（78）HeckmanJ J1979ldquoSample Selection Bias As ASpecification ErrorrdquoEconometricaVol 47pp153~161
（79）HirshleiferDLowA and S H Teoh2012ldquoAre
Overconfident CEOs Better Innovators rdquoThe Journal of FinanceVol 67pp1457~1498
（80）ImbensG W and J M Wooldridge2009ldquoRecentDevelopments in the Econometrics of Program EvaluationrdquoJournal of Economic LiteratureVol 47pp5~86
（81）IsakovD and J-P Weisskopf2014ldquoAre FoundingFamilies Special Blockholders An Investigation of ControllingShareholder Influence on Firm PerformancerdquoJournal of Bankingand FinanceVol 41pp1~16
（82）JamesonMPrevostA and J Puthenpurackal2014ldquoControlling ShareholdersBoard Structure and Firm Performance Evidence from IndiardquoJournal of Corporate FinanceVol27pp1~20
（83）JensenM C and W H Meckling1976ldquoTheory ofthe Firm Managerial BehaviorAgency Costs and OwnershipStructurerdquoJournal of Financial EconomicsVol 3pp305~360
（84）JianM and T J Wong2010ldquoPropping Through Related Party TransactionsrdquoReview of Accounting StudiesVol 15pp70~105
（85）JiangF and K A Kim2015ldquoCorporate Governancein China A Modern PerspectiverdquoJournal of Corporate FinanceVol 32pp190~216
（86）JiangG HLeeC M C and H Yue2010ldquoTunneling Through Intercorporate Loans The China ExperiencerdquoJournal of Financial EconomicsVol 98pp1~20
（87）JohnsonSLa PortaRLopez-De-SilanesF and AShleifer2000ldquoTunnelingrdquoThe American Economic ReviewVol 90pp22~27
（88）KarpoffJ MScott LeeD and G S Martin2008ldquoThe Consequences to Managers for Financial MisrepresentationrdquoJournal of Financial EconomicsVol 88pp193~215
（89）KothariS PLaguerreT E and A J Leone2002ldquoCapitalization Versus Expensing Evidence on the Uncertaintyof Future Earnings from Capital Expenditures Versus RampD OutlaysrdquoReview of Accounting StudiesVol 7pp355~382
（90）La PortaRLopez-De-SilanesFShleiferA and RW Vishny2000ldquoAgency Problems and Dividend PoliciesAround the WorldrdquoThe Journal of FinanceVol 55pp1~33
（91）La PortaRLopez- De- SilanesF and A Shleifer1999ldquoCorporate Ownership Around the WorldrdquoThe Journal ofFinanceVol 54pp471~517
（92）Le Breton- MillerI and D Miller2006ldquoWhy DoSome Family Businesses Out-Compete GovernanceLong-TermOrientations and Sustainable CapabilityrdquoEntrepreneurship Theory and PracticeVol 30pp731~746
（93）LiuQLuoT and G G Tian2015ldquoFamily Controland Corporate Cash Holdings Evidence from ChinardquoJournal ofCorporate FinanceVol 31pp220~245
（94）MauryB2006ldquoFamily Ownership and Firm Performance Empirical Evidence from Western European CorporationsrdquoJournal of Corporate FinanceVol 12pp321~341
（95）McConaughyD LMatthewsC H and A S Fialko2001ldquoFounding Family Controlled Firms PerformanceRiskand ValuerdquoJournal of Small Business ManagementVol39pp31~49
（96）MorckRShleiferA and R W Vishny1988ldquoManagement Ownership and Market Valuation-An Empirical AnalysisrdquoJournal of Financial EconomicsVol 20pp293~315
（97）MullinsW and A Schoar2016ldquoHow Do CEOs See
控股家族的ldquo垂帘听政rdquo与公司财务决策
中国上市公司研究
-- 144
《管理世界》(月刊)2017年第 3期
（上接第 124页） FinanceVol 67pp45~83（25）JustmanM1995ldquoInfrastructureGrowth and the
Two Dimensions of Industrial PolicyrdquoThe Review of EconomicStudiesVol 62pp131~157
（26）KlineP and E Moretti2014ldquoLocal Economic DevelopmentAgglomeration Economiesand the Big Push 100 Yearsof Evidence from the Tennessee Valley AuthorityrdquoQuarterlyJournal of EconomicsVol129pp275~331
（27）KollmannRW Roeger and J Veld2012ldquoFiscalPolicy in a Financial Crisis Standard Policy versus Bank RescueMeasuresrdquoThe American Economic ReviewVol 102pp77~81
（28）KrugmanP R1983ldquoTargeted Industrial PoliciesTheory and EvidencerdquoIndustrial Change and Public Policypp123~155
（29）LazzariniS G2015ldquoStrategizing by the Government Can Industrial Policy Create Firm-Level Competitive AdvantagerdquoStrategic Management JournalVol 36pp97~112
（30）Lyu CK WangF Zhang and X Zhang2015ldquoGDPManagement to Meet or Beat Growth TargetsrdquoWorking Paper
（31）McDonaldR and D Siegel1986ldquoThe Value of Waiting to InvestrdquoThe Quarterly Journal of EconomicsVol 101pp707~728
（32）McleanR DT Zhang and M Zhao2012ldquoWhyDoes the Law Matter Investor Protection and Its Effects on InvestmentFinanceand GrowthrdquoThe Journal of FinanceVol67pp313~350
（33）McNicholsM F2002ldquoDiscussion of the Quality ofAccruals and Earnings The Role of Accrual Estimation Errorsrdquo
The Accounting ReviewVol 77pp61~69（34）MurphyK MA Shleifer and R W Vishny1989
ldquoIndustrialization and the Big PushrdquoJournal of Political EconomyVol 97pp1003~1026
（35）MusacchioAS G Lazzarini and R V Aguilera2015ldquoNew Varieties of State Capitalism Strategic and Governance ImplicationsrdquoThe Academy of Management PerspectivesVol 29pp115~131
（36）NearyJ P and D Leahy2000ldquoStrategic Trade andIndustrial Policy towards Dynamic OligopoliesrdquoThe EconomicJournalVol 110pp484~508
（37）NortonR D1986ldquoIndustrial Policy and AmericanRenewalrdquoJournal of Economic LiteratureVol 24pp1~40
（38）RichardsonS2006ldquoOver- investment of Free CashFlowrdquoReview of Accounting StudiesVol11pp159~189
（39）RodrikDG Grossman and V Norman1995ldquoGetting Interventions Right How South Korea and Taiwan GrewRichrdquoEconomic PolicyVol 10pp55~107
（40）TsuiK2005ldquoLocal Tax SystemIntergovernmentalTransfers and Chinas Local Fiscal DisparitiesrdquoJournal of Comparative EconomicsVol 33pp173~196
（41）WallstenSJ2000ldquoThe Effects of Government- Industry RampD Programs on Private RampD The Case of the SmallBusiness Innovation Research ProgramrdquoRAND Journal of EconomicsVol 31pp82~100
（42）XuC2011ldquoThe Fundamental Institutions of ChinasReforms and DevelopmentrdquoJournal of Economic LiteratureVol49pp1076~1151
Their Roles Management Philosophies and Styles in Family andNon-Family FirmsrdquoJournal of Financial EconomicsVol 119pp24~43
（98）MyersS C and R G Rajan1998ldquoThe Paradox ofLiquidityrdquoQuarterly Journal of EconomicsVol113pp733~771
（99）OplerTPinkowitzLStulzR and R Williamson1999ldquoThe Determinants and Implications of Corporate CashHoldingsrdquoJournal of Financial EconomicsVol 52pp3~46
（100）PamukA2000ldquoInformal Institutional Arrangements in CreditLand Markets and Infrastructure Delivery inTrinidadrdquoInternational Journal of Urban and Regional ResearchVol 24pp379~496
（101）PanX and G G Tian2016ldquoFamily Control andLoan Collateral Evidence from ChinardquoJournal of Banking andFinanceVol 67pp53~68
（102）ParkS H and Y Luo2001ldquoGuanxi and Organizational Dynamics Organizational Networking in Chinese FirmsrdquoStrategic Management JournalVol 22pp455~477
（103）PengM W and P S Heath1996ldquoThe Growth ofthe Firm in Planned Economies in Transition InstitutionsOrganizations and Strategic ChoicerdquoAcademy of Management ReviewVol 21pp492~528
（104）PengW QWeiK C J and Z Yang2011ldquoTunneling or Propping Evidence from Connected Transactions inChinardquoJournal of Corporate FinanceVol 17pp306~325
（105）PutnamR1993ldquoThe Prosperous Community Social Capital and Public LiferdquoThe American ProspectVol 13
pp35~42（106）ShleiferA and R W Vishny1986ldquoLarge Share
holders and Corporate ControlrdquoJournal of Political EconomyVol 94pp461~488
（107）ShleiferA and R W Vishny1997ldquoA Survey ofCorporate GovernancerdquoThe Journal of FinanceVol52pp737~783
（108）TanYTianXZhangX and H Zhao2015ldquoTheReal Effect of Privatization Evidence from Chinas Split ShareStructure ReformrdquoUnpublished Working PaperIndiana University
（109）VillalongaB and R Amit2006ldquoHow Do FamilyOwnershipControl and Management Affect Firm ValuerdquoJournal of Financial EconomicsVol 80pp385~417
（110）WangK and X Xiao2011ldquoControlling Shareholders Tunneling and Executive Compensation Evidence from ChinardquoJournal of Accounting and Public PolicyVol 30pp89~100
（111）XuNXuX and Q Yuan2013ldquoPolitical ConnectionsFinancing Friction and Corporate Investment Evidencefrom Chinese Listed Family FirmsrdquoEuropean Financial ManagementVol 19pp675~702
（112）XuNYuanQJiangX and K C Chan2015ldquoFounders Political ConnectionsSecond Generation Involvementand Family Firm Performance Evidence from ChinardquoJournal of Corporate FinanceVol 33pp243~259
-- 145
投入高风险的特点（Hirshleifer et al2012）相比
其他投资活动创新对公司经营的风险收益影响
更强（Kothari et al2002）恰如本文前面所分析
的当上市公司董事长由非家族成员担任时家族
声誉与公司形象的分离降低了家族声誉受损的成
本控股家族退居ldquo幕后rdquo的家族企业的代理问题更
加严重因此我们预期非家族成员董事长公司
的创新活动将相对较少
假设 1与由控股家族成员担任董事长的企业
相比非家族董事长企业的投资水平较低
控股股东代理问题也将影响上市公司的资本
结构选择由于负债的股权非稀释效应控股股东
在利用负债融资增加其可支配的资源的同时并未
增加其被收购或丧失家族控股地位的可能性因
此具有较强掏空动机的家族企业将倾向于进行更
高的债务融资（Du and Dai2005）在中国尽管存
在《破产法》但是由于对债权人权利的保护不力
控股家族并不必过于担心负债会导致企业陷入破
产境地（Jiang and Kim2015）债务融资可能成为
控股家族掏空的手段（金雪军张学勇2005戴璐
汤谷良2007孙健2008）无疑作为资本市场的
长期参与者控股家族关注家族声誉及与其他投资
者的关系（Anderson and Reeb2003）并趋于风险
规避（Shleifer and Vishny1986McConaughy et al2001）然而当实际控制人家族不担任上市公司
（47）AllenFQianJ and M J Qian2005ldquoLawFinance and Economic Growth in ChinardquoJournal of Financial EconomicsVol 77pp57~116
（48）AmitRDingYVillalongaB and H Zhang2015ldquoThe Role of Institutional Development in the Prevalence andPerformance of Entrepreneur and Family-Controlled FirmsrdquoJournal of Corporate FinanceVol 31pp284~305
（49）AmoreM DMinichilliA and G Corbetta2011ldquoHow Do Managerial Successions Shape Corporate Financial Policies in Family FirmsrdquoJournal of Corporate FinanceVol 17pp1016~1027
（50）AndersonR CDuruA and D M Reeb2012ldquoInvestment Policy in Family Controlled FirmsrdquoJournal of Bankingand FinanceVol 36pp1744~1758
（51）AndersonR CMansiS A and D M Reeb2003ldquoFounding Family Ownership and the Agency Cost of DebtrdquoJournal of Financial EconomicsVol 68pp263~285
（52）AndersonR C and D M Reeb2003ldquoFounding-Family Ownership and Firm Performance Evidence from theSampP 500rdquoThe Journal of FinanceVol 58pp1301~1327
（53）AndresC2008ldquoLarge Shareholders and Firm Performance- An Empirical Examination of Founding- Family OwnershiprdquoJournal of Corporate FinanceVol 14pp431~445
（54）BaeK-HKangJ-K and J Wang2011ldquoEmployee Treatment and Firm Leverage A Test of the Stakeholder Theory of Capital StructurerdquoJournal of Financial EconomicsVol100pp130~153
（55）BennedsenMNielsenK MPeacuterez-GonzaacutelezF andD Wolfenzon2007ldquoInside the Family Firm The Role of Families in Succession Decisions and PerformancerdquoThe QuarterlyJournal of EconomicsVol 122pp647~691
（56）BurkartMPanunziF and A Shleifer2003ldquoFamily FirmsrdquoThe Journal of FinanceVol 58pp2167~2201
（57）CaoJPanX and G Tian2011ldquoDisproportionalOwnership Structure and Pay- performance Relationship Evidence from Chinas Listed FirmsrdquoJournal of Corporate FinanceVol 17pp541~554
（58）CassonM C1999ldquoThe Economics of the FamilyFirmrdquoScandinavian Economic History ReviewVol 47pp10~23
（59）ChahineS and M Goergen2013ldquoThe Effects ofManagement-board Ties on IPO PerformancerdquoJournal of Corporate FinanceVol 21pp153~179
（60）ChenXChengQ and Z L Dai2013ldquoFamily Own-- 143
ership and CEO TurnoversrdquoContemporary Accounting ResearchVol 30pp1166~1190
（61）ChengQ2014ldquoFamily Firm Research -A ReviewrdquoChina Journal of Accounting ResearchVol 7pp149~163
（62）CheungY- LRauP R and A Stouraitis2006ldquoTunnelingPropping and Expropriation Evidence from Connected Party Transactions in Hong KongrdquoJournal of Financial EconomicsVol 82pp343~386
（63）ClaessensSDjankovSFanJ P H and L H PLang2002ldquoDisentangling the Incentive and Entrenchment Effects of Large ShareholdingsrdquoThe Journal of FinanceVol 57pp2741~2771
（64）ClaessensSDjankovS and L H P Lang2000ldquoThe Separation of Ownership and Control in East Asian CorporationsrdquoJournal of Financial EconomicsVol 58pp81~112
（65）CucculelliM and G Micucci2008ldquoFamily Succession and Firm Performance Evidence from Italian FamilyFirmsrdquoJournal of Corporate FinanceVol 14pp17~31
（66）CustoacutedioC and D Metzger2014ldquoFinancial ExpertCEOs CEOrsquos Work Experience and Firmrsquos Financial PoliciesrdquoJournal of Financial EconomicsVol 114pp125~154
（67）DittmarAMahrt-SmithJ and H Servaes2003ldquoInternational Corporate Governance and Corporate Cash HoldingsrdquoJournal of Financial and Quantitative AnalysisVol 38pp111~133
（68）DuJ L and Y Dai2005ldquoUltimate Corporate Ownership Structures and Capital Structures Evidence from East AsianEconomiesrdquoCorporate Governance-an International ReviewVol13pp60~71
（69）DyckAVolchkovaN and L Zingales2008ldquoTheCorporate Governance Role of the Media Evidence from RussiardquoThe Journal of FinanceVol 63pp1093~1135
（70）DyckA and L Zingales2004ldquoPrivate Benefits ofControl An International ComparisonrdquoThe Journal of FinanceVol 59pp537~600
（71）FaccioMLangL H P and L Young2001ldquoDividends and ExpropriationrdquoThe American Economic ReviewVol91pp54~78
（72）FahlenbrachR2009ldquoFounder- CEOsInvestmentDecisionsand Stock Market PerformancerdquoJournal of Financialand Quantitative AnalysisVol 44pp439~466
（73）FanJ P HTitmanS and G Twite2011ldquoAn International Comparison of Capital Structure and Debt MaturityChoicesrdquoJournal of Financial and Quantitative AnalysisVol47pp23~56
（74）GrossmanS and O Hart1988ldquoOne Share- OneVote and the Market for Corporate ControlrdquoJournal of FinancialEconomicsVol 20pp175~202
（75）GuumlnerA BMalmendierU and G Tate2008ldquoFinancial Expertise of DirectorsrdquoJournal of Financial EconomicsVol 88pp323~354
（76）GuisoLSapienzaP and L Zingales2004ldquoTheRole of Social Capital in Financial DevelopmentrdquoThe AmericanEconomic ReviewVol 94pp526~556
（77）HeJ and X Tian2013ldquoThe Dark Side of AnalystCoverage The Case of InnovationrdquoJournal of Financial EconomicsVol 109pp856~878
（78）HeckmanJ J1979ldquoSample Selection Bias As ASpecification ErrorrdquoEconometricaVol 47pp153~161
（79）HirshleiferDLowA and S H Teoh2012ldquoAre
Overconfident CEOs Better Innovators rdquoThe Journal of FinanceVol 67pp1457~1498
（80）ImbensG W and J M Wooldridge2009ldquoRecentDevelopments in the Econometrics of Program EvaluationrdquoJournal of Economic LiteratureVol 47pp5~86
（81）IsakovD and J-P Weisskopf2014ldquoAre FoundingFamilies Special Blockholders An Investigation of ControllingShareholder Influence on Firm PerformancerdquoJournal of Bankingand FinanceVol 41pp1~16
（82）JamesonMPrevostA and J Puthenpurackal2014ldquoControlling ShareholdersBoard Structure and Firm Performance Evidence from IndiardquoJournal of Corporate FinanceVol27pp1~20
（83）JensenM C and W H Meckling1976ldquoTheory ofthe Firm Managerial BehaviorAgency Costs and OwnershipStructurerdquoJournal of Financial EconomicsVol 3pp305~360
（84）JianM and T J Wong2010ldquoPropping Through Related Party TransactionsrdquoReview of Accounting StudiesVol 15pp70~105
（85）JiangF and K A Kim2015ldquoCorporate Governancein China A Modern PerspectiverdquoJournal of Corporate FinanceVol 32pp190~216
（86）JiangG HLeeC M C and H Yue2010ldquoTunneling Through Intercorporate Loans The China ExperiencerdquoJournal of Financial EconomicsVol 98pp1~20
（87）JohnsonSLa PortaRLopez-De-SilanesF and AShleifer2000ldquoTunnelingrdquoThe American Economic ReviewVol 90pp22~27
（88）KarpoffJ MScott LeeD and G S Martin2008ldquoThe Consequences to Managers for Financial MisrepresentationrdquoJournal of Financial EconomicsVol 88pp193~215
（89）KothariS PLaguerreT E and A J Leone2002ldquoCapitalization Versus Expensing Evidence on the Uncertaintyof Future Earnings from Capital Expenditures Versus RampD OutlaysrdquoReview of Accounting StudiesVol 7pp355~382
（90）La PortaRLopez-De-SilanesFShleiferA and RW Vishny2000ldquoAgency Problems and Dividend PoliciesAround the WorldrdquoThe Journal of FinanceVol 55pp1~33
（91）La PortaRLopez- De- SilanesF and A Shleifer1999ldquoCorporate Ownership Around the WorldrdquoThe Journal ofFinanceVol 54pp471~517
（92）Le Breton- MillerI and D Miller2006ldquoWhy DoSome Family Businesses Out-Compete GovernanceLong-TermOrientations and Sustainable CapabilityrdquoEntrepreneurship Theory and PracticeVol 30pp731~746
（93）LiuQLuoT and G G Tian2015ldquoFamily Controland Corporate Cash Holdings Evidence from ChinardquoJournal ofCorporate FinanceVol 31pp220~245
（94）MauryB2006ldquoFamily Ownership and Firm Performance Empirical Evidence from Western European CorporationsrdquoJournal of Corporate FinanceVol 12pp321~341
（95）McConaughyD LMatthewsC H and A S Fialko2001ldquoFounding Family Controlled Firms PerformanceRiskand ValuerdquoJournal of Small Business ManagementVol39pp31~49
（96）MorckRShleiferA and R W Vishny1988ldquoManagement Ownership and Market Valuation-An Empirical AnalysisrdquoJournal of Financial EconomicsVol 20pp293~315
（97）MullinsW and A Schoar2016ldquoHow Do CEOs See
控股家族的ldquo垂帘听政rdquo与公司财务决策
中国上市公司研究
-- 144
《管理世界》(月刊)2017年第 3期
（上接第 124页） FinanceVol 67pp45~83（25）JustmanM1995ldquoInfrastructureGrowth and the
Two Dimensions of Industrial PolicyrdquoThe Review of EconomicStudiesVol 62pp131~157
（26）KlineP and E Moretti2014ldquoLocal Economic DevelopmentAgglomeration Economiesand the Big Push 100 Yearsof Evidence from the Tennessee Valley AuthorityrdquoQuarterlyJournal of EconomicsVol129pp275~331
（27）KollmannRW Roeger and J Veld2012ldquoFiscalPolicy in a Financial Crisis Standard Policy versus Bank RescueMeasuresrdquoThe American Economic ReviewVol 102pp77~81
（28）KrugmanP R1983ldquoTargeted Industrial PoliciesTheory and EvidencerdquoIndustrial Change and Public Policypp123~155
（29）LazzariniS G2015ldquoStrategizing by the Government Can Industrial Policy Create Firm-Level Competitive AdvantagerdquoStrategic Management JournalVol 36pp97~112
（30）Lyu CK WangF Zhang and X Zhang2015ldquoGDPManagement to Meet or Beat Growth TargetsrdquoWorking Paper
（31）McDonaldR and D Siegel1986ldquoThe Value of Waiting to InvestrdquoThe Quarterly Journal of EconomicsVol 101pp707~728
（32）McleanR DT Zhang and M Zhao2012ldquoWhyDoes the Law Matter Investor Protection and Its Effects on InvestmentFinanceand GrowthrdquoThe Journal of FinanceVol67pp313~350
（33）McNicholsM F2002ldquoDiscussion of the Quality ofAccruals and Earnings The Role of Accrual Estimation Errorsrdquo
The Accounting ReviewVol 77pp61~69（34）MurphyK MA Shleifer and R W Vishny1989
ldquoIndustrialization and the Big PushrdquoJournal of Political EconomyVol 97pp1003~1026
（35）MusacchioAS G Lazzarini and R V Aguilera2015ldquoNew Varieties of State Capitalism Strategic and Governance ImplicationsrdquoThe Academy of Management PerspectivesVol 29pp115~131
（36）NearyJ P and D Leahy2000ldquoStrategic Trade andIndustrial Policy towards Dynamic OligopoliesrdquoThe EconomicJournalVol 110pp484~508
（37）NortonR D1986ldquoIndustrial Policy and AmericanRenewalrdquoJournal of Economic LiteratureVol 24pp1~40
（38）RichardsonS2006ldquoOver- investment of Free CashFlowrdquoReview of Accounting StudiesVol11pp159~189
（39）RodrikDG Grossman and V Norman1995ldquoGetting Interventions Right How South Korea and Taiwan GrewRichrdquoEconomic PolicyVol 10pp55~107
（40）TsuiK2005ldquoLocal Tax SystemIntergovernmentalTransfers and Chinas Local Fiscal DisparitiesrdquoJournal of Comparative EconomicsVol 33pp173~196
（41）WallstenSJ2000ldquoThe Effects of Government- Industry RampD Programs on Private RampD The Case of the SmallBusiness Innovation Research ProgramrdquoRAND Journal of EconomicsVol 31pp82~100
（42）XuC2011ldquoThe Fundamental Institutions of ChinasReforms and DevelopmentrdquoJournal of Economic LiteratureVol49pp1076~1151
Their Roles Management Philosophies and Styles in Family andNon-Family FirmsrdquoJournal of Financial EconomicsVol 119pp24~43
（98）MyersS C and R G Rajan1998ldquoThe Paradox ofLiquidityrdquoQuarterly Journal of EconomicsVol113pp733~771
（99）OplerTPinkowitzLStulzR and R Williamson1999ldquoThe Determinants and Implications of Corporate CashHoldingsrdquoJournal of Financial EconomicsVol 52pp3~46
（100）PamukA2000ldquoInformal Institutional Arrangements in CreditLand Markets and Infrastructure Delivery inTrinidadrdquoInternational Journal of Urban and Regional ResearchVol 24pp379~496
（101）PanX and G G Tian2016ldquoFamily Control andLoan Collateral Evidence from ChinardquoJournal of Banking andFinanceVol 67pp53~68
（102）ParkS H and Y Luo2001ldquoGuanxi and Organizational Dynamics Organizational Networking in Chinese FirmsrdquoStrategic Management JournalVol 22pp455~477
（103）PengM W and P S Heath1996ldquoThe Growth ofthe Firm in Planned Economies in Transition InstitutionsOrganizations and Strategic ChoicerdquoAcademy of Management ReviewVol 21pp492~528
（104）PengW QWeiK C J and Z Yang2011ldquoTunneling or Propping Evidence from Connected Transactions inChinardquoJournal of Corporate FinanceVol 17pp306~325
（105）PutnamR1993ldquoThe Prosperous Community Social Capital and Public LiferdquoThe American ProspectVol 13
pp35~42（106）ShleiferA and R W Vishny1986ldquoLarge Share
holders and Corporate ControlrdquoJournal of Political EconomyVol 94pp461~488
（107）ShleiferA and R W Vishny1997ldquoA Survey ofCorporate GovernancerdquoThe Journal of FinanceVol52pp737~783
（108）TanYTianXZhangX and H Zhao2015ldquoTheReal Effect of Privatization Evidence from Chinas Split ShareStructure ReformrdquoUnpublished Working PaperIndiana University
（109）VillalongaB and R Amit2006ldquoHow Do FamilyOwnershipControl and Management Affect Firm ValuerdquoJournal of Financial EconomicsVol 80pp385~417
（110）WangK and X Xiao2011ldquoControlling Shareholders Tunneling and Executive Compensation Evidence from ChinardquoJournal of Accounting and Public PolicyVol 30pp89~100
（111）XuNXuX and Q Yuan2013ldquoPolitical ConnectionsFinancing Friction and Corporate Investment Evidencefrom Chinese Listed Family FirmsrdquoEuropean Financial ManagementVol 19pp675~702
（112）XuNYuanQJiangX and K C Chan2015ldquoFounders Political ConnectionsSecond Generation Involvementand Family Firm Performance Evidence from ChinardquoJournal of Corporate FinanceVol 33pp243~259
（47）AllenFQianJ and M J Qian2005ldquoLawFinance and Economic Growth in ChinardquoJournal of Financial EconomicsVol 77pp57~116
（48）AmitRDingYVillalongaB and H Zhang2015ldquoThe Role of Institutional Development in the Prevalence andPerformance of Entrepreneur and Family-Controlled FirmsrdquoJournal of Corporate FinanceVol 31pp284~305
（49）AmoreM DMinichilliA and G Corbetta2011ldquoHow Do Managerial Successions Shape Corporate Financial Policies in Family FirmsrdquoJournal of Corporate FinanceVol 17pp1016~1027
（50）AndersonR CDuruA and D M Reeb2012ldquoInvestment Policy in Family Controlled FirmsrdquoJournal of Bankingand FinanceVol 36pp1744~1758
（51）AndersonR CMansiS A and D M Reeb2003ldquoFounding Family Ownership and the Agency Cost of DebtrdquoJournal of Financial EconomicsVol 68pp263~285
（52）AndersonR C and D M Reeb2003ldquoFounding-Family Ownership and Firm Performance Evidence from theSampP 500rdquoThe Journal of FinanceVol 58pp1301~1327
（53）AndresC2008ldquoLarge Shareholders and Firm Performance- An Empirical Examination of Founding- Family OwnershiprdquoJournal of Corporate FinanceVol 14pp431~445
（54）BaeK-HKangJ-K and J Wang2011ldquoEmployee Treatment and Firm Leverage A Test of the Stakeholder Theory of Capital StructurerdquoJournal of Financial EconomicsVol100pp130~153
（55）BennedsenMNielsenK MPeacuterez-GonzaacutelezF andD Wolfenzon2007ldquoInside the Family Firm The Role of Families in Succession Decisions and PerformancerdquoThe QuarterlyJournal of EconomicsVol 122pp647~691
（56）BurkartMPanunziF and A Shleifer2003ldquoFamily FirmsrdquoThe Journal of FinanceVol 58pp2167~2201
（57）CaoJPanX and G Tian2011ldquoDisproportionalOwnership Structure and Pay- performance Relationship Evidence from Chinas Listed FirmsrdquoJournal of Corporate FinanceVol 17pp541~554
（58）CassonM C1999ldquoThe Economics of the FamilyFirmrdquoScandinavian Economic History ReviewVol 47pp10~23
（59）ChahineS and M Goergen2013ldquoThe Effects ofManagement-board Ties on IPO PerformancerdquoJournal of Corporate FinanceVol 21pp153~179
（60）ChenXChengQ and Z L Dai2013ldquoFamily Own-- 143
ership and CEO TurnoversrdquoContemporary Accounting ResearchVol 30pp1166~1190
（61）ChengQ2014ldquoFamily Firm Research -A ReviewrdquoChina Journal of Accounting ResearchVol 7pp149~163
（62）CheungY- LRauP R and A Stouraitis2006ldquoTunnelingPropping and Expropriation Evidence from Connected Party Transactions in Hong KongrdquoJournal of Financial EconomicsVol 82pp343~386
（63）ClaessensSDjankovSFanJ P H and L H PLang2002ldquoDisentangling the Incentive and Entrenchment Effects of Large ShareholdingsrdquoThe Journal of FinanceVol 57pp2741~2771
（64）ClaessensSDjankovS and L H P Lang2000ldquoThe Separation of Ownership and Control in East Asian CorporationsrdquoJournal of Financial EconomicsVol 58pp81~112
（65）CucculelliM and G Micucci2008ldquoFamily Succession and Firm Performance Evidence from Italian FamilyFirmsrdquoJournal of Corporate FinanceVol 14pp17~31
（66）CustoacutedioC and D Metzger2014ldquoFinancial ExpertCEOs CEOrsquos Work Experience and Firmrsquos Financial PoliciesrdquoJournal of Financial EconomicsVol 114pp125~154
（67）DittmarAMahrt-SmithJ and H Servaes2003ldquoInternational Corporate Governance and Corporate Cash HoldingsrdquoJournal of Financial and Quantitative AnalysisVol 38pp111~133
（68）DuJ L and Y Dai2005ldquoUltimate Corporate Ownership Structures and Capital Structures Evidence from East AsianEconomiesrdquoCorporate Governance-an International ReviewVol13pp60~71
（69）DyckAVolchkovaN and L Zingales2008ldquoTheCorporate Governance Role of the Media Evidence from RussiardquoThe Journal of FinanceVol 63pp1093~1135
（70）DyckA and L Zingales2004ldquoPrivate Benefits ofControl An International ComparisonrdquoThe Journal of FinanceVol 59pp537~600
（71）FaccioMLangL H P and L Young2001ldquoDividends and ExpropriationrdquoThe American Economic ReviewVol91pp54~78
（72）FahlenbrachR2009ldquoFounder- CEOsInvestmentDecisionsand Stock Market PerformancerdquoJournal of Financialand Quantitative AnalysisVol 44pp439~466
（73）FanJ P HTitmanS and G Twite2011ldquoAn International Comparison of Capital Structure and Debt MaturityChoicesrdquoJournal of Financial and Quantitative AnalysisVol47pp23~56
（74）GrossmanS and O Hart1988ldquoOne Share- OneVote and the Market for Corporate ControlrdquoJournal of FinancialEconomicsVol 20pp175~202
（75）GuumlnerA BMalmendierU and G Tate2008ldquoFinancial Expertise of DirectorsrdquoJournal of Financial EconomicsVol 88pp323~354
（76）GuisoLSapienzaP and L Zingales2004ldquoTheRole of Social Capital in Financial DevelopmentrdquoThe AmericanEconomic ReviewVol 94pp526~556
（77）HeJ and X Tian2013ldquoThe Dark Side of AnalystCoverage The Case of InnovationrdquoJournal of Financial EconomicsVol 109pp856~878
（78）HeckmanJ J1979ldquoSample Selection Bias As ASpecification ErrorrdquoEconometricaVol 47pp153~161
（79）HirshleiferDLowA and S H Teoh2012ldquoAre
Overconfident CEOs Better Innovators rdquoThe Journal of FinanceVol 67pp1457~1498
（80）ImbensG W and J M Wooldridge2009ldquoRecentDevelopments in the Econometrics of Program EvaluationrdquoJournal of Economic LiteratureVol 47pp5~86
（81）IsakovD and J-P Weisskopf2014ldquoAre FoundingFamilies Special Blockholders An Investigation of ControllingShareholder Influence on Firm PerformancerdquoJournal of Bankingand FinanceVol 41pp1~16
（82）JamesonMPrevostA and J Puthenpurackal2014ldquoControlling ShareholdersBoard Structure and Firm Performance Evidence from IndiardquoJournal of Corporate FinanceVol27pp1~20
（83）JensenM C and W H Meckling1976ldquoTheory ofthe Firm Managerial BehaviorAgency Costs and OwnershipStructurerdquoJournal of Financial EconomicsVol 3pp305~360
（84）JianM and T J Wong2010ldquoPropping Through Related Party TransactionsrdquoReview of Accounting StudiesVol 15pp70~105
（85）JiangF and K A Kim2015ldquoCorporate Governancein China A Modern PerspectiverdquoJournal of Corporate FinanceVol 32pp190~216
（86）JiangG HLeeC M C and H Yue2010ldquoTunneling Through Intercorporate Loans The China ExperiencerdquoJournal of Financial EconomicsVol 98pp1~20
（87）JohnsonSLa PortaRLopez-De-SilanesF and AShleifer2000ldquoTunnelingrdquoThe American Economic ReviewVol 90pp22~27
（88）KarpoffJ MScott LeeD and G S Martin2008ldquoThe Consequences to Managers for Financial MisrepresentationrdquoJournal of Financial EconomicsVol 88pp193~215
（89）KothariS PLaguerreT E and A J Leone2002ldquoCapitalization Versus Expensing Evidence on the Uncertaintyof Future Earnings from Capital Expenditures Versus RampD OutlaysrdquoReview of Accounting StudiesVol 7pp355~382
（90）La PortaRLopez-De-SilanesFShleiferA and RW Vishny2000ldquoAgency Problems and Dividend PoliciesAround the WorldrdquoThe Journal of FinanceVol 55pp1~33
（91）La PortaRLopez- De- SilanesF and A Shleifer1999ldquoCorporate Ownership Around the WorldrdquoThe Journal ofFinanceVol 54pp471~517
（92）Le Breton- MillerI and D Miller2006ldquoWhy DoSome Family Businesses Out-Compete GovernanceLong-TermOrientations and Sustainable CapabilityrdquoEntrepreneurship Theory and PracticeVol 30pp731~746
（93）LiuQLuoT and G G Tian2015ldquoFamily Controland Corporate Cash Holdings Evidence from ChinardquoJournal ofCorporate FinanceVol 31pp220~245
（94）MauryB2006ldquoFamily Ownership and Firm Performance Empirical Evidence from Western European CorporationsrdquoJournal of Corporate FinanceVol 12pp321~341
（95）McConaughyD LMatthewsC H and A S Fialko2001ldquoFounding Family Controlled Firms PerformanceRiskand ValuerdquoJournal of Small Business ManagementVol39pp31~49
（96）MorckRShleiferA and R W Vishny1988ldquoManagement Ownership and Market Valuation-An Empirical AnalysisrdquoJournal of Financial EconomicsVol 20pp293~315
（97）MullinsW and A Schoar2016ldquoHow Do CEOs See
控股家族的ldquo垂帘听政rdquo与公司财务决策
中国上市公司研究
-- 144
《管理世界》(月刊)2017年第 3期
（上接第 124页） FinanceVol 67pp45~83（25）JustmanM1995ldquoInfrastructureGrowth and the
Two Dimensions of Industrial PolicyrdquoThe Review of EconomicStudiesVol 62pp131~157
（26）KlineP and E Moretti2014ldquoLocal Economic DevelopmentAgglomeration Economiesand the Big Push 100 Yearsof Evidence from the Tennessee Valley AuthorityrdquoQuarterlyJournal of EconomicsVol129pp275~331
（27）KollmannRW Roeger and J Veld2012ldquoFiscalPolicy in a Financial Crisis Standard Policy versus Bank RescueMeasuresrdquoThe American Economic ReviewVol 102pp77~81
（28）KrugmanP R1983ldquoTargeted Industrial PoliciesTheory and EvidencerdquoIndustrial Change and Public Policypp123~155
（29）LazzariniS G2015ldquoStrategizing by the Government Can Industrial Policy Create Firm-Level Competitive AdvantagerdquoStrategic Management JournalVol 36pp97~112
（30）Lyu CK WangF Zhang and X Zhang2015ldquoGDPManagement to Meet or Beat Growth TargetsrdquoWorking Paper
（31）McDonaldR and D Siegel1986ldquoThe Value of Waiting to InvestrdquoThe Quarterly Journal of EconomicsVol 101pp707~728
（32）McleanR DT Zhang and M Zhao2012ldquoWhyDoes the Law Matter Investor Protection and Its Effects on InvestmentFinanceand GrowthrdquoThe Journal of FinanceVol67pp313~350
（33）McNicholsM F2002ldquoDiscussion of the Quality ofAccruals and Earnings The Role of Accrual Estimation Errorsrdquo
The Accounting ReviewVol 77pp61~69（34）MurphyK MA Shleifer and R W Vishny1989
ldquoIndustrialization and the Big PushrdquoJournal of Political EconomyVol 97pp1003~1026
（35）MusacchioAS G Lazzarini and R V Aguilera2015ldquoNew Varieties of State Capitalism Strategic and Governance ImplicationsrdquoThe Academy of Management PerspectivesVol 29pp115~131
（36）NearyJ P and D Leahy2000ldquoStrategic Trade andIndustrial Policy towards Dynamic OligopoliesrdquoThe EconomicJournalVol 110pp484~508
（37）NortonR D1986ldquoIndustrial Policy and AmericanRenewalrdquoJournal of Economic LiteratureVol 24pp1~40
（38）RichardsonS2006ldquoOver- investment of Free CashFlowrdquoReview of Accounting StudiesVol11pp159~189
（39）RodrikDG Grossman and V Norman1995ldquoGetting Interventions Right How South Korea and Taiwan GrewRichrdquoEconomic PolicyVol 10pp55~107
（40）TsuiK2005ldquoLocal Tax SystemIntergovernmentalTransfers and Chinas Local Fiscal DisparitiesrdquoJournal of Comparative EconomicsVol 33pp173~196
（41）WallstenSJ2000ldquoThe Effects of Government- Industry RampD Programs on Private RampD The Case of the SmallBusiness Innovation Research ProgramrdquoRAND Journal of EconomicsVol 31pp82~100
（42）XuC2011ldquoThe Fundamental Institutions of ChinasReforms and DevelopmentrdquoJournal of Economic LiteratureVol49pp1076~1151
Their Roles Management Philosophies and Styles in Family andNon-Family FirmsrdquoJournal of Financial EconomicsVol 119pp24~43
（98）MyersS C and R G Rajan1998ldquoThe Paradox ofLiquidityrdquoQuarterly Journal of EconomicsVol113pp733~771
（99）OplerTPinkowitzLStulzR and R Williamson1999ldquoThe Determinants and Implications of Corporate CashHoldingsrdquoJournal of Financial EconomicsVol 52pp3~46
（100）PamukA2000ldquoInformal Institutional Arrangements in CreditLand Markets and Infrastructure Delivery inTrinidadrdquoInternational Journal of Urban and Regional ResearchVol 24pp379~496
（101）PanX and G G Tian2016ldquoFamily Control andLoan Collateral Evidence from ChinardquoJournal of Banking andFinanceVol 67pp53~68
（102）ParkS H and Y Luo2001ldquoGuanxi and Organizational Dynamics Organizational Networking in Chinese FirmsrdquoStrategic Management JournalVol 22pp455~477
（103）PengM W and P S Heath1996ldquoThe Growth ofthe Firm in Planned Economies in Transition InstitutionsOrganizations and Strategic ChoicerdquoAcademy of Management ReviewVol 21pp492~528
（104）PengW QWeiK C J and Z Yang2011ldquoTunneling or Propping Evidence from Connected Transactions inChinardquoJournal of Corporate FinanceVol 17pp306~325
（105）PutnamR1993ldquoThe Prosperous Community Social Capital and Public LiferdquoThe American ProspectVol 13
pp35~42（106）ShleiferA and R W Vishny1986ldquoLarge Share
holders and Corporate ControlrdquoJournal of Political EconomyVol 94pp461~488
（107）ShleiferA and R W Vishny1997ldquoA Survey ofCorporate GovernancerdquoThe Journal of FinanceVol52pp737~783
（108）TanYTianXZhangX and H Zhao2015ldquoTheReal Effect of Privatization Evidence from Chinas Split ShareStructure ReformrdquoUnpublished Working PaperIndiana University
（109）VillalongaB and R Amit2006ldquoHow Do FamilyOwnershipControl and Management Affect Firm ValuerdquoJournal of Financial EconomicsVol 80pp385~417
（110）WangK and X Xiao2011ldquoControlling Shareholders Tunneling and Executive Compensation Evidence from ChinardquoJournal of Accounting and Public PolicyVol 30pp89~100
（111）XuNXuX and Q Yuan2013ldquoPolitical ConnectionsFinancing Friction and Corporate Investment Evidencefrom Chinese Listed Family FirmsrdquoEuropean Financial ManagementVol 19pp675~702
（112）XuNYuanQJiangX and K C Chan2015ldquoFounders Political ConnectionsSecond Generation Involvementand Family Firm Performance Evidence from ChinardquoJournal of Corporate FinanceVol 33pp243~259
（47）AllenFQianJ and M J Qian2005ldquoLawFinance and Economic Growth in ChinardquoJournal of Financial EconomicsVol 77pp57~116
（48）AmitRDingYVillalongaB and H Zhang2015ldquoThe Role of Institutional Development in the Prevalence andPerformance of Entrepreneur and Family-Controlled FirmsrdquoJournal of Corporate FinanceVol 31pp284~305
（49）AmoreM DMinichilliA and G Corbetta2011ldquoHow Do Managerial Successions Shape Corporate Financial Policies in Family FirmsrdquoJournal of Corporate FinanceVol 17pp1016~1027
（50）AndersonR CDuruA and D M Reeb2012ldquoInvestment Policy in Family Controlled FirmsrdquoJournal of Bankingand FinanceVol 36pp1744~1758
（51）AndersonR CMansiS A and D M Reeb2003ldquoFounding Family Ownership and the Agency Cost of DebtrdquoJournal of Financial EconomicsVol 68pp263~285
（52）AndersonR C and D M Reeb2003ldquoFounding-Family Ownership and Firm Performance Evidence from theSampP 500rdquoThe Journal of FinanceVol 58pp1301~1327
（53）AndresC2008ldquoLarge Shareholders and Firm Performance- An Empirical Examination of Founding- Family OwnershiprdquoJournal of Corporate FinanceVol 14pp431~445
（54）BaeK-HKangJ-K and J Wang2011ldquoEmployee Treatment and Firm Leverage A Test of the Stakeholder Theory of Capital StructurerdquoJournal of Financial EconomicsVol100pp130~153
（55）BennedsenMNielsenK MPeacuterez-GonzaacutelezF andD Wolfenzon2007ldquoInside the Family Firm The Role of Families in Succession Decisions and PerformancerdquoThe QuarterlyJournal of EconomicsVol 122pp647~691
（56）BurkartMPanunziF and A Shleifer2003ldquoFamily FirmsrdquoThe Journal of FinanceVol 58pp2167~2201
（57）CaoJPanX and G Tian2011ldquoDisproportionalOwnership Structure and Pay- performance Relationship Evidence from Chinas Listed FirmsrdquoJournal of Corporate FinanceVol 17pp541~554
（58）CassonM C1999ldquoThe Economics of the FamilyFirmrdquoScandinavian Economic History ReviewVol 47pp10~23
（59）ChahineS and M Goergen2013ldquoThe Effects ofManagement-board Ties on IPO PerformancerdquoJournal of Corporate FinanceVol 21pp153~179
（60）ChenXChengQ and Z L Dai2013ldquoFamily Own-- 143
ership and CEO TurnoversrdquoContemporary Accounting ResearchVol 30pp1166~1190
（61）ChengQ2014ldquoFamily Firm Research -A ReviewrdquoChina Journal of Accounting ResearchVol 7pp149~163
（62）CheungY- LRauP R and A Stouraitis2006ldquoTunnelingPropping and Expropriation Evidence from Connected Party Transactions in Hong KongrdquoJournal of Financial EconomicsVol 82pp343~386
（63）ClaessensSDjankovSFanJ P H and L H PLang2002ldquoDisentangling the Incentive and Entrenchment Effects of Large ShareholdingsrdquoThe Journal of FinanceVol 57pp2741~2771
（64）ClaessensSDjankovS and L H P Lang2000ldquoThe Separation of Ownership and Control in East Asian CorporationsrdquoJournal of Financial EconomicsVol 58pp81~112
（65）CucculelliM and G Micucci2008ldquoFamily Succession and Firm Performance Evidence from Italian FamilyFirmsrdquoJournal of Corporate FinanceVol 14pp17~31
（66）CustoacutedioC and D Metzger2014ldquoFinancial ExpertCEOs CEOrsquos Work Experience and Firmrsquos Financial PoliciesrdquoJournal of Financial EconomicsVol 114pp125~154
（67）DittmarAMahrt-SmithJ and H Servaes2003ldquoInternational Corporate Governance and Corporate Cash HoldingsrdquoJournal of Financial and Quantitative AnalysisVol 38pp111~133
（68）DuJ L and Y Dai2005ldquoUltimate Corporate Ownership Structures and Capital Structures Evidence from East AsianEconomiesrdquoCorporate Governance-an International ReviewVol13pp60~71
（69）DyckAVolchkovaN and L Zingales2008ldquoTheCorporate Governance Role of the Media Evidence from RussiardquoThe Journal of FinanceVol 63pp1093~1135
（70）DyckA and L Zingales2004ldquoPrivate Benefits ofControl An International ComparisonrdquoThe Journal of FinanceVol 59pp537~600
（71）FaccioMLangL H P and L Young2001ldquoDividends and ExpropriationrdquoThe American Economic ReviewVol91pp54~78
（72）FahlenbrachR2009ldquoFounder- CEOsInvestmentDecisionsand Stock Market PerformancerdquoJournal of Financialand Quantitative AnalysisVol 44pp439~466
（73）FanJ P HTitmanS and G Twite2011ldquoAn International Comparison of Capital Structure and Debt MaturityChoicesrdquoJournal of Financial and Quantitative AnalysisVol47pp23~56
（74）GrossmanS and O Hart1988ldquoOne Share- OneVote and the Market for Corporate ControlrdquoJournal of FinancialEconomicsVol 20pp175~202
（75）GuumlnerA BMalmendierU and G Tate2008ldquoFinancial Expertise of DirectorsrdquoJournal of Financial EconomicsVol 88pp323~354
（76）GuisoLSapienzaP and L Zingales2004ldquoTheRole of Social Capital in Financial DevelopmentrdquoThe AmericanEconomic ReviewVol 94pp526~556
（77）HeJ and X Tian2013ldquoThe Dark Side of AnalystCoverage The Case of InnovationrdquoJournal of Financial EconomicsVol 109pp856~878
（78）HeckmanJ J1979ldquoSample Selection Bias As ASpecification ErrorrdquoEconometricaVol 47pp153~161
（79）HirshleiferDLowA and S H Teoh2012ldquoAre
Overconfident CEOs Better Innovators rdquoThe Journal of FinanceVol 67pp1457~1498
（80）ImbensG W and J M Wooldridge2009ldquoRecentDevelopments in the Econometrics of Program EvaluationrdquoJournal of Economic LiteratureVol 47pp5~86
（81）IsakovD and J-P Weisskopf2014ldquoAre FoundingFamilies Special Blockholders An Investigation of ControllingShareholder Influence on Firm PerformancerdquoJournal of Bankingand FinanceVol 41pp1~16
（82）JamesonMPrevostA and J Puthenpurackal2014ldquoControlling ShareholdersBoard Structure and Firm Performance Evidence from IndiardquoJournal of Corporate FinanceVol27pp1~20
（83）JensenM C and W H Meckling1976ldquoTheory ofthe Firm Managerial BehaviorAgency Costs and OwnershipStructurerdquoJournal of Financial EconomicsVol 3pp305~360
（84）JianM and T J Wong2010ldquoPropping Through Related Party TransactionsrdquoReview of Accounting StudiesVol 15pp70~105
（85）JiangF and K A Kim2015ldquoCorporate Governancein China A Modern PerspectiverdquoJournal of Corporate FinanceVol 32pp190~216
（86）JiangG HLeeC M C and H Yue2010ldquoTunneling Through Intercorporate Loans The China ExperiencerdquoJournal of Financial EconomicsVol 98pp1~20
（87）JohnsonSLa PortaRLopez-De-SilanesF and AShleifer2000ldquoTunnelingrdquoThe American Economic ReviewVol 90pp22~27
（88）KarpoffJ MScott LeeD and G S Martin2008ldquoThe Consequences to Managers for Financial MisrepresentationrdquoJournal of Financial EconomicsVol 88pp193~215
（89）KothariS PLaguerreT E and A J Leone2002ldquoCapitalization Versus Expensing Evidence on the Uncertaintyof Future Earnings from Capital Expenditures Versus RampD OutlaysrdquoReview of Accounting StudiesVol 7pp355~382
（90）La PortaRLopez-De-SilanesFShleiferA and RW Vishny2000ldquoAgency Problems and Dividend PoliciesAround the WorldrdquoThe Journal of FinanceVol 55pp1~33
（91）La PortaRLopez- De- SilanesF and A Shleifer1999ldquoCorporate Ownership Around the WorldrdquoThe Journal ofFinanceVol 54pp471~517
（92）Le Breton- MillerI and D Miller2006ldquoWhy DoSome Family Businesses Out-Compete GovernanceLong-TermOrientations and Sustainable CapabilityrdquoEntrepreneurship Theory and PracticeVol 30pp731~746
（93）LiuQLuoT and G G Tian2015ldquoFamily Controland Corporate Cash Holdings Evidence from ChinardquoJournal ofCorporate FinanceVol 31pp220~245
（94）MauryB2006ldquoFamily Ownership and Firm Performance Empirical Evidence from Western European CorporationsrdquoJournal of Corporate FinanceVol 12pp321~341
（95）McConaughyD LMatthewsC H and A S Fialko2001ldquoFounding Family Controlled Firms PerformanceRiskand ValuerdquoJournal of Small Business ManagementVol39pp31~49
（96）MorckRShleiferA and R W Vishny1988ldquoManagement Ownership and Market Valuation-An Empirical AnalysisrdquoJournal of Financial EconomicsVol 20pp293~315
（97）MullinsW and A Schoar2016ldquoHow Do CEOs See
控股家族的ldquo垂帘听政rdquo与公司财务决策
中国上市公司研究
-- 144
《管理世界》(月刊)2017年第 3期
（上接第 124页） FinanceVol 67pp45~83（25）JustmanM1995ldquoInfrastructureGrowth and the
Two Dimensions of Industrial PolicyrdquoThe Review of EconomicStudiesVol 62pp131~157
（26）KlineP and E Moretti2014ldquoLocal Economic DevelopmentAgglomeration Economiesand the Big Push 100 Yearsof Evidence from the Tennessee Valley AuthorityrdquoQuarterlyJournal of EconomicsVol129pp275~331
（27）KollmannRW Roeger and J Veld2012ldquoFiscalPolicy in a Financial Crisis Standard Policy versus Bank RescueMeasuresrdquoThe American Economic ReviewVol 102pp77~81
（28）KrugmanP R1983ldquoTargeted Industrial PoliciesTheory and EvidencerdquoIndustrial Change and Public Policypp123~155
（29）LazzariniS G2015ldquoStrategizing by the Government Can Industrial Policy Create Firm-Level Competitive AdvantagerdquoStrategic Management JournalVol 36pp97~112
（30）Lyu CK WangF Zhang and X Zhang2015ldquoGDPManagement to Meet or Beat Growth TargetsrdquoWorking Paper
（31）McDonaldR and D Siegel1986ldquoThe Value of Waiting to InvestrdquoThe Quarterly Journal of EconomicsVol 101pp707~728
（32）McleanR DT Zhang and M Zhao2012ldquoWhyDoes the Law Matter Investor Protection and Its Effects on InvestmentFinanceand GrowthrdquoThe Journal of FinanceVol67pp313~350
（33）McNicholsM F2002ldquoDiscussion of the Quality ofAccruals and Earnings The Role of Accrual Estimation Errorsrdquo
The Accounting ReviewVol 77pp61~69（34）MurphyK MA Shleifer and R W Vishny1989
ldquoIndustrialization and the Big PushrdquoJournal of Political EconomyVol 97pp1003~1026
（35）MusacchioAS G Lazzarini and R V Aguilera2015ldquoNew Varieties of State Capitalism Strategic and Governance ImplicationsrdquoThe Academy of Management PerspectivesVol 29pp115~131
（36）NearyJ P and D Leahy2000ldquoStrategic Trade andIndustrial Policy towards Dynamic OligopoliesrdquoThe EconomicJournalVol 110pp484~508
（37）NortonR D1986ldquoIndustrial Policy and AmericanRenewalrdquoJournal of Economic LiteratureVol 24pp1~40
（38）RichardsonS2006ldquoOver- investment of Free CashFlowrdquoReview of Accounting StudiesVol11pp159~189
（39）RodrikDG Grossman and V Norman1995ldquoGetting Interventions Right How South Korea and Taiwan GrewRichrdquoEconomic PolicyVol 10pp55~107
（40）TsuiK2005ldquoLocal Tax SystemIntergovernmentalTransfers and Chinas Local Fiscal DisparitiesrdquoJournal of Comparative EconomicsVol 33pp173~196
（41）WallstenSJ2000ldquoThe Effects of Government- Industry RampD Programs on Private RampD The Case of the SmallBusiness Innovation Research ProgramrdquoRAND Journal of EconomicsVol 31pp82~100
（42）XuC2011ldquoThe Fundamental Institutions of ChinasReforms and DevelopmentrdquoJournal of Economic LiteratureVol49pp1076~1151
Their Roles Management Philosophies and Styles in Family andNon-Family FirmsrdquoJournal of Financial EconomicsVol 119pp24~43
（98）MyersS C and R G Rajan1998ldquoThe Paradox ofLiquidityrdquoQuarterly Journal of EconomicsVol113pp733~771
（99）OplerTPinkowitzLStulzR and R Williamson1999ldquoThe Determinants and Implications of Corporate CashHoldingsrdquoJournal of Financial EconomicsVol 52pp3~46
（100）PamukA2000ldquoInformal Institutional Arrangements in CreditLand Markets and Infrastructure Delivery inTrinidadrdquoInternational Journal of Urban and Regional ResearchVol 24pp379~496
（101）PanX and G G Tian2016ldquoFamily Control andLoan Collateral Evidence from ChinardquoJournal of Banking andFinanceVol 67pp53~68
（102）ParkS H and Y Luo2001ldquoGuanxi and Organizational Dynamics Organizational Networking in Chinese FirmsrdquoStrategic Management JournalVol 22pp455~477
（103）PengM W and P S Heath1996ldquoThe Growth ofthe Firm in Planned Economies in Transition InstitutionsOrganizations and Strategic ChoicerdquoAcademy of Management ReviewVol 21pp492~528
（104）PengW QWeiK C J and Z Yang2011ldquoTunneling or Propping Evidence from Connected Transactions inChinardquoJournal of Corporate FinanceVol 17pp306~325
（105）PutnamR1993ldquoThe Prosperous Community Social Capital and Public LiferdquoThe American ProspectVol 13
pp35~42（106）ShleiferA and R W Vishny1986ldquoLarge Share
holders and Corporate ControlrdquoJournal of Political EconomyVol 94pp461~488
（107）ShleiferA and R W Vishny1997ldquoA Survey ofCorporate GovernancerdquoThe Journal of FinanceVol52pp737~783
（108）TanYTianXZhangX and H Zhao2015ldquoTheReal Effect of Privatization Evidence from Chinas Split ShareStructure ReformrdquoUnpublished Working PaperIndiana University
（109）VillalongaB and R Amit2006ldquoHow Do FamilyOwnershipControl and Management Affect Firm ValuerdquoJournal of Financial EconomicsVol 80pp385~417
（110）WangK and X Xiao2011ldquoControlling Shareholders Tunneling and Executive Compensation Evidence from ChinardquoJournal of Accounting and Public PolicyVol 30pp89~100
（111）XuNXuX and Q Yuan2013ldquoPolitical ConnectionsFinancing Friction and Corporate Investment Evidencefrom Chinese Listed Family FirmsrdquoEuropean Financial ManagementVol 19pp675~702
（112）XuNYuanQJiangX and K C Chan2015ldquoFounders Political ConnectionsSecond Generation Involvementand Family Firm Performance Evidence from ChinardquoJournal of Corporate FinanceVol 33pp243~259
-- 145
《管理世界》(月刊)2017年第 3期
族企业发展演变过程中预期的职业经理人参与
率在投资方面样本企业 InvtPatent_APPat
ent_GR的均值分别为 00761204和 1808而在资
本结构方面Leverage和 Debt的均值分别为 437
45说明家族企业的平均负债水平较高其中短
期负债是企业负债的主要组成部分在现金持有
和股利政策上家族企业的平均现金持有水平为
425平均股利支付率为 235其中发放现金股
利的企业占总样本的 631从绩效情况看家族
企业在样本区间内平均的 ROAROEROS 分别为
37675样本企业的绩效表现与其他研究
使用的样本企业相近（Liu et al2015Xu et al2015）从公司股权结构情况看第一大股东持股
（47）AllenFQianJ and M J Qian2005ldquoLawFinance and Economic Growth in ChinardquoJournal of Financial EconomicsVol 77pp57~116
（48）AmitRDingYVillalongaB and H Zhang2015ldquoThe Role of Institutional Development in the Prevalence andPerformance of Entrepreneur and Family-Controlled FirmsrdquoJournal of Corporate FinanceVol 31pp284~305
（49）AmoreM DMinichilliA and G Corbetta2011ldquoHow Do Managerial Successions Shape Corporate Financial Policies in Family FirmsrdquoJournal of Corporate FinanceVol 17pp1016~1027
（50）AndersonR CDuruA and D M Reeb2012ldquoInvestment Policy in Family Controlled FirmsrdquoJournal of Bankingand FinanceVol 36pp1744~1758
（51）AndersonR CMansiS A and D M Reeb2003ldquoFounding Family Ownership and the Agency Cost of DebtrdquoJournal of Financial EconomicsVol 68pp263~285
（52）AndersonR C and D M Reeb2003ldquoFounding-Family Ownership and Firm Performance Evidence from theSampP 500rdquoThe Journal of FinanceVol 58pp1301~1327
（53）AndresC2008ldquoLarge Shareholders and Firm Performance- An Empirical Examination of Founding- Family OwnershiprdquoJournal of Corporate FinanceVol 14pp431~445
（54）BaeK-HKangJ-K and J Wang2011ldquoEmployee Treatment and Firm Leverage A Test of the Stakeholder Theory of Capital StructurerdquoJournal of Financial EconomicsVol100pp130~153
（55）BennedsenMNielsenK MPeacuterez-GonzaacutelezF andD Wolfenzon2007ldquoInside the Family Firm The Role of Families in Succession Decisions and PerformancerdquoThe QuarterlyJournal of EconomicsVol 122pp647~691
（56）BurkartMPanunziF and A Shleifer2003ldquoFamily FirmsrdquoThe Journal of FinanceVol 58pp2167~2201
（57）CaoJPanX and G Tian2011ldquoDisproportionalOwnership Structure and Pay- performance Relationship Evidence from Chinas Listed FirmsrdquoJournal of Corporate FinanceVol 17pp541~554
（58）CassonM C1999ldquoThe Economics of the FamilyFirmrdquoScandinavian Economic History ReviewVol 47pp10~23
（59）ChahineS and M Goergen2013ldquoThe Effects ofManagement-board Ties on IPO PerformancerdquoJournal of Corporate FinanceVol 21pp153~179
（60）ChenXChengQ and Z L Dai2013ldquoFamily Own-- 143
ership and CEO TurnoversrdquoContemporary Accounting ResearchVol 30pp1166~1190
（61）ChengQ2014ldquoFamily Firm Research -A ReviewrdquoChina Journal of Accounting ResearchVol 7pp149~163
（62）CheungY- LRauP R and A Stouraitis2006ldquoTunnelingPropping and Expropriation Evidence from Connected Party Transactions in Hong KongrdquoJournal of Financial EconomicsVol 82pp343~386
（63）ClaessensSDjankovSFanJ P H and L H PLang2002ldquoDisentangling the Incentive and Entrenchment Effects of Large ShareholdingsrdquoThe Journal of FinanceVol 57pp2741~2771
（64）ClaessensSDjankovS and L H P Lang2000ldquoThe Separation of Ownership and Control in East Asian CorporationsrdquoJournal of Financial EconomicsVol 58pp81~112
（65）CucculelliM and G Micucci2008ldquoFamily Succession and Firm Performance Evidence from Italian FamilyFirmsrdquoJournal of Corporate FinanceVol 14pp17~31
（66）CustoacutedioC and D Metzger2014ldquoFinancial ExpertCEOs CEOrsquos Work Experience and Firmrsquos Financial PoliciesrdquoJournal of Financial EconomicsVol 114pp125~154
（67）DittmarAMahrt-SmithJ and H Servaes2003ldquoInternational Corporate Governance and Corporate Cash HoldingsrdquoJournal of Financial and Quantitative AnalysisVol 38pp111~133
（68）DuJ L and Y Dai2005ldquoUltimate Corporate Ownership Structures and Capital Structures Evidence from East AsianEconomiesrdquoCorporate Governance-an International ReviewVol13pp60~71
（69）DyckAVolchkovaN and L Zingales2008ldquoTheCorporate Governance Role of the Media Evidence from RussiardquoThe Journal of FinanceVol 63pp1093~1135
（70）DyckA and L Zingales2004ldquoPrivate Benefits ofControl An International ComparisonrdquoThe Journal of FinanceVol 59pp537~600
（71）FaccioMLangL H P and L Young2001ldquoDividends and ExpropriationrdquoThe American Economic ReviewVol91pp54~78
（72）FahlenbrachR2009ldquoFounder- CEOsInvestmentDecisionsand Stock Market PerformancerdquoJournal of Financialand Quantitative AnalysisVol 44pp439~466
（73）FanJ P HTitmanS and G Twite2011ldquoAn International Comparison of Capital Structure and Debt MaturityChoicesrdquoJournal of Financial and Quantitative AnalysisVol47pp23~56
（74）GrossmanS and O Hart1988ldquoOne Share- OneVote and the Market for Corporate ControlrdquoJournal of FinancialEconomicsVol 20pp175~202
（75）GuumlnerA BMalmendierU and G Tate2008ldquoFinancial Expertise of DirectorsrdquoJournal of Financial EconomicsVol 88pp323~354
（76）GuisoLSapienzaP and L Zingales2004ldquoTheRole of Social Capital in Financial DevelopmentrdquoThe AmericanEconomic ReviewVol 94pp526~556
（77）HeJ and X Tian2013ldquoThe Dark Side of AnalystCoverage The Case of InnovationrdquoJournal of Financial EconomicsVol 109pp856~878
（78）HeckmanJ J1979ldquoSample Selection Bias As ASpecification ErrorrdquoEconometricaVol 47pp153~161
（79）HirshleiferDLowA and S H Teoh2012ldquoAre
Overconfident CEOs Better Innovators rdquoThe Journal of FinanceVol 67pp1457~1498
（80）ImbensG W and J M Wooldridge2009ldquoRecentDevelopments in the Econometrics of Program EvaluationrdquoJournal of Economic LiteratureVol 47pp5~86
（81）IsakovD and J-P Weisskopf2014ldquoAre FoundingFamilies Special Blockholders An Investigation of ControllingShareholder Influence on Firm PerformancerdquoJournal of Bankingand FinanceVol 41pp1~16
（82）JamesonMPrevostA and J Puthenpurackal2014ldquoControlling ShareholdersBoard Structure and Firm Performance Evidence from IndiardquoJournal of Corporate FinanceVol27pp1~20
（83）JensenM C and W H Meckling1976ldquoTheory ofthe Firm Managerial BehaviorAgency Costs and OwnershipStructurerdquoJournal of Financial EconomicsVol 3pp305~360
（84）JianM and T J Wong2010ldquoPropping Through Related Party TransactionsrdquoReview of Accounting StudiesVol 15pp70~105
（85）JiangF and K A Kim2015ldquoCorporate Governancein China A Modern PerspectiverdquoJournal of Corporate FinanceVol 32pp190~216
（86）JiangG HLeeC M C and H Yue2010ldquoTunneling Through Intercorporate Loans The China ExperiencerdquoJournal of Financial EconomicsVol 98pp1~20
（87）JohnsonSLa PortaRLopez-De-SilanesF and AShleifer2000ldquoTunnelingrdquoThe American Economic ReviewVol 90pp22~27
（88）KarpoffJ MScott LeeD and G S Martin2008ldquoThe Consequences to Managers for Financial MisrepresentationrdquoJournal of Financial EconomicsVol 88pp193~215
（89）KothariS PLaguerreT E and A J Leone2002ldquoCapitalization Versus Expensing Evidence on the Uncertaintyof Future Earnings from Capital Expenditures Versus RampD OutlaysrdquoReview of Accounting StudiesVol 7pp355~382
（90）La PortaRLopez-De-SilanesFShleiferA and RW Vishny2000ldquoAgency Problems and Dividend PoliciesAround the WorldrdquoThe Journal of FinanceVol 55pp1~33
（91）La PortaRLopez- De- SilanesF and A Shleifer1999ldquoCorporate Ownership Around the WorldrdquoThe Journal ofFinanceVol 54pp471~517
（92）Le Breton- MillerI and D Miller2006ldquoWhy DoSome Family Businesses Out-Compete GovernanceLong-TermOrientations and Sustainable CapabilityrdquoEntrepreneurship Theory and PracticeVol 30pp731~746
（93）LiuQLuoT and G G Tian2015ldquoFamily Controland Corporate Cash Holdings Evidence from ChinardquoJournal ofCorporate FinanceVol 31pp220~245
（94）MauryB2006ldquoFamily Ownership and Firm Performance Empirical Evidence from Western European CorporationsrdquoJournal of Corporate FinanceVol 12pp321~341
（95）McConaughyD LMatthewsC H and A S Fialko2001ldquoFounding Family Controlled Firms PerformanceRiskand ValuerdquoJournal of Small Business ManagementVol39pp31~49
（96）MorckRShleiferA and R W Vishny1988ldquoManagement Ownership and Market Valuation-An Empirical AnalysisrdquoJournal of Financial EconomicsVol 20pp293~315
（97）MullinsW and A Schoar2016ldquoHow Do CEOs See
控股家族的ldquo垂帘听政rdquo与公司财务决策
中国上市公司研究
-- 144
《管理世界》(月刊)2017年第 3期
（上接第 124页） FinanceVol 67pp45~83（25）JustmanM1995ldquoInfrastructureGrowth and the
Two Dimensions of Industrial PolicyrdquoThe Review of EconomicStudiesVol 62pp131~157
（26）KlineP and E Moretti2014ldquoLocal Economic DevelopmentAgglomeration Economiesand the Big Push 100 Yearsof Evidence from the Tennessee Valley AuthorityrdquoQuarterlyJournal of EconomicsVol129pp275~331
（27）KollmannRW Roeger and J Veld2012ldquoFiscalPolicy in a Financial Crisis Standard Policy versus Bank RescueMeasuresrdquoThe American Economic ReviewVol 102pp77~81
（28）KrugmanP R1983ldquoTargeted Industrial PoliciesTheory and EvidencerdquoIndustrial Change and Public Policypp123~155
（29）LazzariniS G2015ldquoStrategizing by the Government Can Industrial Policy Create Firm-Level Competitive AdvantagerdquoStrategic Management JournalVol 36pp97~112
（30）Lyu CK WangF Zhang and X Zhang2015ldquoGDPManagement to Meet or Beat Growth TargetsrdquoWorking Paper
（31）McDonaldR and D Siegel1986ldquoThe Value of Waiting to InvestrdquoThe Quarterly Journal of EconomicsVol 101pp707~728
（32）McleanR DT Zhang and M Zhao2012ldquoWhyDoes the Law Matter Investor Protection and Its Effects on InvestmentFinanceand GrowthrdquoThe Journal of FinanceVol67pp313~350
（33）McNicholsM F2002ldquoDiscussion of the Quality ofAccruals and Earnings The Role of Accrual Estimation Errorsrdquo
The Accounting ReviewVol 77pp61~69（34）MurphyK MA Shleifer and R W Vishny1989
ldquoIndustrialization and the Big PushrdquoJournal of Political EconomyVol 97pp1003~1026
（35）MusacchioAS G Lazzarini and R V Aguilera2015ldquoNew Varieties of State Capitalism Strategic and Governance ImplicationsrdquoThe Academy of Management PerspectivesVol 29pp115~131
（36）NearyJ P and D Leahy2000ldquoStrategic Trade andIndustrial Policy towards Dynamic OligopoliesrdquoThe EconomicJournalVol 110pp484~508
（37）NortonR D1986ldquoIndustrial Policy and AmericanRenewalrdquoJournal of Economic LiteratureVol 24pp1~40
（38）RichardsonS2006ldquoOver- investment of Free CashFlowrdquoReview of Accounting StudiesVol11pp159~189
（39）RodrikDG Grossman and V Norman1995ldquoGetting Interventions Right How South Korea and Taiwan GrewRichrdquoEconomic PolicyVol 10pp55~107
（40）TsuiK2005ldquoLocal Tax SystemIntergovernmentalTransfers and Chinas Local Fiscal DisparitiesrdquoJournal of Comparative EconomicsVol 33pp173~196
（41）WallstenSJ2000ldquoThe Effects of Government- Industry RampD Programs on Private RampD The Case of the SmallBusiness Innovation Research ProgramrdquoRAND Journal of EconomicsVol 31pp82~100
（42）XuC2011ldquoThe Fundamental Institutions of ChinasReforms and DevelopmentrdquoJournal of Economic LiteratureVol49pp1076~1151
Their Roles Management Philosophies and Styles in Family andNon-Family FirmsrdquoJournal of Financial EconomicsVol 119pp24~43
（98）MyersS C and R G Rajan1998ldquoThe Paradox ofLiquidityrdquoQuarterly Journal of EconomicsVol113pp733~771
（99）OplerTPinkowitzLStulzR and R Williamson1999ldquoThe Determinants and Implications of Corporate CashHoldingsrdquoJournal of Financial EconomicsVol 52pp3~46
（100）PamukA2000ldquoInformal Institutional Arrangements in CreditLand Markets and Infrastructure Delivery inTrinidadrdquoInternational Journal of Urban and Regional ResearchVol 24pp379~496
（101）PanX and G G Tian2016ldquoFamily Control andLoan Collateral Evidence from ChinardquoJournal of Banking andFinanceVol 67pp53~68
（102）ParkS H and Y Luo2001ldquoGuanxi and Organizational Dynamics Organizational Networking in Chinese FirmsrdquoStrategic Management JournalVol 22pp455~477
（103）PengM W and P S Heath1996ldquoThe Growth ofthe Firm in Planned Economies in Transition InstitutionsOrganizations and Strategic ChoicerdquoAcademy of Management ReviewVol 21pp492~528
（104）PengW QWeiK C J and Z Yang2011ldquoTunneling or Propping Evidence from Connected Transactions inChinardquoJournal of Corporate FinanceVol 17pp306~325
（105）PutnamR1993ldquoThe Prosperous Community Social Capital and Public LiferdquoThe American ProspectVol 13
pp35~42（106）ShleiferA and R W Vishny1986ldquoLarge Share
holders and Corporate ControlrdquoJournal of Political EconomyVol 94pp461~488
（107）ShleiferA and R W Vishny1997ldquoA Survey ofCorporate GovernancerdquoThe Journal of FinanceVol52pp737~783
（108）TanYTianXZhangX and H Zhao2015ldquoTheReal Effect of Privatization Evidence from Chinas Split ShareStructure ReformrdquoUnpublished Working PaperIndiana University
（109）VillalongaB and R Amit2006ldquoHow Do FamilyOwnershipControl and Management Affect Firm ValuerdquoJournal of Financial EconomicsVol 80pp385~417
（110）WangK and X Xiao2011ldquoControlling Shareholders Tunneling and Executive Compensation Evidence from ChinardquoJournal of Accounting and Public PolicyVol 30pp89~100
（111）XuNXuX and Q Yuan2013ldquoPolitical ConnectionsFinancing Friction and Corporate Investment Evidencefrom Chinese Listed Family FirmsrdquoEuropean Financial ManagementVol 19pp675~702
（112）XuNYuanQJiangX and K C Chan2015ldquoFounders Political ConnectionsSecond Generation Involvementand Family Firm Performance Evidence from ChinardquoJournal of Corporate FinanceVol 33pp243~259
-- 145
其中Invt为公司的资本支出NF_Chair为表征
董事长家族身份的虚拟变量若董事长为非家族成
员NF_Chair取值为 1否则为 0同时我们还控
制了以下因素的可能影响期初的公司规模（Sizet-
1）即期初的总资产的自然对数投资机会（BMt-1）
即期初的总资产账面价值与市场价值之比现金流
量（CFt）即 t期的经营活动产生的现金流量净额除
以期初的总资产其他控制变量包括总资产负债
率（Leverage）公司年龄（Fage）第一大股东持股比
例（TOP1）第二至第五大股东持股比例（TOP25）
机构投资者持股比例（Institution）行业（Industry）和
年度（Year）哑变量为保证研究结论的稳健性所
有检验的标准误差均经过异方差和企业层面的聚
类调整
由于创新活动具有时滞我们采用向后滞后两
期的专利数量衡量公司的创新能力（He and Tian2013Tan et al2015）检验董事长的家族性质对
（47）AllenFQianJ and M J Qian2005ldquoLawFinance and Economic Growth in ChinardquoJournal of Financial EconomicsVol 77pp57~116
（48）AmitRDingYVillalongaB and H Zhang2015ldquoThe Role of Institutional Development in the Prevalence andPerformance of Entrepreneur and Family-Controlled FirmsrdquoJournal of Corporate FinanceVol 31pp284~305
（49）AmoreM DMinichilliA and G Corbetta2011ldquoHow Do Managerial Successions Shape Corporate Financial Policies in Family FirmsrdquoJournal of Corporate FinanceVol 17pp1016~1027
（50）AndersonR CDuruA and D M Reeb2012ldquoInvestment Policy in Family Controlled FirmsrdquoJournal of Bankingand FinanceVol 36pp1744~1758
（51）AndersonR CMansiS A and D M Reeb2003ldquoFounding Family Ownership and the Agency Cost of DebtrdquoJournal of Financial EconomicsVol 68pp263~285
（52）AndersonR C and D M Reeb2003ldquoFounding-Family Ownership and Firm Performance Evidence from theSampP 500rdquoThe Journal of FinanceVol 58pp1301~1327
（53）AndresC2008ldquoLarge Shareholders and Firm Performance- An Empirical Examination of Founding- Family OwnershiprdquoJournal of Corporate FinanceVol 14pp431~445
（54）BaeK-HKangJ-K and J Wang2011ldquoEmployee Treatment and Firm Leverage A Test of the Stakeholder Theory of Capital StructurerdquoJournal of Financial EconomicsVol100pp130~153
（55）BennedsenMNielsenK MPeacuterez-GonzaacutelezF andD Wolfenzon2007ldquoInside the Family Firm The Role of Families in Succession Decisions and PerformancerdquoThe QuarterlyJournal of EconomicsVol 122pp647~691
（56）BurkartMPanunziF and A Shleifer2003ldquoFamily FirmsrdquoThe Journal of FinanceVol 58pp2167~2201
（57）CaoJPanX and G Tian2011ldquoDisproportionalOwnership Structure and Pay- performance Relationship Evidence from Chinas Listed FirmsrdquoJournal of Corporate FinanceVol 17pp541~554
（58）CassonM C1999ldquoThe Economics of the FamilyFirmrdquoScandinavian Economic History ReviewVol 47pp10~23
（59）ChahineS and M Goergen2013ldquoThe Effects ofManagement-board Ties on IPO PerformancerdquoJournal of Corporate FinanceVol 21pp153~179
（60）ChenXChengQ and Z L Dai2013ldquoFamily Own-- 143
ership and CEO TurnoversrdquoContemporary Accounting ResearchVol 30pp1166~1190
（61）ChengQ2014ldquoFamily Firm Research -A ReviewrdquoChina Journal of Accounting ResearchVol 7pp149~163
（62）CheungY- LRauP R and A Stouraitis2006ldquoTunnelingPropping and Expropriation Evidence from Connected Party Transactions in Hong KongrdquoJournal of Financial EconomicsVol 82pp343~386
（63）ClaessensSDjankovSFanJ P H and L H PLang2002ldquoDisentangling the Incentive and Entrenchment Effects of Large ShareholdingsrdquoThe Journal of FinanceVol 57pp2741~2771
（64）ClaessensSDjankovS and L H P Lang2000ldquoThe Separation of Ownership and Control in East Asian CorporationsrdquoJournal of Financial EconomicsVol 58pp81~112
（65）CucculelliM and G Micucci2008ldquoFamily Succession and Firm Performance Evidence from Italian FamilyFirmsrdquoJournal of Corporate FinanceVol 14pp17~31
（66）CustoacutedioC and D Metzger2014ldquoFinancial ExpertCEOs CEOrsquos Work Experience and Firmrsquos Financial PoliciesrdquoJournal of Financial EconomicsVol 114pp125~154
（67）DittmarAMahrt-SmithJ and H Servaes2003ldquoInternational Corporate Governance and Corporate Cash HoldingsrdquoJournal of Financial and Quantitative AnalysisVol 38pp111~133
（68）DuJ L and Y Dai2005ldquoUltimate Corporate Ownership Structures and Capital Structures Evidence from East AsianEconomiesrdquoCorporate Governance-an International ReviewVol13pp60~71
（69）DyckAVolchkovaN and L Zingales2008ldquoTheCorporate Governance Role of the Media Evidence from RussiardquoThe Journal of FinanceVol 63pp1093~1135
（70）DyckA and L Zingales2004ldquoPrivate Benefits ofControl An International ComparisonrdquoThe Journal of FinanceVol 59pp537~600
（71）FaccioMLangL H P and L Young2001ldquoDividends and ExpropriationrdquoThe American Economic ReviewVol91pp54~78
（72）FahlenbrachR2009ldquoFounder- CEOsInvestmentDecisionsand Stock Market PerformancerdquoJournal of Financialand Quantitative AnalysisVol 44pp439~466
（73）FanJ P HTitmanS and G Twite2011ldquoAn International Comparison of Capital Structure and Debt MaturityChoicesrdquoJournal of Financial and Quantitative AnalysisVol47pp23~56
（74）GrossmanS and O Hart1988ldquoOne Share- OneVote and the Market for Corporate ControlrdquoJournal of FinancialEconomicsVol 20pp175~202
（75）GuumlnerA BMalmendierU and G Tate2008ldquoFinancial Expertise of DirectorsrdquoJournal of Financial EconomicsVol 88pp323~354
（76）GuisoLSapienzaP and L Zingales2004ldquoTheRole of Social Capital in Financial DevelopmentrdquoThe AmericanEconomic ReviewVol 94pp526~556
（77）HeJ and X Tian2013ldquoThe Dark Side of AnalystCoverage The Case of InnovationrdquoJournal of Financial EconomicsVol 109pp856~878
（78）HeckmanJ J1979ldquoSample Selection Bias As ASpecification ErrorrdquoEconometricaVol 47pp153~161
（79）HirshleiferDLowA and S H Teoh2012ldquoAre
Overconfident CEOs Better Innovators rdquoThe Journal of FinanceVol 67pp1457~1498
（80）ImbensG W and J M Wooldridge2009ldquoRecentDevelopments in the Econometrics of Program EvaluationrdquoJournal of Economic LiteratureVol 47pp5~86
（81）IsakovD and J-P Weisskopf2014ldquoAre FoundingFamilies Special Blockholders An Investigation of ControllingShareholder Influence on Firm PerformancerdquoJournal of Bankingand FinanceVol 41pp1~16
（82）JamesonMPrevostA and J Puthenpurackal2014ldquoControlling ShareholdersBoard Structure and Firm Performance Evidence from IndiardquoJournal of Corporate FinanceVol27pp1~20
（83）JensenM C and W H Meckling1976ldquoTheory ofthe Firm Managerial BehaviorAgency Costs and OwnershipStructurerdquoJournal of Financial EconomicsVol 3pp305~360
（84）JianM and T J Wong2010ldquoPropping Through Related Party TransactionsrdquoReview of Accounting StudiesVol 15pp70~105
（85）JiangF and K A Kim2015ldquoCorporate Governancein China A Modern PerspectiverdquoJournal of Corporate FinanceVol 32pp190~216
（86）JiangG HLeeC M C and H Yue2010ldquoTunneling Through Intercorporate Loans The China ExperiencerdquoJournal of Financial EconomicsVol 98pp1~20
（87）JohnsonSLa PortaRLopez-De-SilanesF and AShleifer2000ldquoTunnelingrdquoThe American Economic ReviewVol 90pp22~27
（88）KarpoffJ MScott LeeD and G S Martin2008ldquoThe Consequences to Managers for Financial MisrepresentationrdquoJournal of Financial EconomicsVol 88pp193~215
（89）KothariS PLaguerreT E and A J Leone2002ldquoCapitalization Versus Expensing Evidence on the Uncertaintyof Future Earnings from Capital Expenditures Versus RampD OutlaysrdquoReview of Accounting StudiesVol 7pp355~382
（90）La PortaRLopez-De-SilanesFShleiferA and RW Vishny2000ldquoAgency Problems and Dividend PoliciesAround the WorldrdquoThe Journal of FinanceVol 55pp1~33
（91）La PortaRLopez- De- SilanesF and A Shleifer1999ldquoCorporate Ownership Around the WorldrdquoThe Journal ofFinanceVol 54pp471~517
（92）Le Breton- MillerI and D Miller2006ldquoWhy DoSome Family Businesses Out-Compete GovernanceLong-TermOrientations and Sustainable CapabilityrdquoEntrepreneurship Theory and PracticeVol 30pp731~746
（93）LiuQLuoT and G G Tian2015ldquoFamily Controland Corporate Cash Holdings Evidence from ChinardquoJournal ofCorporate FinanceVol 31pp220~245
（94）MauryB2006ldquoFamily Ownership and Firm Performance Empirical Evidence from Western European CorporationsrdquoJournal of Corporate FinanceVol 12pp321~341
（95）McConaughyD LMatthewsC H and A S Fialko2001ldquoFounding Family Controlled Firms PerformanceRiskand ValuerdquoJournal of Small Business ManagementVol39pp31~49
（96）MorckRShleiferA and R W Vishny1988ldquoManagement Ownership and Market Valuation-An Empirical AnalysisrdquoJournal of Financial EconomicsVol 20pp293~315
（97）MullinsW and A Schoar2016ldquoHow Do CEOs See
控股家族的ldquo垂帘听政rdquo与公司财务决策
中国上市公司研究
-- 144
《管理世界》(月刊)2017年第 3期
（上接第 124页） FinanceVol 67pp45~83（25）JustmanM1995ldquoInfrastructureGrowth and the
Two Dimensions of Industrial PolicyrdquoThe Review of EconomicStudiesVol 62pp131~157
（26）KlineP and E Moretti2014ldquoLocal Economic DevelopmentAgglomeration Economiesand the Big Push 100 Yearsof Evidence from the Tennessee Valley AuthorityrdquoQuarterlyJournal of EconomicsVol129pp275~331
（27）KollmannRW Roeger and J Veld2012ldquoFiscalPolicy in a Financial Crisis Standard Policy versus Bank RescueMeasuresrdquoThe American Economic ReviewVol 102pp77~81
（28）KrugmanP R1983ldquoTargeted Industrial PoliciesTheory and EvidencerdquoIndustrial Change and Public Policypp123~155
（29）LazzariniS G2015ldquoStrategizing by the Government Can Industrial Policy Create Firm-Level Competitive AdvantagerdquoStrategic Management JournalVol 36pp97~112
（30）Lyu CK WangF Zhang and X Zhang2015ldquoGDPManagement to Meet or Beat Growth TargetsrdquoWorking Paper
（31）McDonaldR and D Siegel1986ldquoThe Value of Waiting to InvestrdquoThe Quarterly Journal of EconomicsVol 101pp707~728
（32）McleanR DT Zhang and M Zhao2012ldquoWhyDoes the Law Matter Investor Protection and Its Effects on InvestmentFinanceand GrowthrdquoThe Journal of FinanceVol67pp313~350
（33）McNicholsM F2002ldquoDiscussion of the Quality ofAccruals and Earnings The Role of Accrual Estimation Errorsrdquo
The Accounting ReviewVol 77pp61~69（34）MurphyK MA Shleifer and R W Vishny1989
ldquoIndustrialization and the Big PushrdquoJournal of Political EconomyVol 97pp1003~1026
（35）MusacchioAS G Lazzarini and R V Aguilera2015ldquoNew Varieties of State Capitalism Strategic and Governance ImplicationsrdquoThe Academy of Management PerspectivesVol 29pp115~131
（36）NearyJ P and D Leahy2000ldquoStrategic Trade andIndustrial Policy towards Dynamic OligopoliesrdquoThe EconomicJournalVol 110pp484~508
（37）NortonR D1986ldquoIndustrial Policy and AmericanRenewalrdquoJournal of Economic LiteratureVol 24pp1~40
（38）RichardsonS2006ldquoOver- investment of Free CashFlowrdquoReview of Accounting StudiesVol11pp159~189
（39）RodrikDG Grossman and V Norman1995ldquoGetting Interventions Right How South Korea and Taiwan GrewRichrdquoEconomic PolicyVol 10pp55~107
（40）TsuiK2005ldquoLocal Tax SystemIntergovernmentalTransfers and Chinas Local Fiscal DisparitiesrdquoJournal of Comparative EconomicsVol 33pp173~196
（41）WallstenSJ2000ldquoThe Effects of Government- Industry RampD Programs on Private RampD The Case of the SmallBusiness Innovation Research ProgramrdquoRAND Journal of EconomicsVol 31pp82~100
（42）XuC2011ldquoThe Fundamental Institutions of ChinasReforms and DevelopmentrdquoJournal of Economic LiteratureVol49pp1076~1151
Their Roles Management Philosophies and Styles in Family andNon-Family FirmsrdquoJournal of Financial EconomicsVol 119pp24~43
（98）MyersS C and R G Rajan1998ldquoThe Paradox ofLiquidityrdquoQuarterly Journal of EconomicsVol113pp733~771
（99）OplerTPinkowitzLStulzR and R Williamson1999ldquoThe Determinants and Implications of Corporate CashHoldingsrdquoJournal of Financial EconomicsVol 52pp3~46
（100）PamukA2000ldquoInformal Institutional Arrangements in CreditLand Markets and Infrastructure Delivery inTrinidadrdquoInternational Journal of Urban and Regional ResearchVol 24pp379~496
（101）PanX and G G Tian2016ldquoFamily Control andLoan Collateral Evidence from ChinardquoJournal of Banking andFinanceVol 67pp53~68
（102）ParkS H and Y Luo2001ldquoGuanxi and Organizational Dynamics Organizational Networking in Chinese FirmsrdquoStrategic Management JournalVol 22pp455~477
（103）PengM W and P S Heath1996ldquoThe Growth ofthe Firm in Planned Economies in Transition InstitutionsOrganizations and Strategic ChoicerdquoAcademy of Management ReviewVol 21pp492~528
（104）PengW QWeiK C J and Z Yang2011ldquoTunneling or Propping Evidence from Connected Transactions inChinardquoJournal of Corporate FinanceVol 17pp306~325
（105）PutnamR1993ldquoThe Prosperous Community Social Capital and Public LiferdquoThe American ProspectVol 13
pp35~42（106）ShleiferA and R W Vishny1986ldquoLarge Share
holders and Corporate ControlrdquoJournal of Political EconomyVol 94pp461~488
（107）ShleiferA and R W Vishny1997ldquoA Survey ofCorporate GovernancerdquoThe Journal of FinanceVol52pp737~783
（108）TanYTianXZhangX and H Zhao2015ldquoTheReal Effect of Privatization Evidence from Chinas Split ShareStructure ReformrdquoUnpublished Working PaperIndiana University
（109）VillalongaB and R Amit2006ldquoHow Do FamilyOwnershipControl and Management Affect Firm ValuerdquoJournal of Financial EconomicsVol 80pp385~417
（110）WangK and X Xiao2011ldquoControlling Shareholders Tunneling and Executive Compensation Evidence from ChinardquoJournal of Accounting and Public PolicyVol 30pp89~100
（111）XuNXuX and Q Yuan2013ldquoPolitical ConnectionsFinancing Friction and Corporate Investment Evidencefrom Chinese Listed Family FirmsrdquoEuropean Financial ManagementVol 19pp675~702
（112）XuNYuanQJiangX and K C Chan2015ldquoFounders Political ConnectionsSecond Generation Involvementand Family Firm Performance Evidence from ChinardquoJournal of Corporate FinanceVol 33pp243~259
（47）AllenFQianJ and M J Qian2005ldquoLawFinance and Economic Growth in ChinardquoJournal of Financial EconomicsVol 77pp57~116
（48）AmitRDingYVillalongaB and H Zhang2015ldquoThe Role of Institutional Development in the Prevalence andPerformance of Entrepreneur and Family-Controlled FirmsrdquoJournal of Corporate FinanceVol 31pp284~305
（49）AmoreM DMinichilliA and G Corbetta2011ldquoHow Do Managerial Successions Shape Corporate Financial Policies in Family FirmsrdquoJournal of Corporate FinanceVol 17pp1016~1027
（50）AndersonR CDuruA and D M Reeb2012ldquoInvestment Policy in Family Controlled FirmsrdquoJournal of Bankingand FinanceVol 36pp1744~1758
（51）AndersonR CMansiS A and D M Reeb2003ldquoFounding Family Ownership and the Agency Cost of DebtrdquoJournal of Financial EconomicsVol 68pp263~285
（52）AndersonR C and D M Reeb2003ldquoFounding-Family Ownership and Firm Performance Evidence from theSampP 500rdquoThe Journal of FinanceVol 58pp1301~1327
（53）AndresC2008ldquoLarge Shareholders and Firm Performance- An Empirical Examination of Founding- Family OwnershiprdquoJournal of Corporate FinanceVol 14pp431~445
（54）BaeK-HKangJ-K and J Wang2011ldquoEmployee Treatment and Firm Leverage A Test of the Stakeholder Theory of Capital StructurerdquoJournal of Financial EconomicsVol100pp130~153
（55）BennedsenMNielsenK MPeacuterez-GonzaacutelezF andD Wolfenzon2007ldquoInside the Family Firm The Role of Families in Succession Decisions and PerformancerdquoThe QuarterlyJournal of EconomicsVol 122pp647~691
（56）BurkartMPanunziF and A Shleifer2003ldquoFamily FirmsrdquoThe Journal of FinanceVol 58pp2167~2201
（57）CaoJPanX and G Tian2011ldquoDisproportionalOwnership Structure and Pay- performance Relationship Evidence from Chinas Listed FirmsrdquoJournal of Corporate FinanceVol 17pp541~554
（58）CassonM C1999ldquoThe Economics of the FamilyFirmrdquoScandinavian Economic History ReviewVol 47pp10~23
（59）ChahineS and M Goergen2013ldquoThe Effects ofManagement-board Ties on IPO PerformancerdquoJournal of Corporate FinanceVol 21pp153~179
（60）ChenXChengQ and Z L Dai2013ldquoFamily Own-- 143
ership and CEO TurnoversrdquoContemporary Accounting ResearchVol 30pp1166~1190
（61）ChengQ2014ldquoFamily Firm Research -A ReviewrdquoChina Journal of Accounting ResearchVol 7pp149~163
（62）CheungY- LRauP R and A Stouraitis2006ldquoTunnelingPropping and Expropriation Evidence from Connected Party Transactions in Hong KongrdquoJournal of Financial EconomicsVol 82pp343~386
（63）ClaessensSDjankovSFanJ P H and L H PLang2002ldquoDisentangling the Incentive and Entrenchment Effects of Large ShareholdingsrdquoThe Journal of FinanceVol 57pp2741~2771
（64）ClaessensSDjankovS and L H P Lang2000ldquoThe Separation of Ownership and Control in East Asian CorporationsrdquoJournal of Financial EconomicsVol 58pp81~112
（65）CucculelliM and G Micucci2008ldquoFamily Succession and Firm Performance Evidence from Italian FamilyFirmsrdquoJournal of Corporate FinanceVol 14pp17~31
（66）CustoacutedioC and D Metzger2014ldquoFinancial ExpertCEOs CEOrsquos Work Experience and Firmrsquos Financial PoliciesrdquoJournal of Financial EconomicsVol 114pp125~154
（67）DittmarAMahrt-SmithJ and H Servaes2003ldquoInternational Corporate Governance and Corporate Cash HoldingsrdquoJournal of Financial and Quantitative AnalysisVol 38pp111~133
（68）DuJ L and Y Dai2005ldquoUltimate Corporate Ownership Structures and Capital Structures Evidence from East AsianEconomiesrdquoCorporate Governance-an International ReviewVol13pp60~71
（69）DyckAVolchkovaN and L Zingales2008ldquoTheCorporate Governance Role of the Media Evidence from RussiardquoThe Journal of FinanceVol 63pp1093~1135
（70）DyckA and L Zingales2004ldquoPrivate Benefits ofControl An International ComparisonrdquoThe Journal of FinanceVol 59pp537~600
（71）FaccioMLangL H P and L Young2001ldquoDividends and ExpropriationrdquoThe American Economic ReviewVol91pp54~78
（72）FahlenbrachR2009ldquoFounder- CEOsInvestmentDecisionsand Stock Market PerformancerdquoJournal of Financialand Quantitative AnalysisVol 44pp439~466
（73）FanJ P HTitmanS and G Twite2011ldquoAn International Comparison of Capital Structure and Debt MaturityChoicesrdquoJournal of Financial and Quantitative AnalysisVol47pp23~56
（74）GrossmanS and O Hart1988ldquoOne Share- OneVote and the Market for Corporate ControlrdquoJournal of FinancialEconomicsVol 20pp175~202
（75）GuumlnerA BMalmendierU and G Tate2008ldquoFinancial Expertise of DirectorsrdquoJournal of Financial EconomicsVol 88pp323~354
（76）GuisoLSapienzaP and L Zingales2004ldquoTheRole of Social Capital in Financial DevelopmentrdquoThe AmericanEconomic ReviewVol 94pp526~556
（77）HeJ and X Tian2013ldquoThe Dark Side of AnalystCoverage The Case of InnovationrdquoJournal of Financial EconomicsVol 109pp856~878
（78）HeckmanJ J1979ldquoSample Selection Bias As ASpecification ErrorrdquoEconometricaVol 47pp153~161
（79）HirshleiferDLowA and S H Teoh2012ldquoAre
Overconfident CEOs Better Innovators rdquoThe Journal of FinanceVol 67pp1457~1498
（80）ImbensG W and J M Wooldridge2009ldquoRecentDevelopments in the Econometrics of Program EvaluationrdquoJournal of Economic LiteratureVol 47pp5~86
（81）IsakovD and J-P Weisskopf2014ldquoAre FoundingFamilies Special Blockholders An Investigation of ControllingShareholder Influence on Firm PerformancerdquoJournal of Bankingand FinanceVol 41pp1~16
（82）JamesonMPrevostA and J Puthenpurackal2014ldquoControlling ShareholdersBoard Structure and Firm Performance Evidence from IndiardquoJournal of Corporate FinanceVol27pp1~20
（83）JensenM C and W H Meckling1976ldquoTheory ofthe Firm Managerial BehaviorAgency Costs and OwnershipStructurerdquoJournal of Financial EconomicsVol 3pp305~360
（84）JianM and T J Wong2010ldquoPropping Through Related Party TransactionsrdquoReview of Accounting StudiesVol 15pp70~105
（85）JiangF and K A Kim2015ldquoCorporate Governancein China A Modern PerspectiverdquoJournal of Corporate FinanceVol 32pp190~216
（86）JiangG HLeeC M C and H Yue2010ldquoTunneling Through Intercorporate Loans The China ExperiencerdquoJournal of Financial EconomicsVol 98pp1~20
（87）JohnsonSLa PortaRLopez-De-SilanesF and AShleifer2000ldquoTunnelingrdquoThe American Economic ReviewVol 90pp22~27
（88）KarpoffJ MScott LeeD and G S Martin2008ldquoThe Consequences to Managers for Financial MisrepresentationrdquoJournal of Financial EconomicsVol 88pp193~215
（89）KothariS PLaguerreT E and A J Leone2002ldquoCapitalization Versus Expensing Evidence on the Uncertaintyof Future Earnings from Capital Expenditures Versus RampD OutlaysrdquoReview of Accounting StudiesVol 7pp355~382
（90）La PortaRLopez-De-SilanesFShleiferA and RW Vishny2000ldquoAgency Problems and Dividend PoliciesAround the WorldrdquoThe Journal of FinanceVol 55pp1~33
（91）La PortaRLopez- De- SilanesF and A Shleifer1999ldquoCorporate Ownership Around the WorldrdquoThe Journal ofFinanceVol 54pp471~517
（92）Le Breton- MillerI and D Miller2006ldquoWhy DoSome Family Businesses Out-Compete GovernanceLong-TermOrientations and Sustainable CapabilityrdquoEntrepreneurship Theory and PracticeVol 30pp731~746
（93）LiuQLuoT and G G Tian2015ldquoFamily Controland Corporate Cash Holdings Evidence from ChinardquoJournal ofCorporate FinanceVol 31pp220~245
（94）MauryB2006ldquoFamily Ownership and Firm Performance Empirical Evidence from Western European CorporationsrdquoJournal of Corporate FinanceVol 12pp321~341
（95）McConaughyD LMatthewsC H and A S Fialko2001ldquoFounding Family Controlled Firms PerformanceRiskand ValuerdquoJournal of Small Business ManagementVol39pp31~49
（96）MorckRShleiferA and R W Vishny1988ldquoManagement Ownership and Market Valuation-An Empirical AnalysisrdquoJournal of Financial EconomicsVol 20pp293~315
（97）MullinsW and A Schoar2016ldquoHow Do CEOs See
控股家族的ldquo垂帘听政rdquo与公司财务决策
中国上市公司研究
-- 144
《管理世界》(月刊)2017年第 3期
（上接第 124页） FinanceVol 67pp45~83（25）JustmanM1995ldquoInfrastructureGrowth and the
Two Dimensions of Industrial PolicyrdquoThe Review of EconomicStudiesVol 62pp131~157
（26）KlineP and E Moretti2014ldquoLocal Economic DevelopmentAgglomeration Economiesand the Big Push 100 Yearsof Evidence from the Tennessee Valley AuthorityrdquoQuarterlyJournal of EconomicsVol129pp275~331
（27）KollmannRW Roeger and J Veld2012ldquoFiscalPolicy in a Financial Crisis Standard Policy versus Bank RescueMeasuresrdquoThe American Economic ReviewVol 102pp77~81
（28）KrugmanP R1983ldquoTargeted Industrial PoliciesTheory and EvidencerdquoIndustrial Change and Public Policypp123~155
（29）LazzariniS G2015ldquoStrategizing by the Government Can Industrial Policy Create Firm-Level Competitive AdvantagerdquoStrategic Management JournalVol 36pp97~112
（30）Lyu CK WangF Zhang and X Zhang2015ldquoGDPManagement to Meet or Beat Growth TargetsrdquoWorking Paper
（31）McDonaldR and D Siegel1986ldquoThe Value of Waiting to InvestrdquoThe Quarterly Journal of EconomicsVol 101pp707~728
（32）McleanR DT Zhang and M Zhao2012ldquoWhyDoes the Law Matter Investor Protection and Its Effects on InvestmentFinanceand GrowthrdquoThe Journal of FinanceVol67pp313~350
（33）McNicholsM F2002ldquoDiscussion of the Quality ofAccruals and Earnings The Role of Accrual Estimation Errorsrdquo
The Accounting ReviewVol 77pp61~69（34）MurphyK MA Shleifer and R W Vishny1989
ldquoIndustrialization and the Big PushrdquoJournal of Political EconomyVol 97pp1003~1026
（35）MusacchioAS G Lazzarini and R V Aguilera2015ldquoNew Varieties of State Capitalism Strategic and Governance ImplicationsrdquoThe Academy of Management PerspectivesVol 29pp115~131
（36）NearyJ P and D Leahy2000ldquoStrategic Trade andIndustrial Policy towards Dynamic OligopoliesrdquoThe EconomicJournalVol 110pp484~508
（37）NortonR D1986ldquoIndustrial Policy and AmericanRenewalrdquoJournal of Economic LiteratureVol 24pp1~40
（38）RichardsonS2006ldquoOver- investment of Free CashFlowrdquoReview of Accounting StudiesVol11pp159~189
（39）RodrikDG Grossman and V Norman1995ldquoGetting Interventions Right How South Korea and Taiwan GrewRichrdquoEconomic PolicyVol 10pp55~107
（40）TsuiK2005ldquoLocal Tax SystemIntergovernmentalTransfers and Chinas Local Fiscal DisparitiesrdquoJournal of Comparative EconomicsVol 33pp173~196
（41）WallstenSJ2000ldquoThe Effects of Government- Industry RampD Programs on Private RampD The Case of the SmallBusiness Innovation Research ProgramrdquoRAND Journal of EconomicsVol 31pp82~100
（42）XuC2011ldquoThe Fundamental Institutions of ChinasReforms and DevelopmentrdquoJournal of Economic LiteratureVol49pp1076~1151
Their Roles Management Philosophies and Styles in Family andNon-Family FirmsrdquoJournal of Financial EconomicsVol 119pp24~43
（98）MyersS C and R G Rajan1998ldquoThe Paradox ofLiquidityrdquoQuarterly Journal of EconomicsVol113pp733~771
（99）OplerTPinkowitzLStulzR and R Williamson1999ldquoThe Determinants and Implications of Corporate CashHoldingsrdquoJournal of Financial EconomicsVol 52pp3~46
（100）PamukA2000ldquoInformal Institutional Arrangements in CreditLand Markets and Infrastructure Delivery inTrinidadrdquoInternational Journal of Urban and Regional ResearchVol 24pp379~496
（101）PanX and G G Tian2016ldquoFamily Control andLoan Collateral Evidence from ChinardquoJournal of Banking andFinanceVol 67pp53~68
（102）ParkS H and Y Luo2001ldquoGuanxi and Organizational Dynamics Organizational Networking in Chinese FirmsrdquoStrategic Management JournalVol 22pp455~477
（103）PengM W and P S Heath1996ldquoThe Growth ofthe Firm in Planned Economies in Transition InstitutionsOrganizations and Strategic ChoicerdquoAcademy of Management ReviewVol 21pp492~528
（104）PengW QWeiK C J and Z Yang2011ldquoTunneling or Propping Evidence from Connected Transactions inChinardquoJournal of Corporate FinanceVol 17pp306~325
（105）PutnamR1993ldquoThe Prosperous Community Social Capital and Public LiferdquoThe American ProspectVol 13
pp35~42（106）ShleiferA and R W Vishny1986ldquoLarge Share
holders and Corporate ControlrdquoJournal of Political EconomyVol 94pp461~488
（107）ShleiferA and R W Vishny1997ldquoA Survey ofCorporate GovernancerdquoThe Journal of FinanceVol52pp737~783
（108）TanYTianXZhangX and H Zhao2015ldquoTheReal Effect of Privatization Evidence from Chinas Split ShareStructure ReformrdquoUnpublished Working PaperIndiana University
（109）VillalongaB and R Amit2006ldquoHow Do FamilyOwnershipControl and Management Affect Firm ValuerdquoJournal of Financial EconomicsVol 80pp385~417
（110）WangK and X Xiao2011ldquoControlling Shareholders Tunneling and Executive Compensation Evidence from ChinardquoJournal of Accounting and Public PolicyVol 30pp89~100
（111）XuNXuX and Q Yuan2013ldquoPolitical ConnectionsFinancing Friction and Corporate Investment Evidencefrom Chinese Listed Family FirmsrdquoEuropean Financial ManagementVol 19pp675~702
（112）XuNYuanQJiangX and K C Chan2015ldquoFounders Political ConnectionsSecond Generation Involvementand Family Firm Performance Evidence from ChinardquoJournal of Corporate FinanceVol 33pp243~259
-- 145
现金持有和股利政策影响的实证结果由表 6列
（1）可知NF_Chair的系数显著为正说明由非家族
成员担任董事长的企业的现金持有水平高于实际
控制人家族担任董事长的企业列（2）~（4）则报告
了董事长性质与上市公司股利支付的关系被解释
变量分别为是否支付股利股利支付率在这两
个模型中NF_Chair的系数均为负且至少在 1水
平上显著说明非家族董事长企业的支付股利意
愿股利支付率均明显比家族董事长企业低表 6的实证结果与非家族董事长企业控股股东代理问
题较严重的解释一致即当实际控制人或其家族成
员不担任董事长时控股股东侵占其他股东利益的
动机增强为方便其关联交易资金侵占等掏空行
为上市公司将持有更多的现金发放更少的股
利因此本文的假设 3和假设 4得以验证
以上分析表明家族企业董事长的家族性质显
著影响上市公司的财务决策具体地与家族董事
长企业相比非家族董事长企业的资本支出创新活
动较少债务融资较多债务期限结构较长现金持
有水平较高股利支付意愿水平均较低我们的实
证结果一致支持了家族声誉的解释即在由非家族
成员担任董事长的情况下家族与公司声誉的分离
导致控股家族具有较强的掠夺外部投资者的动机
从而促使其采取有利于其私有收益的财务决策
（四）内生性检验
在考察管理层的性质对上市公司的影响时已
有研究表明家族企业中管理层的任命与公司的表
现存在内生性问题（Bennedsen et al2007Cucculelli and Micucci2008Fahlenbrach2009）具体而
（47）AllenFQianJ and M J Qian2005ldquoLawFinance and Economic Growth in ChinardquoJournal of Financial EconomicsVol 77pp57~116
（48）AmitRDingYVillalongaB and H Zhang2015ldquoThe Role of Institutional Development in the Prevalence andPerformance of Entrepreneur and Family-Controlled FirmsrdquoJournal of Corporate FinanceVol 31pp284~305
（49）AmoreM DMinichilliA and G Corbetta2011ldquoHow Do Managerial Successions Shape Corporate Financial Policies in Family FirmsrdquoJournal of Corporate FinanceVol 17pp1016~1027
（50）AndersonR CDuruA and D M Reeb2012ldquoInvestment Policy in Family Controlled FirmsrdquoJournal of Bankingand FinanceVol 36pp1744~1758
（51）AndersonR CMansiS A and D M Reeb2003ldquoFounding Family Ownership and the Agency Cost of DebtrdquoJournal of Financial EconomicsVol 68pp263~285
（52）AndersonR C and D M Reeb2003ldquoFounding-Family Ownership and Firm Performance Evidence from theSampP 500rdquoThe Journal of FinanceVol 58pp1301~1327
（53）AndresC2008ldquoLarge Shareholders and Firm Performance- An Empirical Examination of Founding- Family OwnershiprdquoJournal of Corporate FinanceVol 14pp431~445
（54）BaeK-HKangJ-K and J Wang2011ldquoEmployee Treatment and Firm Leverage A Test of the Stakeholder Theory of Capital StructurerdquoJournal of Financial EconomicsVol100pp130~153
（55）BennedsenMNielsenK MPeacuterez-GonzaacutelezF andD Wolfenzon2007ldquoInside the Family Firm The Role of Families in Succession Decisions and PerformancerdquoThe QuarterlyJournal of EconomicsVol 122pp647~691
（56）BurkartMPanunziF and A Shleifer2003ldquoFamily FirmsrdquoThe Journal of FinanceVol 58pp2167~2201
（57）CaoJPanX and G Tian2011ldquoDisproportionalOwnership Structure and Pay- performance Relationship Evidence from Chinas Listed FirmsrdquoJournal of Corporate FinanceVol 17pp541~554
（58）CassonM C1999ldquoThe Economics of the FamilyFirmrdquoScandinavian Economic History ReviewVol 47pp10~23
（59）ChahineS and M Goergen2013ldquoThe Effects ofManagement-board Ties on IPO PerformancerdquoJournal of Corporate FinanceVol 21pp153~179
（60）ChenXChengQ and Z L Dai2013ldquoFamily Own-- 143
ership and CEO TurnoversrdquoContemporary Accounting ResearchVol 30pp1166~1190
（61）ChengQ2014ldquoFamily Firm Research -A ReviewrdquoChina Journal of Accounting ResearchVol 7pp149~163
（62）CheungY- LRauP R and A Stouraitis2006ldquoTunnelingPropping and Expropriation Evidence from Connected Party Transactions in Hong KongrdquoJournal of Financial EconomicsVol 82pp343~386
（63）ClaessensSDjankovSFanJ P H and L H PLang2002ldquoDisentangling the Incentive and Entrenchment Effects of Large ShareholdingsrdquoThe Journal of FinanceVol 57pp2741~2771
（64）ClaessensSDjankovS and L H P Lang2000ldquoThe Separation of Ownership and Control in East Asian CorporationsrdquoJournal of Financial EconomicsVol 58pp81~112
（65）CucculelliM and G Micucci2008ldquoFamily Succession and Firm Performance Evidence from Italian FamilyFirmsrdquoJournal of Corporate FinanceVol 14pp17~31
（66）CustoacutedioC and D Metzger2014ldquoFinancial ExpertCEOs CEOrsquos Work Experience and Firmrsquos Financial PoliciesrdquoJournal of Financial EconomicsVol 114pp125~154
（67）DittmarAMahrt-SmithJ and H Servaes2003ldquoInternational Corporate Governance and Corporate Cash HoldingsrdquoJournal of Financial and Quantitative AnalysisVol 38pp111~133
（68）DuJ L and Y Dai2005ldquoUltimate Corporate Ownership Structures and Capital Structures Evidence from East AsianEconomiesrdquoCorporate Governance-an International ReviewVol13pp60~71
（69）DyckAVolchkovaN and L Zingales2008ldquoTheCorporate Governance Role of the Media Evidence from RussiardquoThe Journal of FinanceVol 63pp1093~1135
（70）DyckA and L Zingales2004ldquoPrivate Benefits ofControl An International ComparisonrdquoThe Journal of FinanceVol 59pp537~600
（71）FaccioMLangL H P and L Young2001ldquoDividends and ExpropriationrdquoThe American Economic ReviewVol91pp54~78
（72）FahlenbrachR2009ldquoFounder- CEOsInvestmentDecisionsand Stock Market PerformancerdquoJournal of Financialand Quantitative AnalysisVol 44pp439~466
（73）FanJ P HTitmanS and G Twite2011ldquoAn International Comparison of Capital Structure and Debt MaturityChoicesrdquoJournal of Financial and Quantitative AnalysisVol47pp23~56
（74）GrossmanS and O Hart1988ldquoOne Share- OneVote and the Market for Corporate ControlrdquoJournal of FinancialEconomicsVol 20pp175~202
（75）GuumlnerA BMalmendierU and G Tate2008ldquoFinancial Expertise of DirectorsrdquoJournal of Financial EconomicsVol 88pp323~354
（76）GuisoLSapienzaP and L Zingales2004ldquoTheRole of Social Capital in Financial DevelopmentrdquoThe AmericanEconomic ReviewVol 94pp526~556
（77）HeJ and X Tian2013ldquoThe Dark Side of AnalystCoverage The Case of InnovationrdquoJournal of Financial EconomicsVol 109pp856~878
（78）HeckmanJ J1979ldquoSample Selection Bias As ASpecification ErrorrdquoEconometricaVol 47pp153~161
（79）HirshleiferDLowA and S H Teoh2012ldquoAre
Overconfident CEOs Better Innovators rdquoThe Journal of FinanceVol 67pp1457~1498
（80）ImbensG W and J M Wooldridge2009ldquoRecentDevelopments in the Econometrics of Program EvaluationrdquoJournal of Economic LiteratureVol 47pp5~86
（81）IsakovD and J-P Weisskopf2014ldquoAre FoundingFamilies Special Blockholders An Investigation of ControllingShareholder Influence on Firm PerformancerdquoJournal of Bankingand FinanceVol 41pp1~16
（82）JamesonMPrevostA and J Puthenpurackal2014ldquoControlling ShareholdersBoard Structure and Firm Performance Evidence from IndiardquoJournal of Corporate FinanceVol27pp1~20
（83）JensenM C and W H Meckling1976ldquoTheory ofthe Firm Managerial BehaviorAgency Costs and OwnershipStructurerdquoJournal of Financial EconomicsVol 3pp305~360
（84）JianM and T J Wong2010ldquoPropping Through Related Party TransactionsrdquoReview of Accounting StudiesVol 15pp70~105
（85）JiangF and K A Kim2015ldquoCorporate Governancein China A Modern PerspectiverdquoJournal of Corporate FinanceVol 32pp190~216
（86）JiangG HLeeC M C and H Yue2010ldquoTunneling Through Intercorporate Loans The China ExperiencerdquoJournal of Financial EconomicsVol 98pp1~20
（87）JohnsonSLa PortaRLopez-De-SilanesF and AShleifer2000ldquoTunnelingrdquoThe American Economic ReviewVol 90pp22~27
（88）KarpoffJ MScott LeeD and G S Martin2008ldquoThe Consequences to Managers for Financial MisrepresentationrdquoJournal of Financial EconomicsVol 88pp193~215
（89）KothariS PLaguerreT E and A J Leone2002ldquoCapitalization Versus Expensing Evidence on the Uncertaintyof Future Earnings from Capital Expenditures Versus RampD OutlaysrdquoReview of Accounting StudiesVol 7pp355~382
（90）La PortaRLopez-De-SilanesFShleiferA and RW Vishny2000ldquoAgency Problems and Dividend PoliciesAround the WorldrdquoThe Journal of FinanceVol 55pp1~33
（91）La PortaRLopez- De- SilanesF and A Shleifer1999ldquoCorporate Ownership Around the WorldrdquoThe Journal ofFinanceVol 54pp471~517
（92）Le Breton- MillerI and D Miller2006ldquoWhy DoSome Family Businesses Out-Compete GovernanceLong-TermOrientations and Sustainable CapabilityrdquoEntrepreneurship Theory and PracticeVol 30pp731~746
（93）LiuQLuoT and G G Tian2015ldquoFamily Controland Corporate Cash Holdings Evidence from ChinardquoJournal ofCorporate FinanceVol 31pp220~245
（94）MauryB2006ldquoFamily Ownership and Firm Performance Empirical Evidence from Western European CorporationsrdquoJournal of Corporate FinanceVol 12pp321~341
（95）McConaughyD LMatthewsC H and A S Fialko2001ldquoFounding Family Controlled Firms PerformanceRiskand ValuerdquoJournal of Small Business ManagementVol39pp31~49
（96）MorckRShleiferA and R W Vishny1988ldquoManagement Ownership and Market Valuation-An Empirical AnalysisrdquoJournal of Financial EconomicsVol 20pp293~315
（97）MullinsW and A Schoar2016ldquoHow Do CEOs See
控股家族的ldquo垂帘听政rdquo与公司财务决策
中国上市公司研究
-- 144
《管理世界》(月刊)2017年第 3期
（上接第 124页） FinanceVol 67pp45~83（25）JustmanM1995ldquoInfrastructureGrowth and the
Two Dimensions of Industrial PolicyrdquoThe Review of EconomicStudiesVol 62pp131~157
（26）KlineP and E Moretti2014ldquoLocal Economic DevelopmentAgglomeration Economiesand the Big Push 100 Yearsof Evidence from the Tennessee Valley AuthorityrdquoQuarterlyJournal of EconomicsVol129pp275~331
（27）KollmannRW Roeger and J Veld2012ldquoFiscalPolicy in a Financial Crisis Standard Policy versus Bank RescueMeasuresrdquoThe American Economic ReviewVol 102pp77~81
（28）KrugmanP R1983ldquoTargeted Industrial PoliciesTheory and EvidencerdquoIndustrial Change and Public Policypp123~155
（29）LazzariniS G2015ldquoStrategizing by the Government Can Industrial Policy Create Firm-Level Competitive AdvantagerdquoStrategic Management JournalVol 36pp97~112
（30）Lyu CK WangF Zhang and X Zhang2015ldquoGDPManagement to Meet or Beat Growth TargetsrdquoWorking Paper
（31）McDonaldR and D Siegel1986ldquoThe Value of Waiting to InvestrdquoThe Quarterly Journal of EconomicsVol 101pp707~728
（32）McleanR DT Zhang and M Zhao2012ldquoWhyDoes the Law Matter Investor Protection and Its Effects on InvestmentFinanceand GrowthrdquoThe Journal of FinanceVol67pp313~350
（33）McNicholsM F2002ldquoDiscussion of the Quality ofAccruals and Earnings The Role of Accrual Estimation Errorsrdquo
The Accounting ReviewVol 77pp61~69（34）MurphyK MA Shleifer and R W Vishny1989
ldquoIndustrialization and the Big PushrdquoJournal of Political EconomyVol 97pp1003~1026
（35）MusacchioAS G Lazzarini and R V Aguilera2015ldquoNew Varieties of State Capitalism Strategic and Governance ImplicationsrdquoThe Academy of Management PerspectivesVol 29pp115~131
（36）NearyJ P and D Leahy2000ldquoStrategic Trade andIndustrial Policy towards Dynamic OligopoliesrdquoThe EconomicJournalVol 110pp484~508
（37）NortonR D1986ldquoIndustrial Policy and AmericanRenewalrdquoJournal of Economic LiteratureVol 24pp1~40
（38）RichardsonS2006ldquoOver- investment of Free CashFlowrdquoReview of Accounting StudiesVol11pp159~189
（39）RodrikDG Grossman and V Norman1995ldquoGetting Interventions Right How South Korea and Taiwan GrewRichrdquoEconomic PolicyVol 10pp55~107
（40）TsuiK2005ldquoLocal Tax SystemIntergovernmentalTransfers and Chinas Local Fiscal DisparitiesrdquoJournal of Comparative EconomicsVol 33pp173~196
（41）WallstenSJ2000ldquoThe Effects of Government- Industry RampD Programs on Private RampD The Case of the SmallBusiness Innovation Research ProgramrdquoRAND Journal of EconomicsVol 31pp82~100
（42）XuC2011ldquoThe Fundamental Institutions of ChinasReforms and DevelopmentrdquoJournal of Economic LiteratureVol49pp1076~1151
Their Roles Management Philosophies and Styles in Family andNon-Family FirmsrdquoJournal of Financial EconomicsVol 119pp24~43
（98）MyersS C and R G Rajan1998ldquoThe Paradox ofLiquidityrdquoQuarterly Journal of EconomicsVol113pp733~771
（99）OplerTPinkowitzLStulzR and R Williamson1999ldquoThe Determinants and Implications of Corporate CashHoldingsrdquoJournal of Financial EconomicsVol 52pp3~46
（100）PamukA2000ldquoInformal Institutional Arrangements in CreditLand Markets and Infrastructure Delivery inTrinidadrdquoInternational Journal of Urban and Regional ResearchVol 24pp379~496
（101）PanX and G G Tian2016ldquoFamily Control andLoan Collateral Evidence from ChinardquoJournal of Banking andFinanceVol 67pp53~68
（102）ParkS H and Y Luo2001ldquoGuanxi and Organizational Dynamics Organizational Networking in Chinese FirmsrdquoStrategic Management JournalVol 22pp455~477
（103）PengM W and P S Heath1996ldquoThe Growth ofthe Firm in Planned Economies in Transition InstitutionsOrganizations and Strategic ChoicerdquoAcademy of Management ReviewVol 21pp492~528
（104）PengW QWeiK C J and Z Yang2011ldquoTunneling or Propping Evidence from Connected Transactions inChinardquoJournal of Corporate FinanceVol 17pp306~325
（105）PutnamR1993ldquoThe Prosperous Community Social Capital and Public LiferdquoThe American ProspectVol 13
pp35~42（106）ShleiferA and R W Vishny1986ldquoLarge Share
holders and Corporate ControlrdquoJournal of Political EconomyVol 94pp461~488
（107）ShleiferA and R W Vishny1997ldquoA Survey ofCorporate GovernancerdquoThe Journal of FinanceVol52pp737~783
（108）TanYTianXZhangX and H Zhao2015ldquoTheReal Effect of Privatization Evidence from Chinas Split ShareStructure ReformrdquoUnpublished Working PaperIndiana University
（109）VillalongaB and R Amit2006ldquoHow Do FamilyOwnershipControl and Management Affect Firm ValuerdquoJournal of Financial EconomicsVol 80pp385~417
（110）WangK and X Xiao2011ldquoControlling Shareholders Tunneling and Executive Compensation Evidence from ChinardquoJournal of Accounting and Public PolicyVol 30pp89~100
（111）XuNXuX and Q Yuan2013ldquoPolitical ConnectionsFinancing Friction and Corporate Investment Evidencefrom Chinese Listed Family FirmsrdquoEuropean Financial ManagementVol 19pp675~702
（112）XuNYuanQJiangX and K C Chan2015ldquoFounders Political ConnectionsSecond Generation Involvementand Family Firm Performance Evidence from ChinardquoJournal of Corporate FinanceVol 33pp243~259
（47）AllenFQianJ and M J Qian2005ldquoLawFinance and Economic Growth in ChinardquoJournal of Financial EconomicsVol 77pp57~116
（48）AmitRDingYVillalongaB and H Zhang2015ldquoThe Role of Institutional Development in the Prevalence andPerformance of Entrepreneur and Family-Controlled FirmsrdquoJournal of Corporate FinanceVol 31pp284~305
（49）AmoreM DMinichilliA and G Corbetta2011ldquoHow Do Managerial Successions Shape Corporate Financial Policies in Family FirmsrdquoJournal of Corporate FinanceVol 17pp1016~1027
（50）AndersonR CDuruA and D M Reeb2012ldquoInvestment Policy in Family Controlled FirmsrdquoJournal of Bankingand FinanceVol 36pp1744~1758
（51）AndersonR CMansiS A and D M Reeb2003ldquoFounding Family Ownership and the Agency Cost of DebtrdquoJournal of Financial EconomicsVol 68pp263~285
（52）AndersonR C and D M Reeb2003ldquoFounding-Family Ownership and Firm Performance Evidence from theSampP 500rdquoThe Journal of FinanceVol 58pp1301~1327
（53）AndresC2008ldquoLarge Shareholders and Firm Performance- An Empirical Examination of Founding- Family OwnershiprdquoJournal of Corporate FinanceVol 14pp431~445
（54）BaeK-HKangJ-K and J Wang2011ldquoEmployee Treatment and Firm Leverage A Test of the Stakeholder Theory of Capital StructurerdquoJournal of Financial EconomicsVol100pp130~153
（55）BennedsenMNielsenK MPeacuterez-GonzaacutelezF andD Wolfenzon2007ldquoInside the Family Firm The Role of Families in Succession Decisions and PerformancerdquoThe QuarterlyJournal of EconomicsVol 122pp647~691
（56）BurkartMPanunziF and A Shleifer2003ldquoFamily FirmsrdquoThe Journal of FinanceVol 58pp2167~2201
（57）CaoJPanX and G Tian2011ldquoDisproportionalOwnership Structure and Pay- performance Relationship Evidence from Chinas Listed FirmsrdquoJournal of Corporate FinanceVol 17pp541~554
（58）CassonM C1999ldquoThe Economics of the FamilyFirmrdquoScandinavian Economic History ReviewVol 47pp10~23
（59）ChahineS and M Goergen2013ldquoThe Effects ofManagement-board Ties on IPO PerformancerdquoJournal of Corporate FinanceVol 21pp153~179
（60）ChenXChengQ and Z L Dai2013ldquoFamily Own-- 143
ership and CEO TurnoversrdquoContemporary Accounting ResearchVol 30pp1166~1190
（61）ChengQ2014ldquoFamily Firm Research -A ReviewrdquoChina Journal of Accounting ResearchVol 7pp149~163
（62）CheungY- LRauP R and A Stouraitis2006ldquoTunnelingPropping and Expropriation Evidence from Connected Party Transactions in Hong KongrdquoJournal of Financial EconomicsVol 82pp343~386
（63）ClaessensSDjankovSFanJ P H and L H PLang2002ldquoDisentangling the Incentive and Entrenchment Effects of Large ShareholdingsrdquoThe Journal of FinanceVol 57pp2741~2771
（64）ClaessensSDjankovS and L H P Lang2000ldquoThe Separation of Ownership and Control in East Asian CorporationsrdquoJournal of Financial EconomicsVol 58pp81~112
（65）CucculelliM and G Micucci2008ldquoFamily Succession and Firm Performance Evidence from Italian FamilyFirmsrdquoJournal of Corporate FinanceVol 14pp17~31
（66）CustoacutedioC and D Metzger2014ldquoFinancial ExpertCEOs CEOrsquos Work Experience and Firmrsquos Financial PoliciesrdquoJournal of Financial EconomicsVol 114pp125~154
（67）DittmarAMahrt-SmithJ and H Servaes2003ldquoInternational Corporate Governance and Corporate Cash HoldingsrdquoJournal of Financial and Quantitative AnalysisVol 38pp111~133
（68）DuJ L and Y Dai2005ldquoUltimate Corporate Ownership Structures and Capital Structures Evidence from East AsianEconomiesrdquoCorporate Governance-an International ReviewVol13pp60~71
（69）DyckAVolchkovaN and L Zingales2008ldquoTheCorporate Governance Role of the Media Evidence from RussiardquoThe Journal of FinanceVol 63pp1093~1135
（70）DyckA and L Zingales2004ldquoPrivate Benefits ofControl An International ComparisonrdquoThe Journal of FinanceVol 59pp537~600
（71）FaccioMLangL H P and L Young2001ldquoDividends and ExpropriationrdquoThe American Economic ReviewVol91pp54~78
（72）FahlenbrachR2009ldquoFounder- CEOsInvestmentDecisionsand Stock Market PerformancerdquoJournal of Financialand Quantitative AnalysisVol 44pp439~466
（73）FanJ P HTitmanS and G Twite2011ldquoAn International Comparison of Capital Structure and Debt MaturityChoicesrdquoJournal of Financial and Quantitative AnalysisVol47pp23~56
（74）GrossmanS and O Hart1988ldquoOne Share- OneVote and the Market for Corporate ControlrdquoJournal of FinancialEconomicsVol 20pp175~202
（75）GuumlnerA BMalmendierU and G Tate2008ldquoFinancial Expertise of DirectorsrdquoJournal of Financial EconomicsVol 88pp323~354
（76）GuisoLSapienzaP and L Zingales2004ldquoTheRole of Social Capital in Financial DevelopmentrdquoThe AmericanEconomic ReviewVol 94pp526~556
（77）HeJ and X Tian2013ldquoThe Dark Side of AnalystCoverage The Case of InnovationrdquoJournal of Financial EconomicsVol 109pp856~878
（78）HeckmanJ J1979ldquoSample Selection Bias As ASpecification ErrorrdquoEconometricaVol 47pp153~161
（79）HirshleiferDLowA and S H Teoh2012ldquoAre
Overconfident CEOs Better Innovators rdquoThe Journal of FinanceVol 67pp1457~1498
（80）ImbensG W and J M Wooldridge2009ldquoRecentDevelopments in the Econometrics of Program EvaluationrdquoJournal of Economic LiteratureVol 47pp5~86
（81）IsakovD and J-P Weisskopf2014ldquoAre FoundingFamilies Special Blockholders An Investigation of ControllingShareholder Influence on Firm PerformancerdquoJournal of Bankingand FinanceVol 41pp1~16
（82）JamesonMPrevostA and J Puthenpurackal2014ldquoControlling ShareholdersBoard Structure and Firm Performance Evidence from IndiardquoJournal of Corporate FinanceVol27pp1~20
（83）JensenM C and W H Meckling1976ldquoTheory ofthe Firm Managerial BehaviorAgency Costs and OwnershipStructurerdquoJournal of Financial EconomicsVol 3pp305~360
（84）JianM and T J Wong2010ldquoPropping Through Related Party TransactionsrdquoReview of Accounting StudiesVol 15pp70~105
（85）JiangF and K A Kim2015ldquoCorporate Governancein China A Modern PerspectiverdquoJournal of Corporate FinanceVol 32pp190~216
（86）JiangG HLeeC M C and H Yue2010ldquoTunneling Through Intercorporate Loans The China ExperiencerdquoJournal of Financial EconomicsVol 98pp1~20
（87）JohnsonSLa PortaRLopez-De-SilanesF and AShleifer2000ldquoTunnelingrdquoThe American Economic ReviewVol 90pp22~27
（88）KarpoffJ MScott LeeD and G S Martin2008ldquoThe Consequences to Managers for Financial MisrepresentationrdquoJournal of Financial EconomicsVol 88pp193~215
（89）KothariS PLaguerreT E and A J Leone2002ldquoCapitalization Versus Expensing Evidence on the Uncertaintyof Future Earnings from Capital Expenditures Versus RampD OutlaysrdquoReview of Accounting StudiesVol 7pp355~382
（90）La PortaRLopez-De-SilanesFShleiferA and RW Vishny2000ldquoAgency Problems and Dividend PoliciesAround the WorldrdquoThe Journal of FinanceVol 55pp1~33
（91）La PortaRLopez- De- SilanesF and A Shleifer1999ldquoCorporate Ownership Around the WorldrdquoThe Journal ofFinanceVol 54pp471~517
（92）Le Breton- MillerI and D Miller2006ldquoWhy DoSome Family Businesses Out-Compete GovernanceLong-TermOrientations and Sustainable CapabilityrdquoEntrepreneurship Theory and PracticeVol 30pp731~746
（93）LiuQLuoT and G G Tian2015ldquoFamily Controland Corporate Cash Holdings Evidence from ChinardquoJournal ofCorporate FinanceVol 31pp220~245
（94）MauryB2006ldquoFamily Ownership and Firm Performance Empirical Evidence from Western European CorporationsrdquoJournal of Corporate FinanceVol 12pp321~341
（95）McConaughyD LMatthewsC H and A S Fialko2001ldquoFounding Family Controlled Firms PerformanceRiskand ValuerdquoJournal of Small Business ManagementVol39pp31~49
（96）MorckRShleiferA and R W Vishny1988ldquoManagement Ownership and Market Valuation-An Empirical AnalysisrdquoJournal of Financial EconomicsVol 20pp293~315
（97）MullinsW and A Schoar2016ldquoHow Do CEOs See
控股家族的ldquo垂帘听政rdquo与公司财务决策
中国上市公司研究
-- 144
《管理世界》(月刊)2017年第 3期
（上接第 124页） FinanceVol 67pp45~83（25）JustmanM1995ldquoInfrastructureGrowth and the
Two Dimensions of Industrial PolicyrdquoThe Review of EconomicStudiesVol 62pp131~157
（26）KlineP and E Moretti2014ldquoLocal Economic DevelopmentAgglomeration Economiesand the Big Push 100 Yearsof Evidence from the Tennessee Valley AuthorityrdquoQuarterlyJournal of EconomicsVol129pp275~331
（27）KollmannRW Roeger and J Veld2012ldquoFiscalPolicy in a Financial Crisis Standard Policy versus Bank RescueMeasuresrdquoThe American Economic ReviewVol 102pp77~81
（28）KrugmanP R1983ldquoTargeted Industrial PoliciesTheory and EvidencerdquoIndustrial Change and Public Policypp123~155
（29）LazzariniS G2015ldquoStrategizing by the Government Can Industrial Policy Create Firm-Level Competitive AdvantagerdquoStrategic Management JournalVol 36pp97~112
（30）Lyu CK WangF Zhang and X Zhang2015ldquoGDPManagement to Meet or Beat Growth TargetsrdquoWorking Paper
（31）McDonaldR and D Siegel1986ldquoThe Value of Waiting to InvestrdquoThe Quarterly Journal of EconomicsVol 101pp707~728
（32）McleanR DT Zhang and M Zhao2012ldquoWhyDoes the Law Matter Investor Protection and Its Effects on InvestmentFinanceand GrowthrdquoThe Journal of FinanceVol67pp313~350
（33）McNicholsM F2002ldquoDiscussion of the Quality ofAccruals and Earnings The Role of Accrual Estimation Errorsrdquo
The Accounting ReviewVol 77pp61~69（34）MurphyK MA Shleifer and R W Vishny1989
ldquoIndustrialization and the Big PushrdquoJournal of Political EconomyVol 97pp1003~1026
（35）MusacchioAS G Lazzarini and R V Aguilera2015ldquoNew Varieties of State Capitalism Strategic and Governance ImplicationsrdquoThe Academy of Management PerspectivesVol 29pp115~131
（36）NearyJ P and D Leahy2000ldquoStrategic Trade andIndustrial Policy towards Dynamic OligopoliesrdquoThe EconomicJournalVol 110pp484~508
（37）NortonR D1986ldquoIndustrial Policy and AmericanRenewalrdquoJournal of Economic LiteratureVol 24pp1~40
（38）RichardsonS2006ldquoOver- investment of Free CashFlowrdquoReview of Accounting StudiesVol11pp159~189
（39）RodrikDG Grossman and V Norman1995ldquoGetting Interventions Right How South Korea and Taiwan GrewRichrdquoEconomic PolicyVol 10pp55~107
（40）TsuiK2005ldquoLocal Tax SystemIntergovernmentalTransfers and Chinas Local Fiscal DisparitiesrdquoJournal of Comparative EconomicsVol 33pp173~196
（41）WallstenSJ2000ldquoThe Effects of Government- Industry RampD Programs on Private RampD The Case of the SmallBusiness Innovation Research ProgramrdquoRAND Journal of EconomicsVol 31pp82~100
（42）XuC2011ldquoThe Fundamental Institutions of ChinasReforms and DevelopmentrdquoJournal of Economic LiteratureVol49pp1076~1151
Their Roles Management Philosophies and Styles in Family andNon-Family FirmsrdquoJournal of Financial EconomicsVol 119pp24~43
（98）MyersS C and R G Rajan1998ldquoThe Paradox ofLiquidityrdquoQuarterly Journal of EconomicsVol113pp733~771
（99）OplerTPinkowitzLStulzR and R Williamson1999ldquoThe Determinants and Implications of Corporate CashHoldingsrdquoJournal of Financial EconomicsVol 52pp3~46
（100）PamukA2000ldquoInformal Institutional Arrangements in CreditLand Markets and Infrastructure Delivery inTrinidadrdquoInternational Journal of Urban and Regional ResearchVol 24pp379~496
（101）PanX and G G Tian2016ldquoFamily Control andLoan Collateral Evidence from ChinardquoJournal of Banking andFinanceVol 67pp53~68
（102）ParkS H and Y Luo2001ldquoGuanxi and Organizational Dynamics Organizational Networking in Chinese FirmsrdquoStrategic Management JournalVol 22pp455~477
（103）PengM W and P S Heath1996ldquoThe Growth ofthe Firm in Planned Economies in Transition InstitutionsOrganizations and Strategic ChoicerdquoAcademy of Management ReviewVol 21pp492~528
（104）PengW QWeiK C J and Z Yang2011ldquoTunneling or Propping Evidence from Connected Transactions inChinardquoJournal of Corporate FinanceVol 17pp306~325
（105）PutnamR1993ldquoThe Prosperous Community Social Capital and Public LiferdquoThe American ProspectVol 13
pp35~42（106）ShleiferA and R W Vishny1986ldquoLarge Share
holders and Corporate ControlrdquoJournal of Political EconomyVol 94pp461~488
（107）ShleiferA and R W Vishny1997ldquoA Survey ofCorporate GovernancerdquoThe Journal of FinanceVol52pp737~783
（108）TanYTianXZhangX and H Zhao2015ldquoTheReal Effect of Privatization Evidence from Chinas Split ShareStructure ReformrdquoUnpublished Working PaperIndiana University
（109）VillalongaB and R Amit2006ldquoHow Do FamilyOwnershipControl and Management Affect Firm ValuerdquoJournal of Financial EconomicsVol 80pp385~417
（110）WangK and X Xiao2011ldquoControlling Shareholders Tunneling and Executive Compensation Evidence from ChinardquoJournal of Accounting and Public PolicyVol 30pp89~100
（111）XuNXuX and Q Yuan2013ldquoPolitical ConnectionsFinancing Friction and Corporate Investment Evidencefrom Chinese Listed Family FirmsrdquoEuropean Financial ManagementVol 19pp675~702
（112）XuNYuanQJiangX and K C Chan2015ldquoFounders Political ConnectionsSecond Generation Involvementand Family Firm Performance Evidence from ChinardquoJournal of Corporate FinanceVol 33pp243~259
-- 145
段 回 归 中 我 们 以 董 事 长 是 否 为 非 家 族 成 员
（NF_Chair）作为因变量对工具变量及主检验模型中
的控制变量进行 Probit回归受篇幅限制我们仅报
告了工具变量的回归结果由表 8可知VBD与Mar
riage的系数均为显著为负与预期相符说明无偿献
血率和地区婚姻状况是董事长家族性质的有效工具
变量在第二阶段中我们将第一阶段 Probit回归得
到的逆米尔斯比率（Lambda）加入到主检验模型中并
考察董事长性质对公司财务决策的影响我们发现
Lambda的系数在除资本结构外的所有模型中均十分
显著这就表明我们在分析董事长性质与财务决策的
关系时考虑内生性问题的必要性同时除负债率和
期限结构模型中NF_Chair系数的显著性有所下降外
NF_Chair的系数均至少在 5水平显著系数符号也
与主检验的回归结果一致表明控股家族是否担任董
事长显著影响了上市公司的财务决策选择
综合倾向得分匹配法与工具变量法的实证结果
表明在控制了潜在的内生性问题后董事长性质与
公司财务决策的关系不变也即我们的结论具有稳健
性非家族董事长企业与家族董事长企业之间的财务
决策存在显著差异具体而言相比家族董事长企
业非家族董事长企业的投资创新较少负债率较
高债务期限结构较长现金持有较多股利支付意
愿支付率均较低
五进一步研究控股家族ldquo垂帘听
政rdquo对公司治理及公司绩效的影响
本文以上研究发现可以被解释为控股家族的财
务保守行为（除负债率高这一结果之外）而不是我们
分析的因为家族声誉与上市公司声誉的分离使得控
股家族有更强的掏空动机所致在此部分为验证控
股家族ldquo垂帘听政rdquo对家族企业财务行为的影响主要
服务于控股家族的私有利益我们检验了控股家族
ldquo垂帘听政rdquo对公司代理问题产生的影响首先我们
考察了当实际控制人家族成员不担任董事长时控股
股东是否有更多的剥夺中小股东利益的行为其次
我们检验了控股股东较强的掏空动机是否会影响上
市公司的第一类代理问题并以此说明控股股东是否
会与管理层合谋来实现其ldquo隧道rdquo行为此外我们还
检验了董事长的家族身份对公司绩效的影响为控股
家族ldquo垂帘听政rdquo对公司所产生的不良经济后果提供
进一步的证据支持
（一）非家族成员董事长与控股股东私利
行为
为验证非家族董事长公司是否比家族董事
长公司存在更严重的控股股东代理问题借鉴已
有研究我们从两方面衡量控股股东的私利行
为资金占用程度（OREC）即其他应收款净额除
以总资产（Jiang et al2010Liu et al2015Xuet al2015）关联交易情况包括上市公司总关
联交易额占总资产的比例（RPT）关联交易次数
的自然对数 104877810486491048665（NRPT）（Cheung et al2006Jianand Wong2010Peng et al2011Liu et al2015）在检验控股股东掏空行为的模型中除
（47）AllenFQianJ and M J Qian2005ldquoLawFinance and Economic Growth in ChinardquoJournal of Financial EconomicsVol 77pp57~116
（48）AmitRDingYVillalongaB and H Zhang2015ldquoThe Role of Institutional Development in the Prevalence andPerformance of Entrepreneur and Family-Controlled FirmsrdquoJournal of Corporate FinanceVol 31pp284~305
（49）AmoreM DMinichilliA and G Corbetta2011ldquoHow Do Managerial Successions Shape Corporate Financial Policies in Family FirmsrdquoJournal of Corporate FinanceVol 17pp1016~1027
（50）AndersonR CDuruA and D M Reeb2012ldquoInvestment Policy in Family Controlled FirmsrdquoJournal of Bankingand FinanceVol 36pp1744~1758
（51）AndersonR CMansiS A and D M Reeb2003ldquoFounding Family Ownership and the Agency Cost of DebtrdquoJournal of Financial EconomicsVol 68pp263~285
（52）AndersonR C and D M Reeb2003ldquoFounding-Family Ownership and Firm Performance Evidence from theSampP 500rdquoThe Journal of FinanceVol 58pp1301~1327
（53）AndresC2008ldquoLarge Shareholders and Firm Performance- An Empirical Examination of Founding- Family OwnershiprdquoJournal of Corporate FinanceVol 14pp431~445
（54）BaeK-HKangJ-K and J Wang2011ldquoEmployee Treatment and Firm Leverage A Test of the Stakeholder Theory of Capital StructurerdquoJournal of Financial EconomicsVol100pp130~153
（55）BennedsenMNielsenK MPeacuterez-GonzaacutelezF andD Wolfenzon2007ldquoInside the Family Firm The Role of Families in Succession Decisions and PerformancerdquoThe QuarterlyJournal of EconomicsVol 122pp647~691
（56）BurkartMPanunziF and A Shleifer2003ldquoFamily FirmsrdquoThe Journal of FinanceVol 58pp2167~2201
（57）CaoJPanX and G Tian2011ldquoDisproportionalOwnership Structure and Pay- performance Relationship Evidence from Chinas Listed FirmsrdquoJournal of Corporate FinanceVol 17pp541~554
（58）CassonM C1999ldquoThe Economics of the FamilyFirmrdquoScandinavian Economic History ReviewVol 47pp10~23
（59）ChahineS and M Goergen2013ldquoThe Effects ofManagement-board Ties on IPO PerformancerdquoJournal of Corporate FinanceVol 21pp153~179
（60）ChenXChengQ and Z L Dai2013ldquoFamily Own-- 143
ership and CEO TurnoversrdquoContemporary Accounting ResearchVol 30pp1166~1190
（61）ChengQ2014ldquoFamily Firm Research -A ReviewrdquoChina Journal of Accounting ResearchVol 7pp149~163
（62）CheungY- LRauP R and A Stouraitis2006ldquoTunnelingPropping and Expropriation Evidence from Connected Party Transactions in Hong KongrdquoJournal of Financial EconomicsVol 82pp343~386
（63）ClaessensSDjankovSFanJ P H and L H PLang2002ldquoDisentangling the Incentive and Entrenchment Effects of Large ShareholdingsrdquoThe Journal of FinanceVol 57pp2741~2771
（64）ClaessensSDjankovS and L H P Lang2000ldquoThe Separation of Ownership and Control in East Asian CorporationsrdquoJournal of Financial EconomicsVol 58pp81~112
（65）CucculelliM and G Micucci2008ldquoFamily Succession and Firm Performance Evidence from Italian FamilyFirmsrdquoJournal of Corporate FinanceVol 14pp17~31
（66）CustoacutedioC and D Metzger2014ldquoFinancial ExpertCEOs CEOrsquos Work Experience and Firmrsquos Financial PoliciesrdquoJournal of Financial EconomicsVol 114pp125~154
（67）DittmarAMahrt-SmithJ and H Servaes2003ldquoInternational Corporate Governance and Corporate Cash HoldingsrdquoJournal of Financial and Quantitative AnalysisVol 38pp111~133
（68）DuJ L and Y Dai2005ldquoUltimate Corporate Ownership Structures and Capital Structures Evidence from East AsianEconomiesrdquoCorporate Governance-an International ReviewVol13pp60~71
（69）DyckAVolchkovaN and L Zingales2008ldquoTheCorporate Governance Role of the Media Evidence from RussiardquoThe Journal of FinanceVol 63pp1093~1135
（70）DyckA and L Zingales2004ldquoPrivate Benefits ofControl An International ComparisonrdquoThe Journal of FinanceVol 59pp537~600
（71）FaccioMLangL H P and L Young2001ldquoDividends and ExpropriationrdquoThe American Economic ReviewVol91pp54~78
（72）FahlenbrachR2009ldquoFounder- CEOsInvestmentDecisionsand Stock Market PerformancerdquoJournal of Financialand Quantitative AnalysisVol 44pp439~466
（73）FanJ P HTitmanS and G Twite2011ldquoAn International Comparison of Capital Structure and Debt MaturityChoicesrdquoJournal of Financial and Quantitative AnalysisVol47pp23~56
（74）GrossmanS and O Hart1988ldquoOne Share- OneVote and the Market for Corporate ControlrdquoJournal of FinancialEconomicsVol 20pp175~202
（75）GuumlnerA BMalmendierU and G Tate2008ldquoFinancial Expertise of DirectorsrdquoJournal of Financial EconomicsVol 88pp323~354
（76）GuisoLSapienzaP and L Zingales2004ldquoTheRole of Social Capital in Financial DevelopmentrdquoThe AmericanEconomic ReviewVol 94pp526~556
（77）HeJ and X Tian2013ldquoThe Dark Side of AnalystCoverage The Case of InnovationrdquoJournal of Financial EconomicsVol 109pp856~878
（78）HeckmanJ J1979ldquoSample Selection Bias As ASpecification ErrorrdquoEconometricaVol 47pp153~161
（79）HirshleiferDLowA and S H Teoh2012ldquoAre
Overconfident CEOs Better Innovators rdquoThe Journal of FinanceVol 67pp1457~1498
（80）ImbensG W and J M Wooldridge2009ldquoRecentDevelopments in the Econometrics of Program EvaluationrdquoJournal of Economic LiteratureVol 47pp5~86
（81）IsakovD and J-P Weisskopf2014ldquoAre FoundingFamilies Special Blockholders An Investigation of ControllingShareholder Influence on Firm PerformancerdquoJournal of Bankingand FinanceVol 41pp1~16
（82）JamesonMPrevostA and J Puthenpurackal2014ldquoControlling ShareholdersBoard Structure and Firm Performance Evidence from IndiardquoJournal of Corporate FinanceVol27pp1~20
（83）JensenM C and W H Meckling1976ldquoTheory ofthe Firm Managerial BehaviorAgency Costs and OwnershipStructurerdquoJournal of Financial EconomicsVol 3pp305~360
（84）JianM and T J Wong2010ldquoPropping Through Related Party TransactionsrdquoReview of Accounting StudiesVol 15pp70~105
（85）JiangF and K A Kim2015ldquoCorporate Governancein China A Modern PerspectiverdquoJournal of Corporate FinanceVol 32pp190~216
（86）JiangG HLeeC M C and H Yue2010ldquoTunneling Through Intercorporate Loans The China ExperiencerdquoJournal of Financial EconomicsVol 98pp1~20
（87）JohnsonSLa PortaRLopez-De-SilanesF and AShleifer2000ldquoTunnelingrdquoThe American Economic ReviewVol 90pp22~27
（88）KarpoffJ MScott LeeD and G S Martin2008ldquoThe Consequences to Managers for Financial MisrepresentationrdquoJournal of Financial EconomicsVol 88pp193~215
（89）KothariS PLaguerreT E and A J Leone2002ldquoCapitalization Versus Expensing Evidence on the Uncertaintyof Future Earnings from Capital Expenditures Versus RampD OutlaysrdquoReview of Accounting StudiesVol 7pp355~382
（90）La PortaRLopez-De-SilanesFShleiferA and RW Vishny2000ldquoAgency Problems and Dividend PoliciesAround the WorldrdquoThe Journal of FinanceVol 55pp1~33
（91）La PortaRLopez- De- SilanesF and A Shleifer1999ldquoCorporate Ownership Around the WorldrdquoThe Journal ofFinanceVol 54pp471~517
（92）Le Breton- MillerI and D Miller2006ldquoWhy DoSome Family Businesses Out-Compete GovernanceLong-TermOrientations and Sustainable CapabilityrdquoEntrepreneurship Theory and PracticeVol 30pp731~746
（93）LiuQLuoT and G G Tian2015ldquoFamily Controland Corporate Cash Holdings Evidence from ChinardquoJournal ofCorporate FinanceVol 31pp220~245
（94）MauryB2006ldquoFamily Ownership and Firm Performance Empirical Evidence from Western European CorporationsrdquoJournal of Corporate FinanceVol 12pp321~341
（95）McConaughyD LMatthewsC H and A S Fialko2001ldquoFounding Family Controlled Firms PerformanceRiskand ValuerdquoJournal of Small Business ManagementVol39pp31~49
（96）MorckRShleiferA and R W Vishny1988ldquoManagement Ownership and Market Valuation-An Empirical AnalysisrdquoJournal of Financial EconomicsVol 20pp293~315
（97）MullinsW and A Schoar2016ldquoHow Do CEOs See
控股家族的ldquo垂帘听政rdquo与公司财务决策
中国上市公司研究
-- 144
《管理世界》(月刊)2017年第 3期
（上接第 124页） FinanceVol 67pp45~83（25）JustmanM1995ldquoInfrastructureGrowth and the
Two Dimensions of Industrial PolicyrdquoThe Review of EconomicStudiesVol 62pp131~157
（26）KlineP and E Moretti2014ldquoLocal Economic DevelopmentAgglomeration Economiesand the Big Push 100 Yearsof Evidence from the Tennessee Valley AuthorityrdquoQuarterlyJournal of EconomicsVol129pp275~331
（27）KollmannRW Roeger and J Veld2012ldquoFiscalPolicy in a Financial Crisis Standard Policy versus Bank RescueMeasuresrdquoThe American Economic ReviewVol 102pp77~81
（28）KrugmanP R1983ldquoTargeted Industrial PoliciesTheory and EvidencerdquoIndustrial Change and Public Policypp123~155
（29）LazzariniS G2015ldquoStrategizing by the Government Can Industrial Policy Create Firm-Level Competitive AdvantagerdquoStrategic Management JournalVol 36pp97~112
（30）Lyu CK WangF Zhang and X Zhang2015ldquoGDPManagement to Meet or Beat Growth TargetsrdquoWorking Paper
（31）McDonaldR and D Siegel1986ldquoThe Value of Waiting to InvestrdquoThe Quarterly Journal of EconomicsVol 101pp707~728
（32）McleanR DT Zhang and M Zhao2012ldquoWhyDoes the Law Matter Investor Protection and Its Effects on InvestmentFinanceand GrowthrdquoThe Journal of FinanceVol67pp313~350
（33）McNicholsM F2002ldquoDiscussion of the Quality ofAccruals and Earnings The Role of Accrual Estimation Errorsrdquo
The Accounting ReviewVol 77pp61~69（34）MurphyK MA Shleifer and R W Vishny1989
ldquoIndustrialization and the Big PushrdquoJournal of Political EconomyVol 97pp1003~1026
（35）MusacchioAS G Lazzarini and R V Aguilera2015ldquoNew Varieties of State Capitalism Strategic and Governance ImplicationsrdquoThe Academy of Management PerspectivesVol 29pp115~131
（36）NearyJ P and D Leahy2000ldquoStrategic Trade andIndustrial Policy towards Dynamic OligopoliesrdquoThe EconomicJournalVol 110pp484~508
（37）NortonR D1986ldquoIndustrial Policy and AmericanRenewalrdquoJournal of Economic LiteratureVol 24pp1~40
（38）RichardsonS2006ldquoOver- investment of Free CashFlowrdquoReview of Accounting StudiesVol11pp159~189
（39）RodrikDG Grossman and V Norman1995ldquoGetting Interventions Right How South Korea and Taiwan GrewRichrdquoEconomic PolicyVol 10pp55~107
（40）TsuiK2005ldquoLocal Tax SystemIntergovernmentalTransfers and Chinas Local Fiscal DisparitiesrdquoJournal of Comparative EconomicsVol 33pp173~196
（41）WallstenSJ2000ldquoThe Effects of Government- Industry RampD Programs on Private RampD The Case of the SmallBusiness Innovation Research ProgramrdquoRAND Journal of EconomicsVol 31pp82~100
（42）XuC2011ldquoThe Fundamental Institutions of ChinasReforms and DevelopmentrdquoJournal of Economic LiteratureVol49pp1076~1151
Their Roles Management Philosophies and Styles in Family andNon-Family FirmsrdquoJournal of Financial EconomicsVol 119pp24~43
（98）MyersS C and R G Rajan1998ldquoThe Paradox ofLiquidityrdquoQuarterly Journal of EconomicsVol113pp733~771
（99）OplerTPinkowitzLStulzR and R Williamson1999ldquoThe Determinants and Implications of Corporate CashHoldingsrdquoJournal of Financial EconomicsVol 52pp3~46
（100）PamukA2000ldquoInformal Institutional Arrangements in CreditLand Markets and Infrastructure Delivery inTrinidadrdquoInternational Journal of Urban and Regional ResearchVol 24pp379~496
（101）PanX and G G Tian2016ldquoFamily Control andLoan Collateral Evidence from ChinardquoJournal of Banking andFinanceVol 67pp53~68
（102）ParkS H and Y Luo2001ldquoGuanxi and Organizational Dynamics Organizational Networking in Chinese FirmsrdquoStrategic Management JournalVol 22pp455~477
（103）PengM W and P S Heath1996ldquoThe Growth ofthe Firm in Planned Economies in Transition InstitutionsOrganizations and Strategic ChoicerdquoAcademy of Management ReviewVol 21pp492~528
（104）PengW QWeiK C J and Z Yang2011ldquoTunneling or Propping Evidence from Connected Transactions inChinardquoJournal of Corporate FinanceVol 17pp306~325
（105）PutnamR1993ldquoThe Prosperous Community Social Capital and Public LiferdquoThe American ProspectVol 13
pp35~42（106）ShleiferA and R W Vishny1986ldquoLarge Share
holders and Corporate ControlrdquoJournal of Political EconomyVol 94pp461~488
（107）ShleiferA and R W Vishny1997ldquoA Survey ofCorporate GovernancerdquoThe Journal of FinanceVol52pp737~783
（108）TanYTianXZhangX and H Zhao2015ldquoTheReal Effect of Privatization Evidence from Chinas Split ShareStructure ReformrdquoUnpublished Working PaperIndiana University
（109）VillalongaB and R Amit2006ldquoHow Do FamilyOwnershipControl and Management Affect Firm ValuerdquoJournal of Financial EconomicsVol 80pp385~417
（110）WangK and X Xiao2011ldquoControlling Shareholders Tunneling and Executive Compensation Evidence from ChinardquoJournal of Accounting and Public PolicyVol 30pp89~100
（111）XuNXuX and Q Yuan2013ldquoPolitical ConnectionsFinancing Friction and Corporate Investment Evidencefrom Chinese Listed Family FirmsrdquoEuropean Financial ManagementVol 19pp675~702
（112）XuNYuanQJiangX and K C Chan2015ldquoFounders Political ConnectionsSecond Generation Involvementand Family Firm Performance Evidence from ChinardquoJournal of Corporate FinanceVol 33pp243~259
（47）AllenFQianJ and M J Qian2005ldquoLawFinance and Economic Growth in ChinardquoJournal of Financial EconomicsVol 77pp57~116
（48）AmitRDingYVillalongaB and H Zhang2015ldquoThe Role of Institutional Development in the Prevalence andPerformance of Entrepreneur and Family-Controlled FirmsrdquoJournal of Corporate FinanceVol 31pp284~305
（49）AmoreM DMinichilliA and G Corbetta2011ldquoHow Do Managerial Successions Shape Corporate Financial Policies in Family FirmsrdquoJournal of Corporate FinanceVol 17pp1016~1027
（50）AndersonR CDuruA and D M Reeb2012ldquoInvestment Policy in Family Controlled FirmsrdquoJournal of Bankingand FinanceVol 36pp1744~1758
（51）AndersonR CMansiS A and D M Reeb2003ldquoFounding Family Ownership and the Agency Cost of DebtrdquoJournal of Financial EconomicsVol 68pp263~285
（52）AndersonR C and D M Reeb2003ldquoFounding-Family Ownership and Firm Performance Evidence from theSampP 500rdquoThe Journal of FinanceVol 58pp1301~1327
（53）AndresC2008ldquoLarge Shareholders and Firm Performance- An Empirical Examination of Founding- Family OwnershiprdquoJournal of Corporate FinanceVol 14pp431~445
（54）BaeK-HKangJ-K and J Wang2011ldquoEmployee Treatment and Firm Leverage A Test of the Stakeholder Theory of Capital StructurerdquoJournal of Financial EconomicsVol100pp130~153
（55）BennedsenMNielsenK MPeacuterez-GonzaacutelezF andD Wolfenzon2007ldquoInside the Family Firm The Role of Families in Succession Decisions and PerformancerdquoThe QuarterlyJournal of EconomicsVol 122pp647~691
（56）BurkartMPanunziF and A Shleifer2003ldquoFamily FirmsrdquoThe Journal of FinanceVol 58pp2167~2201
（57）CaoJPanX and G Tian2011ldquoDisproportionalOwnership Structure and Pay- performance Relationship Evidence from Chinas Listed FirmsrdquoJournal of Corporate FinanceVol 17pp541~554
（58）CassonM C1999ldquoThe Economics of the FamilyFirmrdquoScandinavian Economic History ReviewVol 47pp10~23
（59）ChahineS and M Goergen2013ldquoThe Effects ofManagement-board Ties on IPO PerformancerdquoJournal of Corporate FinanceVol 21pp153~179
（60）ChenXChengQ and Z L Dai2013ldquoFamily Own-- 143
ership and CEO TurnoversrdquoContemporary Accounting ResearchVol 30pp1166~1190
（61）ChengQ2014ldquoFamily Firm Research -A ReviewrdquoChina Journal of Accounting ResearchVol 7pp149~163
（62）CheungY- LRauP R and A Stouraitis2006ldquoTunnelingPropping and Expropriation Evidence from Connected Party Transactions in Hong KongrdquoJournal of Financial EconomicsVol 82pp343~386
（63）ClaessensSDjankovSFanJ P H and L H PLang2002ldquoDisentangling the Incentive and Entrenchment Effects of Large ShareholdingsrdquoThe Journal of FinanceVol 57pp2741~2771
（64）ClaessensSDjankovS and L H P Lang2000ldquoThe Separation of Ownership and Control in East Asian CorporationsrdquoJournal of Financial EconomicsVol 58pp81~112
（65）CucculelliM and G Micucci2008ldquoFamily Succession and Firm Performance Evidence from Italian FamilyFirmsrdquoJournal of Corporate FinanceVol 14pp17~31
（66）CustoacutedioC and D Metzger2014ldquoFinancial ExpertCEOs CEOrsquos Work Experience and Firmrsquos Financial PoliciesrdquoJournal of Financial EconomicsVol 114pp125~154
（67）DittmarAMahrt-SmithJ and H Servaes2003ldquoInternational Corporate Governance and Corporate Cash HoldingsrdquoJournal of Financial and Quantitative AnalysisVol 38pp111~133
（68）DuJ L and Y Dai2005ldquoUltimate Corporate Ownership Structures and Capital Structures Evidence from East AsianEconomiesrdquoCorporate Governance-an International ReviewVol13pp60~71
（69）DyckAVolchkovaN and L Zingales2008ldquoTheCorporate Governance Role of the Media Evidence from RussiardquoThe Journal of FinanceVol 63pp1093~1135
（70）DyckA and L Zingales2004ldquoPrivate Benefits ofControl An International ComparisonrdquoThe Journal of FinanceVol 59pp537~600
（71）FaccioMLangL H P and L Young2001ldquoDividends and ExpropriationrdquoThe American Economic ReviewVol91pp54~78
（72）FahlenbrachR2009ldquoFounder- CEOsInvestmentDecisionsand Stock Market PerformancerdquoJournal of Financialand Quantitative AnalysisVol 44pp439~466
（73）FanJ P HTitmanS and G Twite2011ldquoAn International Comparison of Capital Structure and Debt MaturityChoicesrdquoJournal of Financial and Quantitative AnalysisVol47pp23~56
（74）GrossmanS and O Hart1988ldquoOne Share- OneVote and the Market for Corporate ControlrdquoJournal of FinancialEconomicsVol 20pp175~202
（75）GuumlnerA BMalmendierU and G Tate2008ldquoFinancial Expertise of DirectorsrdquoJournal of Financial EconomicsVol 88pp323~354
（76）GuisoLSapienzaP and L Zingales2004ldquoTheRole of Social Capital in Financial DevelopmentrdquoThe AmericanEconomic ReviewVol 94pp526~556
（77）HeJ and X Tian2013ldquoThe Dark Side of AnalystCoverage The Case of InnovationrdquoJournal of Financial EconomicsVol 109pp856~878
（78）HeckmanJ J1979ldquoSample Selection Bias As ASpecification ErrorrdquoEconometricaVol 47pp153~161
（79）HirshleiferDLowA and S H Teoh2012ldquoAre
Overconfident CEOs Better Innovators rdquoThe Journal of FinanceVol 67pp1457~1498
（80）ImbensG W and J M Wooldridge2009ldquoRecentDevelopments in the Econometrics of Program EvaluationrdquoJournal of Economic LiteratureVol 47pp5~86
（81）IsakovD and J-P Weisskopf2014ldquoAre FoundingFamilies Special Blockholders An Investigation of ControllingShareholder Influence on Firm PerformancerdquoJournal of Bankingand FinanceVol 41pp1~16
（82）JamesonMPrevostA and J Puthenpurackal2014ldquoControlling ShareholdersBoard Structure and Firm Performance Evidence from IndiardquoJournal of Corporate FinanceVol27pp1~20
（83）JensenM C and W H Meckling1976ldquoTheory ofthe Firm Managerial BehaviorAgency Costs and OwnershipStructurerdquoJournal of Financial EconomicsVol 3pp305~360
（84）JianM and T J Wong2010ldquoPropping Through Related Party TransactionsrdquoReview of Accounting StudiesVol 15pp70~105
（85）JiangF and K A Kim2015ldquoCorporate Governancein China A Modern PerspectiverdquoJournal of Corporate FinanceVol 32pp190~216
（86）JiangG HLeeC M C and H Yue2010ldquoTunneling Through Intercorporate Loans The China ExperiencerdquoJournal of Financial EconomicsVol 98pp1~20
（87）JohnsonSLa PortaRLopez-De-SilanesF and AShleifer2000ldquoTunnelingrdquoThe American Economic ReviewVol 90pp22~27
（88）KarpoffJ MScott LeeD and G S Martin2008ldquoThe Consequences to Managers for Financial MisrepresentationrdquoJournal of Financial EconomicsVol 88pp193~215
（89）KothariS PLaguerreT E and A J Leone2002ldquoCapitalization Versus Expensing Evidence on the Uncertaintyof Future Earnings from Capital Expenditures Versus RampD OutlaysrdquoReview of Accounting StudiesVol 7pp355~382
（90）La PortaRLopez-De-SilanesFShleiferA and RW Vishny2000ldquoAgency Problems and Dividend PoliciesAround the WorldrdquoThe Journal of FinanceVol 55pp1~33
（91）La PortaRLopez- De- SilanesF and A Shleifer1999ldquoCorporate Ownership Around the WorldrdquoThe Journal ofFinanceVol 54pp471~517
（92）Le Breton- MillerI and D Miller2006ldquoWhy DoSome Family Businesses Out-Compete GovernanceLong-TermOrientations and Sustainable CapabilityrdquoEntrepreneurship Theory and PracticeVol 30pp731~746
（93）LiuQLuoT and G G Tian2015ldquoFamily Controland Corporate Cash Holdings Evidence from ChinardquoJournal ofCorporate FinanceVol 31pp220~245
（94）MauryB2006ldquoFamily Ownership and Firm Performance Empirical Evidence from Western European CorporationsrdquoJournal of Corporate FinanceVol 12pp321~341
（95）McConaughyD LMatthewsC H and A S Fialko2001ldquoFounding Family Controlled Firms PerformanceRiskand ValuerdquoJournal of Small Business ManagementVol39pp31~49
（96）MorckRShleiferA and R W Vishny1988ldquoManagement Ownership and Market Valuation-An Empirical AnalysisrdquoJournal of Financial EconomicsVol 20pp293~315
（97）MullinsW and A Schoar2016ldquoHow Do CEOs See
控股家族的ldquo垂帘听政rdquo与公司财务决策
中国上市公司研究
-- 144
《管理世界》(月刊)2017年第 3期
（上接第 124页） FinanceVol 67pp45~83（25）JustmanM1995ldquoInfrastructureGrowth and the
Two Dimensions of Industrial PolicyrdquoThe Review of EconomicStudiesVol 62pp131~157
（26）KlineP and E Moretti2014ldquoLocal Economic DevelopmentAgglomeration Economiesand the Big Push 100 Yearsof Evidence from the Tennessee Valley AuthorityrdquoQuarterlyJournal of EconomicsVol129pp275~331
（27）KollmannRW Roeger and J Veld2012ldquoFiscalPolicy in a Financial Crisis Standard Policy versus Bank RescueMeasuresrdquoThe American Economic ReviewVol 102pp77~81
（28）KrugmanP R1983ldquoTargeted Industrial PoliciesTheory and EvidencerdquoIndustrial Change and Public Policypp123~155
（29）LazzariniS G2015ldquoStrategizing by the Government Can Industrial Policy Create Firm-Level Competitive AdvantagerdquoStrategic Management JournalVol 36pp97~112
（30）Lyu CK WangF Zhang and X Zhang2015ldquoGDPManagement to Meet or Beat Growth TargetsrdquoWorking Paper
（31）McDonaldR and D Siegel1986ldquoThe Value of Waiting to InvestrdquoThe Quarterly Journal of EconomicsVol 101pp707~728
（32）McleanR DT Zhang and M Zhao2012ldquoWhyDoes the Law Matter Investor Protection and Its Effects on InvestmentFinanceand GrowthrdquoThe Journal of FinanceVol67pp313~350
（33）McNicholsM F2002ldquoDiscussion of the Quality ofAccruals and Earnings The Role of Accrual Estimation Errorsrdquo
The Accounting ReviewVol 77pp61~69（34）MurphyK MA Shleifer and R W Vishny1989
ldquoIndustrialization and the Big PushrdquoJournal of Political EconomyVol 97pp1003~1026
（35）MusacchioAS G Lazzarini and R V Aguilera2015ldquoNew Varieties of State Capitalism Strategic and Governance ImplicationsrdquoThe Academy of Management PerspectivesVol 29pp115~131
（36）NearyJ P and D Leahy2000ldquoStrategic Trade andIndustrial Policy towards Dynamic OligopoliesrdquoThe EconomicJournalVol 110pp484~508
（37）NortonR D1986ldquoIndustrial Policy and AmericanRenewalrdquoJournal of Economic LiteratureVol 24pp1~40
（38）RichardsonS2006ldquoOver- investment of Free CashFlowrdquoReview of Accounting StudiesVol11pp159~189
（39）RodrikDG Grossman and V Norman1995ldquoGetting Interventions Right How South Korea and Taiwan GrewRichrdquoEconomic PolicyVol 10pp55~107
（40）TsuiK2005ldquoLocal Tax SystemIntergovernmentalTransfers and Chinas Local Fiscal DisparitiesrdquoJournal of Comparative EconomicsVol 33pp173~196
（41）WallstenSJ2000ldquoThe Effects of Government- Industry RampD Programs on Private RampD The Case of the SmallBusiness Innovation Research ProgramrdquoRAND Journal of EconomicsVol 31pp82~100
（42）XuC2011ldquoThe Fundamental Institutions of ChinasReforms and DevelopmentrdquoJournal of Economic LiteratureVol49pp1076~1151
Their Roles Management Philosophies and Styles in Family andNon-Family FirmsrdquoJournal of Financial EconomicsVol 119pp24~43
（98）MyersS C and R G Rajan1998ldquoThe Paradox ofLiquidityrdquoQuarterly Journal of EconomicsVol113pp733~771
（99）OplerTPinkowitzLStulzR and R Williamson1999ldquoThe Determinants and Implications of Corporate CashHoldingsrdquoJournal of Financial EconomicsVol 52pp3~46
（100）PamukA2000ldquoInformal Institutional Arrangements in CreditLand Markets and Infrastructure Delivery inTrinidadrdquoInternational Journal of Urban and Regional ResearchVol 24pp379~496
（101）PanX and G G Tian2016ldquoFamily Control andLoan Collateral Evidence from ChinardquoJournal of Banking andFinanceVol 67pp53~68
（102）ParkS H and Y Luo2001ldquoGuanxi and Organizational Dynamics Organizational Networking in Chinese FirmsrdquoStrategic Management JournalVol 22pp455~477
（103）PengM W and P S Heath1996ldquoThe Growth ofthe Firm in Planned Economies in Transition InstitutionsOrganizations and Strategic ChoicerdquoAcademy of Management ReviewVol 21pp492~528
（104）PengW QWeiK C J and Z Yang2011ldquoTunneling or Propping Evidence from Connected Transactions inChinardquoJournal of Corporate FinanceVol 17pp306~325
（105）PutnamR1993ldquoThe Prosperous Community Social Capital and Public LiferdquoThe American ProspectVol 13
pp35~42（106）ShleiferA and R W Vishny1986ldquoLarge Share
holders and Corporate ControlrdquoJournal of Political EconomyVol 94pp461~488
（107）ShleiferA and R W Vishny1997ldquoA Survey ofCorporate GovernancerdquoThe Journal of FinanceVol52pp737~783
（108）TanYTianXZhangX and H Zhao2015ldquoTheReal Effect of Privatization Evidence from Chinas Split ShareStructure ReformrdquoUnpublished Working PaperIndiana University
（109）VillalongaB and R Amit2006ldquoHow Do FamilyOwnershipControl and Management Affect Firm ValuerdquoJournal of Financial EconomicsVol 80pp385~417
（110）WangK and X Xiao2011ldquoControlling Shareholders Tunneling and Executive Compensation Evidence from ChinardquoJournal of Accounting and Public PolicyVol 30pp89~100
（111）XuNXuX and Q Yuan2013ldquoPolitical ConnectionsFinancing Friction and Corporate Investment Evidencefrom Chinese Listed Family FirmsrdquoEuropean Financial ManagementVol 19pp675~702
（112）XuNYuanQJiangX and K C Chan2015ldquoFounders Political ConnectionsSecond Generation Involvementand Family Firm Performance Evidence from ChinardquoJournal of Corporate FinanceVol 33pp243~259
（47）AllenFQianJ and M J Qian2005ldquoLawFinance and Economic Growth in ChinardquoJournal of Financial EconomicsVol 77pp57~116
（48）AmitRDingYVillalongaB and H Zhang2015ldquoThe Role of Institutional Development in the Prevalence andPerformance of Entrepreneur and Family-Controlled FirmsrdquoJournal of Corporate FinanceVol 31pp284~305
（49）AmoreM DMinichilliA and G Corbetta2011ldquoHow Do Managerial Successions Shape Corporate Financial Policies in Family FirmsrdquoJournal of Corporate FinanceVol 17pp1016~1027
（50）AndersonR CDuruA and D M Reeb2012ldquoInvestment Policy in Family Controlled FirmsrdquoJournal of Bankingand FinanceVol 36pp1744~1758
（51）AndersonR CMansiS A and D M Reeb2003ldquoFounding Family Ownership and the Agency Cost of DebtrdquoJournal of Financial EconomicsVol 68pp263~285
（52）AndersonR C and D M Reeb2003ldquoFounding-Family Ownership and Firm Performance Evidence from theSampP 500rdquoThe Journal of FinanceVol 58pp1301~1327
（53）AndresC2008ldquoLarge Shareholders and Firm Performance- An Empirical Examination of Founding- Family OwnershiprdquoJournal of Corporate FinanceVol 14pp431~445
（54）BaeK-HKangJ-K and J Wang2011ldquoEmployee Treatment and Firm Leverage A Test of the Stakeholder Theory of Capital StructurerdquoJournal of Financial EconomicsVol100pp130~153
（55）BennedsenMNielsenK MPeacuterez-GonzaacutelezF andD Wolfenzon2007ldquoInside the Family Firm The Role of Families in Succession Decisions and PerformancerdquoThe QuarterlyJournal of EconomicsVol 122pp647~691
（56）BurkartMPanunziF and A Shleifer2003ldquoFamily FirmsrdquoThe Journal of FinanceVol 58pp2167~2201
（57）CaoJPanX and G Tian2011ldquoDisproportionalOwnership Structure and Pay- performance Relationship Evidence from Chinas Listed FirmsrdquoJournal of Corporate FinanceVol 17pp541~554
（58）CassonM C1999ldquoThe Economics of the FamilyFirmrdquoScandinavian Economic History ReviewVol 47pp10~23
（59）ChahineS and M Goergen2013ldquoThe Effects ofManagement-board Ties on IPO PerformancerdquoJournal of Corporate FinanceVol 21pp153~179
（60）ChenXChengQ and Z L Dai2013ldquoFamily Own-- 143
ership and CEO TurnoversrdquoContemporary Accounting ResearchVol 30pp1166~1190
（61）ChengQ2014ldquoFamily Firm Research -A ReviewrdquoChina Journal of Accounting ResearchVol 7pp149~163
（62）CheungY- LRauP R and A Stouraitis2006ldquoTunnelingPropping and Expropriation Evidence from Connected Party Transactions in Hong KongrdquoJournal of Financial EconomicsVol 82pp343~386
（63）ClaessensSDjankovSFanJ P H and L H PLang2002ldquoDisentangling the Incentive and Entrenchment Effects of Large ShareholdingsrdquoThe Journal of FinanceVol 57pp2741~2771
（64）ClaessensSDjankovS and L H P Lang2000ldquoThe Separation of Ownership and Control in East Asian CorporationsrdquoJournal of Financial EconomicsVol 58pp81~112
（65）CucculelliM and G Micucci2008ldquoFamily Succession and Firm Performance Evidence from Italian FamilyFirmsrdquoJournal of Corporate FinanceVol 14pp17~31
（66）CustoacutedioC and D Metzger2014ldquoFinancial ExpertCEOs CEOrsquos Work Experience and Firmrsquos Financial PoliciesrdquoJournal of Financial EconomicsVol 114pp125~154
（67）DittmarAMahrt-SmithJ and H Servaes2003ldquoInternational Corporate Governance and Corporate Cash HoldingsrdquoJournal of Financial and Quantitative AnalysisVol 38pp111~133
（68）DuJ L and Y Dai2005ldquoUltimate Corporate Ownership Structures and Capital Structures Evidence from East AsianEconomiesrdquoCorporate Governance-an International ReviewVol13pp60~71
（69）DyckAVolchkovaN and L Zingales2008ldquoTheCorporate Governance Role of the Media Evidence from RussiardquoThe Journal of FinanceVol 63pp1093~1135
（70）DyckA and L Zingales2004ldquoPrivate Benefits ofControl An International ComparisonrdquoThe Journal of FinanceVol 59pp537~600
（71）FaccioMLangL H P and L Young2001ldquoDividends and ExpropriationrdquoThe American Economic ReviewVol91pp54~78
（72）FahlenbrachR2009ldquoFounder- CEOsInvestmentDecisionsand Stock Market PerformancerdquoJournal of Financialand Quantitative AnalysisVol 44pp439~466
（73）FanJ P HTitmanS and G Twite2011ldquoAn International Comparison of Capital Structure and Debt MaturityChoicesrdquoJournal of Financial and Quantitative AnalysisVol47pp23~56
（74）GrossmanS and O Hart1988ldquoOne Share- OneVote and the Market for Corporate ControlrdquoJournal of FinancialEconomicsVol 20pp175~202
（75）GuumlnerA BMalmendierU and G Tate2008ldquoFinancial Expertise of DirectorsrdquoJournal of Financial EconomicsVol 88pp323~354
（76）GuisoLSapienzaP and L Zingales2004ldquoTheRole of Social Capital in Financial DevelopmentrdquoThe AmericanEconomic ReviewVol 94pp526~556
（77）HeJ and X Tian2013ldquoThe Dark Side of AnalystCoverage The Case of InnovationrdquoJournal of Financial EconomicsVol 109pp856~878
（78）HeckmanJ J1979ldquoSample Selection Bias As ASpecification ErrorrdquoEconometricaVol 47pp153~161
（79）HirshleiferDLowA and S H Teoh2012ldquoAre
Overconfident CEOs Better Innovators rdquoThe Journal of FinanceVol 67pp1457~1498
（80）ImbensG W and J M Wooldridge2009ldquoRecentDevelopments in the Econometrics of Program EvaluationrdquoJournal of Economic LiteratureVol 47pp5~86
（81）IsakovD and J-P Weisskopf2014ldquoAre FoundingFamilies Special Blockholders An Investigation of ControllingShareholder Influence on Firm PerformancerdquoJournal of Bankingand FinanceVol 41pp1~16
（82）JamesonMPrevostA and J Puthenpurackal2014ldquoControlling ShareholdersBoard Structure and Firm Performance Evidence from IndiardquoJournal of Corporate FinanceVol27pp1~20
（83）JensenM C and W H Meckling1976ldquoTheory ofthe Firm Managerial BehaviorAgency Costs and OwnershipStructurerdquoJournal of Financial EconomicsVol 3pp305~360
（84）JianM and T J Wong2010ldquoPropping Through Related Party TransactionsrdquoReview of Accounting StudiesVol 15pp70~105
（85）JiangF and K A Kim2015ldquoCorporate Governancein China A Modern PerspectiverdquoJournal of Corporate FinanceVol 32pp190~216
（86）JiangG HLeeC M C and H Yue2010ldquoTunneling Through Intercorporate Loans The China ExperiencerdquoJournal of Financial EconomicsVol 98pp1~20
（87）JohnsonSLa PortaRLopez-De-SilanesF and AShleifer2000ldquoTunnelingrdquoThe American Economic ReviewVol 90pp22~27
（88）KarpoffJ MScott LeeD and G S Martin2008ldquoThe Consequences to Managers for Financial MisrepresentationrdquoJournal of Financial EconomicsVol 88pp193~215
（89）KothariS PLaguerreT E and A J Leone2002ldquoCapitalization Versus Expensing Evidence on the Uncertaintyof Future Earnings from Capital Expenditures Versus RampD OutlaysrdquoReview of Accounting StudiesVol 7pp355~382
（90）La PortaRLopez-De-SilanesFShleiferA and RW Vishny2000ldquoAgency Problems and Dividend PoliciesAround the WorldrdquoThe Journal of FinanceVol 55pp1~33
（91）La PortaRLopez- De- SilanesF and A Shleifer1999ldquoCorporate Ownership Around the WorldrdquoThe Journal ofFinanceVol 54pp471~517
（92）Le Breton- MillerI and D Miller2006ldquoWhy DoSome Family Businesses Out-Compete GovernanceLong-TermOrientations and Sustainable CapabilityrdquoEntrepreneurship Theory and PracticeVol 30pp731~746
（93）LiuQLuoT and G G Tian2015ldquoFamily Controland Corporate Cash Holdings Evidence from ChinardquoJournal ofCorporate FinanceVol 31pp220~245
（94）MauryB2006ldquoFamily Ownership and Firm Performance Empirical Evidence from Western European CorporationsrdquoJournal of Corporate FinanceVol 12pp321~341
（95）McConaughyD LMatthewsC H and A S Fialko2001ldquoFounding Family Controlled Firms PerformanceRiskand ValuerdquoJournal of Small Business ManagementVol39pp31~49
（96）MorckRShleiferA and R W Vishny1988ldquoManagement Ownership and Market Valuation-An Empirical AnalysisrdquoJournal of Financial EconomicsVol 20pp293~315
（97）MullinsW and A Schoar2016ldquoHow Do CEOs See
控股家族的ldquo垂帘听政rdquo与公司财务决策
中国上市公司研究
-- 144
《管理世界》(月刊)2017年第 3期
（上接第 124页） FinanceVol 67pp45~83（25）JustmanM1995ldquoInfrastructureGrowth and the
Two Dimensions of Industrial PolicyrdquoThe Review of EconomicStudiesVol 62pp131~157
（26）KlineP and E Moretti2014ldquoLocal Economic DevelopmentAgglomeration Economiesand the Big Push 100 Yearsof Evidence from the Tennessee Valley AuthorityrdquoQuarterlyJournal of EconomicsVol129pp275~331
（27）KollmannRW Roeger and J Veld2012ldquoFiscalPolicy in a Financial Crisis Standard Policy versus Bank RescueMeasuresrdquoThe American Economic ReviewVol 102pp77~81
（28）KrugmanP R1983ldquoTargeted Industrial PoliciesTheory and EvidencerdquoIndustrial Change and Public Policypp123~155
（29）LazzariniS G2015ldquoStrategizing by the Government Can Industrial Policy Create Firm-Level Competitive AdvantagerdquoStrategic Management JournalVol 36pp97~112
（30）Lyu CK WangF Zhang and X Zhang2015ldquoGDPManagement to Meet or Beat Growth TargetsrdquoWorking Paper
（31）McDonaldR and D Siegel1986ldquoThe Value of Waiting to InvestrdquoThe Quarterly Journal of EconomicsVol 101pp707~728
（32）McleanR DT Zhang and M Zhao2012ldquoWhyDoes the Law Matter Investor Protection and Its Effects on InvestmentFinanceand GrowthrdquoThe Journal of FinanceVol67pp313~350
（33）McNicholsM F2002ldquoDiscussion of the Quality ofAccruals and Earnings The Role of Accrual Estimation Errorsrdquo
The Accounting ReviewVol 77pp61~69（34）MurphyK MA Shleifer and R W Vishny1989
ldquoIndustrialization and the Big PushrdquoJournal of Political EconomyVol 97pp1003~1026
（35）MusacchioAS G Lazzarini and R V Aguilera2015ldquoNew Varieties of State Capitalism Strategic and Governance ImplicationsrdquoThe Academy of Management PerspectivesVol 29pp115~131
（36）NearyJ P and D Leahy2000ldquoStrategic Trade andIndustrial Policy towards Dynamic OligopoliesrdquoThe EconomicJournalVol 110pp484~508
（37）NortonR D1986ldquoIndustrial Policy and AmericanRenewalrdquoJournal of Economic LiteratureVol 24pp1~40
（38）RichardsonS2006ldquoOver- investment of Free CashFlowrdquoReview of Accounting StudiesVol11pp159~189
（39）RodrikDG Grossman and V Norman1995ldquoGetting Interventions Right How South Korea and Taiwan GrewRichrdquoEconomic PolicyVol 10pp55~107
（40）TsuiK2005ldquoLocal Tax SystemIntergovernmentalTransfers and Chinas Local Fiscal DisparitiesrdquoJournal of Comparative EconomicsVol 33pp173~196
（41）WallstenSJ2000ldquoThe Effects of Government- Industry RampD Programs on Private RampD The Case of the SmallBusiness Innovation Research ProgramrdquoRAND Journal of EconomicsVol 31pp82~100
（42）XuC2011ldquoThe Fundamental Institutions of ChinasReforms and DevelopmentrdquoJournal of Economic LiteratureVol49pp1076~1151
Their Roles Management Philosophies and Styles in Family andNon-Family FirmsrdquoJournal of Financial EconomicsVol 119pp24~43
（98）MyersS C and R G Rajan1998ldquoThe Paradox ofLiquidityrdquoQuarterly Journal of EconomicsVol113pp733~771
（99）OplerTPinkowitzLStulzR and R Williamson1999ldquoThe Determinants and Implications of Corporate CashHoldingsrdquoJournal of Financial EconomicsVol 52pp3~46
（100）PamukA2000ldquoInformal Institutional Arrangements in CreditLand Markets and Infrastructure Delivery inTrinidadrdquoInternational Journal of Urban and Regional ResearchVol 24pp379~496
（101）PanX and G G Tian2016ldquoFamily Control andLoan Collateral Evidence from ChinardquoJournal of Banking andFinanceVol 67pp53~68
（102）ParkS H and Y Luo2001ldquoGuanxi and Organizational Dynamics Organizational Networking in Chinese FirmsrdquoStrategic Management JournalVol 22pp455~477
（103）PengM W and P S Heath1996ldquoThe Growth ofthe Firm in Planned Economies in Transition InstitutionsOrganizations and Strategic ChoicerdquoAcademy of Management ReviewVol 21pp492~528
（104）PengW QWeiK C J and Z Yang2011ldquoTunneling or Propping Evidence from Connected Transactions inChinardquoJournal of Corporate FinanceVol 17pp306~325
（105）PutnamR1993ldquoThe Prosperous Community Social Capital and Public LiferdquoThe American ProspectVol 13
pp35~42（106）ShleiferA and R W Vishny1986ldquoLarge Share
holders and Corporate ControlrdquoJournal of Political EconomyVol 94pp461~488
（107）ShleiferA and R W Vishny1997ldquoA Survey ofCorporate GovernancerdquoThe Journal of FinanceVol52pp737~783
（108）TanYTianXZhangX and H Zhao2015ldquoTheReal Effect of Privatization Evidence from Chinas Split ShareStructure ReformrdquoUnpublished Working PaperIndiana University
（109）VillalongaB and R Amit2006ldquoHow Do FamilyOwnershipControl and Management Affect Firm ValuerdquoJournal of Financial EconomicsVol 80pp385~417
（110）WangK and X Xiao2011ldquoControlling Shareholders Tunneling and Executive Compensation Evidence from ChinardquoJournal of Accounting and Public PolicyVol 30pp89~100
（111）XuNXuX and Q Yuan2013ldquoPolitical ConnectionsFinancing Friction and Corporate Investment Evidencefrom Chinese Listed Family FirmsrdquoEuropean Financial ManagementVol 19pp675~702
（112）XuNYuanQJiangX and K C Chan2015ldquoFounders Political ConnectionsSecond Generation Involvementand Family Firm Performance Evidence from ChinardquoJournal of Corporate FinanceVol 33pp243~259
（47）AllenFQianJ and M J Qian2005ldquoLawFinance and Economic Growth in ChinardquoJournal of Financial EconomicsVol 77pp57~116
（48）AmitRDingYVillalongaB and H Zhang2015ldquoThe Role of Institutional Development in the Prevalence andPerformance of Entrepreneur and Family-Controlled FirmsrdquoJournal of Corporate FinanceVol 31pp284~305
（49）AmoreM DMinichilliA and G Corbetta2011ldquoHow Do Managerial Successions Shape Corporate Financial Policies in Family FirmsrdquoJournal of Corporate FinanceVol 17pp1016~1027
（50）AndersonR CDuruA and D M Reeb2012ldquoInvestment Policy in Family Controlled FirmsrdquoJournal of Bankingand FinanceVol 36pp1744~1758
（51）AndersonR CMansiS A and D M Reeb2003ldquoFounding Family Ownership and the Agency Cost of DebtrdquoJournal of Financial EconomicsVol 68pp263~285
（52）AndersonR C and D M Reeb2003ldquoFounding-Family Ownership and Firm Performance Evidence from theSampP 500rdquoThe Journal of FinanceVol 58pp1301~1327
（53）AndresC2008ldquoLarge Shareholders and Firm Performance- An Empirical Examination of Founding- Family OwnershiprdquoJournal of Corporate FinanceVol 14pp431~445
（54）BaeK-HKangJ-K and J Wang2011ldquoEmployee Treatment and Firm Leverage A Test of the Stakeholder Theory of Capital StructurerdquoJournal of Financial EconomicsVol100pp130~153
（55）BennedsenMNielsenK MPeacuterez-GonzaacutelezF andD Wolfenzon2007ldquoInside the Family Firm The Role of Families in Succession Decisions and PerformancerdquoThe QuarterlyJournal of EconomicsVol 122pp647~691
（56）BurkartMPanunziF and A Shleifer2003ldquoFamily FirmsrdquoThe Journal of FinanceVol 58pp2167~2201
（57）CaoJPanX and G Tian2011ldquoDisproportionalOwnership Structure and Pay- performance Relationship Evidence from Chinas Listed FirmsrdquoJournal of Corporate FinanceVol 17pp541~554
（58）CassonM C1999ldquoThe Economics of the FamilyFirmrdquoScandinavian Economic History ReviewVol 47pp10~23
（59）ChahineS and M Goergen2013ldquoThe Effects ofManagement-board Ties on IPO PerformancerdquoJournal of Corporate FinanceVol 21pp153~179
（60）ChenXChengQ and Z L Dai2013ldquoFamily Own-- 143
ership and CEO TurnoversrdquoContemporary Accounting ResearchVol 30pp1166~1190
（61）ChengQ2014ldquoFamily Firm Research -A ReviewrdquoChina Journal of Accounting ResearchVol 7pp149~163
（62）CheungY- LRauP R and A Stouraitis2006ldquoTunnelingPropping and Expropriation Evidence from Connected Party Transactions in Hong KongrdquoJournal of Financial EconomicsVol 82pp343~386
（63）ClaessensSDjankovSFanJ P H and L H PLang2002ldquoDisentangling the Incentive and Entrenchment Effects of Large ShareholdingsrdquoThe Journal of FinanceVol 57pp2741~2771
（64）ClaessensSDjankovS and L H P Lang2000ldquoThe Separation of Ownership and Control in East Asian CorporationsrdquoJournal of Financial EconomicsVol 58pp81~112
（65）CucculelliM and G Micucci2008ldquoFamily Succession and Firm Performance Evidence from Italian FamilyFirmsrdquoJournal of Corporate FinanceVol 14pp17~31
（66）CustoacutedioC and D Metzger2014ldquoFinancial ExpertCEOs CEOrsquos Work Experience and Firmrsquos Financial PoliciesrdquoJournal of Financial EconomicsVol 114pp125~154
（67）DittmarAMahrt-SmithJ and H Servaes2003ldquoInternational Corporate Governance and Corporate Cash HoldingsrdquoJournal of Financial and Quantitative AnalysisVol 38pp111~133
（68）DuJ L and Y Dai2005ldquoUltimate Corporate Ownership Structures and Capital Structures Evidence from East AsianEconomiesrdquoCorporate Governance-an International ReviewVol13pp60~71
（69）DyckAVolchkovaN and L Zingales2008ldquoTheCorporate Governance Role of the Media Evidence from RussiardquoThe Journal of FinanceVol 63pp1093~1135
（70）DyckA and L Zingales2004ldquoPrivate Benefits ofControl An International ComparisonrdquoThe Journal of FinanceVol 59pp537~600
（71）FaccioMLangL H P and L Young2001ldquoDividends and ExpropriationrdquoThe American Economic ReviewVol91pp54~78
（72）FahlenbrachR2009ldquoFounder- CEOsInvestmentDecisionsand Stock Market PerformancerdquoJournal of Financialand Quantitative AnalysisVol 44pp439~466
（73）FanJ P HTitmanS and G Twite2011ldquoAn International Comparison of Capital Structure and Debt MaturityChoicesrdquoJournal of Financial and Quantitative AnalysisVol47pp23~56
（74）GrossmanS and O Hart1988ldquoOne Share- OneVote and the Market for Corporate ControlrdquoJournal of FinancialEconomicsVol 20pp175~202
（75）GuumlnerA BMalmendierU and G Tate2008ldquoFinancial Expertise of DirectorsrdquoJournal of Financial EconomicsVol 88pp323~354
（76）GuisoLSapienzaP and L Zingales2004ldquoTheRole of Social Capital in Financial DevelopmentrdquoThe AmericanEconomic ReviewVol 94pp526~556
（77）HeJ and X Tian2013ldquoThe Dark Side of AnalystCoverage The Case of InnovationrdquoJournal of Financial EconomicsVol 109pp856~878
（78）HeckmanJ J1979ldquoSample Selection Bias As ASpecification ErrorrdquoEconometricaVol 47pp153~161
（79）HirshleiferDLowA and S H Teoh2012ldquoAre
Overconfident CEOs Better Innovators rdquoThe Journal of FinanceVol 67pp1457~1498
（80）ImbensG W and J M Wooldridge2009ldquoRecentDevelopments in the Econometrics of Program EvaluationrdquoJournal of Economic LiteratureVol 47pp5~86
（81）IsakovD and J-P Weisskopf2014ldquoAre FoundingFamilies Special Blockholders An Investigation of ControllingShareholder Influence on Firm PerformancerdquoJournal of Bankingand FinanceVol 41pp1~16
（82）JamesonMPrevostA and J Puthenpurackal2014ldquoControlling ShareholdersBoard Structure and Firm Performance Evidence from IndiardquoJournal of Corporate FinanceVol27pp1~20
（83）JensenM C and W H Meckling1976ldquoTheory ofthe Firm Managerial BehaviorAgency Costs and OwnershipStructurerdquoJournal of Financial EconomicsVol 3pp305~360
（84）JianM and T J Wong2010ldquoPropping Through Related Party TransactionsrdquoReview of Accounting StudiesVol 15pp70~105
（85）JiangF and K A Kim2015ldquoCorporate Governancein China A Modern PerspectiverdquoJournal of Corporate FinanceVol 32pp190~216
（86）JiangG HLeeC M C and H Yue2010ldquoTunneling Through Intercorporate Loans The China ExperiencerdquoJournal of Financial EconomicsVol 98pp1~20
（87）JohnsonSLa PortaRLopez-De-SilanesF and AShleifer2000ldquoTunnelingrdquoThe American Economic ReviewVol 90pp22~27
（88）KarpoffJ MScott LeeD and G S Martin2008ldquoThe Consequences to Managers for Financial MisrepresentationrdquoJournal of Financial EconomicsVol 88pp193~215
（89）KothariS PLaguerreT E and A J Leone2002ldquoCapitalization Versus Expensing Evidence on the Uncertaintyof Future Earnings from Capital Expenditures Versus RampD OutlaysrdquoReview of Accounting StudiesVol 7pp355~382
（90）La PortaRLopez-De-SilanesFShleiferA and RW Vishny2000ldquoAgency Problems and Dividend PoliciesAround the WorldrdquoThe Journal of FinanceVol 55pp1~33
（91）La PortaRLopez- De- SilanesF and A Shleifer1999ldquoCorporate Ownership Around the WorldrdquoThe Journal ofFinanceVol 54pp471~517
（92）Le Breton- MillerI and D Miller2006ldquoWhy DoSome Family Businesses Out-Compete GovernanceLong-TermOrientations and Sustainable CapabilityrdquoEntrepreneurship Theory and PracticeVol 30pp731~746
（93）LiuQLuoT and G G Tian2015ldquoFamily Controland Corporate Cash Holdings Evidence from ChinardquoJournal ofCorporate FinanceVol 31pp220~245
（94）MauryB2006ldquoFamily Ownership and Firm Performance Empirical Evidence from Western European CorporationsrdquoJournal of Corporate FinanceVol 12pp321~341
（95）McConaughyD LMatthewsC H and A S Fialko2001ldquoFounding Family Controlled Firms PerformanceRiskand ValuerdquoJournal of Small Business ManagementVol39pp31~49
（96）MorckRShleiferA and R W Vishny1988ldquoManagement Ownership and Market Valuation-An Empirical AnalysisrdquoJournal of Financial EconomicsVol 20pp293~315
（97）MullinsW and A Schoar2016ldquoHow Do CEOs See
控股家族的ldquo垂帘听政rdquo与公司财务决策
中国上市公司研究
-- 144
《管理世界》(月刊)2017年第 3期
（上接第 124页） FinanceVol 67pp45~83（25）JustmanM1995ldquoInfrastructureGrowth and the
Two Dimensions of Industrial PolicyrdquoThe Review of EconomicStudiesVol 62pp131~157
（26）KlineP and E Moretti2014ldquoLocal Economic DevelopmentAgglomeration Economiesand the Big Push 100 Yearsof Evidence from the Tennessee Valley AuthorityrdquoQuarterlyJournal of EconomicsVol129pp275~331
（27）KollmannRW Roeger and J Veld2012ldquoFiscalPolicy in a Financial Crisis Standard Policy versus Bank RescueMeasuresrdquoThe American Economic ReviewVol 102pp77~81
（28）KrugmanP R1983ldquoTargeted Industrial PoliciesTheory and EvidencerdquoIndustrial Change and Public Policypp123~155
（29）LazzariniS G2015ldquoStrategizing by the Government Can Industrial Policy Create Firm-Level Competitive AdvantagerdquoStrategic Management JournalVol 36pp97~112
（30）Lyu CK WangF Zhang and X Zhang2015ldquoGDPManagement to Meet or Beat Growth TargetsrdquoWorking Paper
（31）McDonaldR and D Siegel1986ldquoThe Value of Waiting to InvestrdquoThe Quarterly Journal of EconomicsVol 101pp707~728
（32）McleanR DT Zhang and M Zhao2012ldquoWhyDoes the Law Matter Investor Protection and Its Effects on InvestmentFinanceand GrowthrdquoThe Journal of FinanceVol67pp313~350
（33）McNicholsM F2002ldquoDiscussion of the Quality ofAccruals and Earnings The Role of Accrual Estimation Errorsrdquo
The Accounting ReviewVol 77pp61~69（34）MurphyK MA Shleifer and R W Vishny1989
ldquoIndustrialization and the Big PushrdquoJournal of Political EconomyVol 97pp1003~1026
（35）MusacchioAS G Lazzarini and R V Aguilera2015ldquoNew Varieties of State Capitalism Strategic and Governance ImplicationsrdquoThe Academy of Management PerspectivesVol 29pp115~131
（36）NearyJ P and D Leahy2000ldquoStrategic Trade andIndustrial Policy towards Dynamic OligopoliesrdquoThe EconomicJournalVol 110pp484~508
（37）NortonR D1986ldquoIndustrial Policy and AmericanRenewalrdquoJournal of Economic LiteratureVol 24pp1~40
（38）RichardsonS2006ldquoOver- investment of Free CashFlowrdquoReview of Accounting StudiesVol11pp159~189
（39）RodrikDG Grossman and V Norman1995ldquoGetting Interventions Right How South Korea and Taiwan GrewRichrdquoEconomic PolicyVol 10pp55~107
（40）TsuiK2005ldquoLocal Tax SystemIntergovernmentalTransfers and Chinas Local Fiscal DisparitiesrdquoJournal of Comparative EconomicsVol 33pp173~196
（41）WallstenSJ2000ldquoThe Effects of Government- Industry RampD Programs on Private RampD The Case of the SmallBusiness Innovation Research ProgramrdquoRAND Journal of EconomicsVol 31pp82~100
（42）XuC2011ldquoThe Fundamental Institutions of ChinasReforms and DevelopmentrdquoJournal of Economic LiteratureVol49pp1076~1151
Their Roles Management Philosophies and Styles in Family andNon-Family FirmsrdquoJournal of Financial EconomicsVol 119pp24~43
（98）MyersS C and R G Rajan1998ldquoThe Paradox ofLiquidityrdquoQuarterly Journal of EconomicsVol113pp733~771
（99）OplerTPinkowitzLStulzR and R Williamson1999ldquoThe Determinants and Implications of Corporate CashHoldingsrdquoJournal of Financial EconomicsVol 52pp3~46
（100）PamukA2000ldquoInformal Institutional Arrangements in CreditLand Markets and Infrastructure Delivery inTrinidadrdquoInternational Journal of Urban and Regional ResearchVol 24pp379~496
（101）PanX and G G Tian2016ldquoFamily Control andLoan Collateral Evidence from ChinardquoJournal of Banking andFinanceVol 67pp53~68
（102）ParkS H and Y Luo2001ldquoGuanxi and Organizational Dynamics Organizational Networking in Chinese FirmsrdquoStrategic Management JournalVol 22pp455~477
（103）PengM W and P S Heath1996ldquoThe Growth ofthe Firm in Planned Economies in Transition InstitutionsOrganizations and Strategic ChoicerdquoAcademy of Management ReviewVol 21pp492~528
（104）PengW QWeiK C J and Z Yang2011ldquoTunneling or Propping Evidence from Connected Transactions inChinardquoJournal of Corporate FinanceVol 17pp306~325
（105）PutnamR1993ldquoThe Prosperous Community Social Capital and Public LiferdquoThe American ProspectVol 13
pp35~42（106）ShleiferA and R W Vishny1986ldquoLarge Share
holders and Corporate ControlrdquoJournal of Political EconomyVol 94pp461~488
（107）ShleiferA and R W Vishny1997ldquoA Survey ofCorporate GovernancerdquoThe Journal of FinanceVol52pp737~783
（108）TanYTianXZhangX and H Zhao2015ldquoTheReal Effect of Privatization Evidence from Chinas Split ShareStructure ReformrdquoUnpublished Working PaperIndiana University
（109）VillalongaB and R Amit2006ldquoHow Do FamilyOwnershipControl and Management Affect Firm ValuerdquoJournal of Financial EconomicsVol 80pp385~417
（110）WangK and X Xiao2011ldquoControlling Shareholders Tunneling and Executive Compensation Evidence from ChinardquoJournal of Accounting and Public PolicyVol 30pp89~100
（111）XuNXuX and Q Yuan2013ldquoPolitical ConnectionsFinancing Friction and Corporate Investment Evidencefrom Chinese Listed Family FirmsrdquoEuropean Financial ManagementVol 19pp675~702
（112）XuNYuanQJiangX and K C Chan2015ldquoFounders Political ConnectionsSecond Generation Involvementand Family Firm Performance Evidence from ChinardquoJournal of Corporate FinanceVol 33pp243~259
（47）AllenFQianJ and M J Qian2005ldquoLawFinance and Economic Growth in ChinardquoJournal of Financial EconomicsVol 77pp57~116
（48）AmitRDingYVillalongaB and H Zhang2015ldquoThe Role of Institutional Development in the Prevalence andPerformance of Entrepreneur and Family-Controlled FirmsrdquoJournal of Corporate FinanceVol 31pp284~305
（49）AmoreM DMinichilliA and G Corbetta2011ldquoHow Do Managerial Successions Shape Corporate Financial Policies in Family FirmsrdquoJournal of Corporate FinanceVol 17pp1016~1027
（50）AndersonR CDuruA and D M Reeb2012ldquoInvestment Policy in Family Controlled FirmsrdquoJournal of Bankingand FinanceVol 36pp1744~1758
（51）AndersonR CMansiS A and D M Reeb2003ldquoFounding Family Ownership and the Agency Cost of DebtrdquoJournal of Financial EconomicsVol 68pp263~285
（52）AndersonR C and D M Reeb2003ldquoFounding-Family Ownership and Firm Performance Evidence from theSampP 500rdquoThe Journal of FinanceVol 58pp1301~1327
（53）AndresC2008ldquoLarge Shareholders and Firm Performance- An Empirical Examination of Founding- Family OwnershiprdquoJournal of Corporate FinanceVol 14pp431~445
（54）BaeK-HKangJ-K and J Wang2011ldquoEmployee Treatment and Firm Leverage A Test of the Stakeholder Theory of Capital StructurerdquoJournal of Financial EconomicsVol100pp130~153
（55）BennedsenMNielsenK MPeacuterez-GonzaacutelezF andD Wolfenzon2007ldquoInside the Family Firm The Role of Families in Succession Decisions and PerformancerdquoThe QuarterlyJournal of EconomicsVol 122pp647~691
（56）BurkartMPanunziF and A Shleifer2003ldquoFamily FirmsrdquoThe Journal of FinanceVol 58pp2167~2201
（57）CaoJPanX and G Tian2011ldquoDisproportionalOwnership Structure and Pay- performance Relationship Evidence from Chinas Listed FirmsrdquoJournal of Corporate FinanceVol 17pp541~554
（58）CassonM C1999ldquoThe Economics of the FamilyFirmrdquoScandinavian Economic History ReviewVol 47pp10~23
（59）ChahineS and M Goergen2013ldquoThe Effects ofManagement-board Ties on IPO PerformancerdquoJournal of Corporate FinanceVol 21pp153~179
（60）ChenXChengQ and Z L Dai2013ldquoFamily Own-- 143
ership and CEO TurnoversrdquoContemporary Accounting ResearchVol 30pp1166~1190
（61）ChengQ2014ldquoFamily Firm Research -A ReviewrdquoChina Journal of Accounting ResearchVol 7pp149~163
（62）CheungY- LRauP R and A Stouraitis2006ldquoTunnelingPropping and Expropriation Evidence from Connected Party Transactions in Hong KongrdquoJournal of Financial EconomicsVol 82pp343~386
（63）ClaessensSDjankovSFanJ P H and L H PLang2002ldquoDisentangling the Incentive and Entrenchment Effects of Large ShareholdingsrdquoThe Journal of FinanceVol 57pp2741~2771
（64）ClaessensSDjankovS and L H P Lang2000ldquoThe Separation of Ownership and Control in East Asian CorporationsrdquoJournal of Financial EconomicsVol 58pp81~112
（65）CucculelliM and G Micucci2008ldquoFamily Succession and Firm Performance Evidence from Italian FamilyFirmsrdquoJournal of Corporate FinanceVol 14pp17~31
（66）CustoacutedioC and D Metzger2014ldquoFinancial ExpertCEOs CEOrsquos Work Experience and Firmrsquos Financial PoliciesrdquoJournal of Financial EconomicsVol 114pp125~154
（67）DittmarAMahrt-SmithJ and H Servaes2003ldquoInternational Corporate Governance and Corporate Cash HoldingsrdquoJournal of Financial and Quantitative AnalysisVol 38pp111~133
（68）DuJ L and Y Dai2005ldquoUltimate Corporate Ownership Structures and Capital Structures Evidence from East AsianEconomiesrdquoCorporate Governance-an International ReviewVol13pp60~71
（69）DyckAVolchkovaN and L Zingales2008ldquoTheCorporate Governance Role of the Media Evidence from RussiardquoThe Journal of FinanceVol 63pp1093~1135
（70）DyckA and L Zingales2004ldquoPrivate Benefits ofControl An International ComparisonrdquoThe Journal of FinanceVol 59pp537~600
（71）FaccioMLangL H P and L Young2001ldquoDividends and ExpropriationrdquoThe American Economic ReviewVol91pp54~78
（72）FahlenbrachR2009ldquoFounder- CEOsInvestmentDecisionsand Stock Market PerformancerdquoJournal of Financialand Quantitative AnalysisVol 44pp439~466
（73）FanJ P HTitmanS and G Twite2011ldquoAn International Comparison of Capital Structure and Debt MaturityChoicesrdquoJournal of Financial and Quantitative AnalysisVol47pp23~56
（74）GrossmanS and O Hart1988ldquoOne Share- OneVote and the Market for Corporate ControlrdquoJournal of FinancialEconomicsVol 20pp175~202
（75）GuumlnerA BMalmendierU and G Tate2008ldquoFinancial Expertise of DirectorsrdquoJournal of Financial EconomicsVol 88pp323~354
（76）GuisoLSapienzaP and L Zingales2004ldquoTheRole of Social Capital in Financial DevelopmentrdquoThe AmericanEconomic ReviewVol 94pp526~556
（77）HeJ and X Tian2013ldquoThe Dark Side of AnalystCoverage The Case of InnovationrdquoJournal of Financial EconomicsVol 109pp856~878
（78）HeckmanJ J1979ldquoSample Selection Bias As ASpecification ErrorrdquoEconometricaVol 47pp153~161
（79）HirshleiferDLowA and S H Teoh2012ldquoAre
Overconfident CEOs Better Innovators rdquoThe Journal of FinanceVol 67pp1457~1498
（80）ImbensG W and J M Wooldridge2009ldquoRecentDevelopments in the Econometrics of Program EvaluationrdquoJournal of Economic LiteratureVol 47pp5~86
（81）IsakovD and J-P Weisskopf2014ldquoAre FoundingFamilies Special Blockholders An Investigation of ControllingShareholder Influence on Firm PerformancerdquoJournal of Bankingand FinanceVol 41pp1~16
（82）JamesonMPrevostA and J Puthenpurackal2014ldquoControlling ShareholdersBoard Structure and Firm Performance Evidence from IndiardquoJournal of Corporate FinanceVol27pp1~20
（83）JensenM C and W H Meckling1976ldquoTheory ofthe Firm Managerial BehaviorAgency Costs and OwnershipStructurerdquoJournal of Financial EconomicsVol 3pp305~360
（84）JianM and T J Wong2010ldquoPropping Through Related Party TransactionsrdquoReview of Accounting StudiesVol 15pp70~105
（85）JiangF and K A Kim2015ldquoCorporate Governancein China A Modern PerspectiverdquoJournal of Corporate FinanceVol 32pp190~216
（86）JiangG HLeeC M C and H Yue2010ldquoTunneling Through Intercorporate Loans The China ExperiencerdquoJournal of Financial EconomicsVol 98pp1~20
（87）JohnsonSLa PortaRLopez-De-SilanesF and AShleifer2000ldquoTunnelingrdquoThe American Economic ReviewVol 90pp22~27
（88）KarpoffJ MScott LeeD and G S Martin2008ldquoThe Consequences to Managers for Financial MisrepresentationrdquoJournal of Financial EconomicsVol 88pp193~215
（89）KothariS PLaguerreT E and A J Leone2002ldquoCapitalization Versus Expensing Evidence on the Uncertaintyof Future Earnings from Capital Expenditures Versus RampD OutlaysrdquoReview of Accounting StudiesVol 7pp355~382
（90）La PortaRLopez-De-SilanesFShleiferA and RW Vishny2000ldquoAgency Problems and Dividend PoliciesAround the WorldrdquoThe Journal of FinanceVol 55pp1~33
（91）La PortaRLopez- De- SilanesF and A Shleifer1999ldquoCorporate Ownership Around the WorldrdquoThe Journal ofFinanceVol 54pp471~517
（92）Le Breton- MillerI and D Miller2006ldquoWhy DoSome Family Businesses Out-Compete GovernanceLong-TermOrientations and Sustainable CapabilityrdquoEntrepreneurship Theory and PracticeVol 30pp731~746
（93）LiuQLuoT and G G Tian2015ldquoFamily Controland Corporate Cash Holdings Evidence from ChinardquoJournal ofCorporate FinanceVol 31pp220~245
（94）MauryB2006ldquoFamily Ownership and Firm Performance Empirical Evidence from Western European CorporationsrdquoJournal of Corporate FinanceVol 12pp321~341
（95）McConaughyD LMatthewsC H and A S Fialko2001ldquoFounding Family Controlled Firms PerformanceRiskand ValuerdquoJournal of Small Business ManagementVol39pp31~49
（96）MorckRShleiferA and R W Vishny1988ldquoManagement Ownership and Market Valuation-An Empirical AnalysisrdquoJournal of Financial EconomicsVol 20pp293~315
（97）MullinsW and A Schoar2016ldquoHow Do CEOs See
控股家族的ldquo垂帘听政rdquo与公司财务决策
中国上市公司研究
-- 144
《管理世界》(月刊)2017年第 3期
（上接第 124页） FinanceVol 67pp45~83（25）JustmanM1995ldquoInfrastructureGrowth and the
Two Dimensions of Industrial PolicyrdquoThe Review of EconomicStudiesVol 62pp131~157
（26）KlineP and E Moretti2014ldquoLocal Economic DevelopmentAgglomeration Economiesand the Big Push 100 Yearsof Evidence from the Tennessee Valley AuthorityrdquoQuarterlyJournal of EconomicsVol129pp275~331
（27）KollmannRW Roeger and J Veld2012ldquoFiscalPolicy in a Financial Crisis Standard Policy versus Bank RescueMeasuresrdquoThe American Economic ReviewVol 102pp77~81
（28）KrugmanP R1983ldquoTargeted Industrial PoliciesTheory and EvidencerdquoIndustrial Change and Public Policypp123~155
（29）LazzariniS G2015ldquoStrategizing by the Government Can Industrial Policy Create Firm-Level Competitive AdvantagerdquoStrategic Management JournalVol 36pp97~112
（30）Lyu CK WangF Zhang and X Zhang2015ldquoGDPManagement to Meet or Beat Growth TargetsrdquoWorking Paper
（31）McDonaldR and D Siegel1986ldquoThe Value of Waiting to InvestrdquoThe Quarterly Journal of EconomicsVol 101pp707~728
（32）McleanR DT Zhang and M Zhao2012ldquoWhyDoes the Law Matter Investor Protection and Its Effects on InvestmentFinanceand GrowthrdquoThe Journal of FinanceVol67pp313~350
（33）McNicholsM F2002ldquoDiscussion of the Quality ofAccruals and Earnings The Role of Accrual Estimation Errorsrdquo
The Accounting ReviewVol 77pp61~69（34）MurphyK MA Shleifer and R W Vishny1989
ldquoIndustrialization and the Big PushrdquoJournal of Political EconomyVol 97pp1003~1026
（35）MusacchioAS G Lazzarini and R V Aguilera2015ldquoNew Varieties of State Capitalism Strategic and Governance ImplicationsrdquoThe Academy of Management PerspectivesVol 29pp115~131
（36）NearyJ P and D Leahy2000ldquoStrategic Trade andIndustrial Policy towards Dynamic OligopoliesrdquoThe EconomicJournalVol 110pp484~508
（37）NortonR D1986ldquoIndustrial Policy and AmericanRenewalrdquoJournal of Economic LiteratureVol 24pp1~40
（38）RichardsonS2006ldquoOver- investment of Free CashFlowrdquoReview of Accounting StudiesVol11pp159~189
（39）RodrikDG Grossman and V Norman1995ldquoGetting Interventions Right How South Korea and Taiwan GrewRichrdquoEconomic PolicyVol 10pp55~107
（40）TsuiK2005ldquoLocal Tax SystemIntergovernmentalTransfers and Chinas Local Fiscal DisparitiesrdquoJournal of Comparative EconomicsVol 33pp173~196
（41）WallstenSJ2000ldquoThe Effects of Government- Industry RampD Programs on Private RampD The Case of the SmallBusiness Innovation Research ProgramrdquoRAND Journal of EconomicsVol 31pp82~100
（42）XuC2011ldquoThe Fundamental Institutions of ChinasReforms and DevelopmentrdquoJournal of Economic LiteratureVol49pp1076~1151
Their Roles Management Philosophies and Styles in Family andNon-Family FirmsrdquoJournal of Financial EconomicsVol 119pp24~43
（98）MyersS C and R G Rajan1998ldquoThe Paradox ofLiquidityrdquoQuarterly Journal of EconomicsVol113pp733~771
（99）OplerTPinkowitzLStulzR and R Williamson1999ldquoThe Determinants and Implications of Corporate CashHoldingsrdquoJournal of Financial EconomicsVol 52pp3~46
（100）PamukA2000ldquoInformal Institutional Arrangements in CreditLand Markets and Infrastructure Delivery inTrinidadrdquoInternational Journal of Urban and Regional ResearchVol 24pp379~496
（101）PanX and G G Tian2016ldquoFamily Control andLoan Collateral Evidence from ChinardquoJournal of Banking andFinanceVol 67pp53~68
（102）ParkS H and Y Luo2001ldquoGuanxi and Organizational Dynamics Organizational Networking in Chinese FirmsrdquoStrategic Management JournalVol 22pp455~477
（103）PengM W and P S Heath1996ldquoThe Growth ofthe Firm in Planned Economies in Transition InstitutionsOrganizations and Strategic ChoicerdquoAcademy of Management ReviewVol 21pp492~528
（104）PengW QWeiK C J and Z Yang2011ldquoTunneling or Propping Evidence from Connected Transactions inChinardquoJournal of Corporate FinanceVol 17pp306~325
（105）PutnamR1993ldquoThe Prosperous Community Social Capital and Public LiferdquoThe American ProspectVol 13
pp35~42（106）ShleiferA and R W Vishny1986ldquoLarge Share
holders and Corporate ControlrdquoJournal of Political EconomyVol 94pp461~488
（107）ShleiferA and R W Vishny1997ldquoA Survey ofCorporate GovernancerdquoThe Journal of FinanceVol52pp737~783
（108）TanYTianXZhangX and H Zhao2015ldquoTheReal Effect of Privatization Evidence from Chinas Split ShareStructure ReformrdquoUnpublished Working PaperIndiana University
（109）VillalongaB and R Amit2006ldquoHow Do FamilyOwnershipControl and Management Affect Firm ValuerdquoJournal of Financial EconomicsVol 80pp385~417
（110）WangK and X Xiao2011ldquoControlling Shareholders Tunneling and Executive Compensation Evidence from ChinardquoJournal of Accounting and Public PolicyVol 30pp89~100
（111）XuNXuX and Q Yuan2013ldquoPolitical ConnectionsFinancing Friction and Corporate Investment Evidencefrom Chinese Listed Family FirmsrdquoEuropean Financial ManagementVol 19pp675~702
（112）XuNYuanQJiangX and K C Chan2015ldquoFounders Political ConnectionsSecond Generation Involvementand Family Firm Performance Evidence from ChinardquoJournal of Corporate FinanceVol 33pp243~259
（47）AllenFQianJ and M J Qian2005ldquoLawFinance and Economic Growth in ChinardquoJournal of Financial EconomicsVol 77pp57~116
（48）AmitRDingYVillalongaB and H Zhang2015ldquoThe Role of Institutional Development in the Prevalence andPerformance of Entrepreneur and Family-Controlled FirmsrdquoJournal of Corporate FinanceVol 31pp284~305
（49）AmoreM DMinichilliA and G Corbetta2011ldquoHow Do Managerial Successions Shape Corporate Financial Policies in Family FirmsrdquoJournal of Corporate FinanceVol 17pp1016~1027
（50）AndersonR CDuruA and D M Reeb2012ldquoInvestment Policy in Family Controlled FirmsrdquoJournal of Bankingand FinanceVol 36pp1744~1758
（51）AndersonR CMansiS A and D M Reeb2003ldquoFounding Family Ownership and the Agency Cost of DebtrdquoJournal of Financial EconomicsVol 68pp263~285
（52）AndersonR C and D M Reeb2003ldquoFounding-Family Ownership and Firm Performance Evidence from theSampP 500rdquoThe Journal of FinanceVol 58pp1301~1327
（53）AndresC2008ldquoLarge Shareholders and Firm Performance- An Empirical Examination of Founding- Family OwnershiprdquoJournal of Corporate FinanceVol 14pp431~445
（54）BaeK-HKangJ-K and J Wang2011ldquoEmployee Treatment and Firm Leverage A Test of the Stakeholder Theory of Capital StructurerdquoJournal of Financial EconomicsVol100pp130~153
（55）BennedsenMNielsenK MPeacuterez-GonzaacutelezF andD Wolfenzon2007ldquoInside the Family Firm The Role of Families in Succession Decisions and PerformancerdquoThe QuarterlyJournal of EconomicsVol 122pp647~691
（56）BurkartMPanunziF and A Shleifer2003ldquoFamily FirmsrdquoThe Journal of FinanceVol 58pp2167~2201
（57）CaoJPanX and G Tian2011ldquoDisproportionalOwnership Structure and Pay- performance Relationship Evidence from Chinas Listed FirmsrdquoJournal of Corporate FinanceVol 17pp541~554
（58）CassonM C1999ldquoThe Economics of the FamilyFirmrdquoScandinavian Economic History ReviewVol 47pp10~23
（59）ChahineS and M Goergen2013ldquoThe Effects ofManagement-board Ties on IPO PerformancerdquoJournal of Corporate FinanceVol 21pp153~179
（60）ChenXChengQ and Z L Dai2013ldquoFamily Own-- 143
ership and CEO TurnoversrdquoContemporary Accounting ResearchVol 30pp1166~1190
（61）ChengQ2014ldquoFamily Firm Research -A ReviewrdquoChina Journal of Accounting ResearchVol 7pp149~163
（62）CheungY- LRauP R and A Stouraitis2006ldquoTunnelingPropping and Expropriation Evidence from Connected Party Transactions in Hong KongrdquoJournal of Financial EconomicsVol 82pp343~386
（63）ClaessensSDjankovSFanJ P H and L H PLang2002ldquoDisentangling the Incentive and Entrenchment Effects of Large ShareholdingsrdquoThe Journal of FinanceVol 57pp2741~2771
（64）ClaessensSDjankovS and L H P Lang2000ldquoThe Separation of Ownership and Control in East Asian CorporationsrdquoJournal of Financial EconomicsVol 58pp81~112
（65）CucculelliM and G Micucci2008ldquoFamily Succession and Firm Performance Evidence from Italian FamilyFirmsrdquoJournal of Corporate FinanceVol 14pp17~31
（66）CustoacutedioC and D Metzger2014ldquoFinancial ExpertCEOs CEOrsquos Work Experience and Firmrsquos Financial PoliciesrdquoJournal of Financial EconomicsVol 114pp125~154
（67）DittmarAMahrt-SmithJ and H Servaes2003ldquoInternational Corporate Governance and Corporate Cash HoldingsrdquoJournal of Financial and Quantitative AnalysisVol 38pp111~133
（68）DuJ L and Y Dai2005ldquoUltimate Corporate Ownership Structures and Capital Structures Evidence from East AsianEconomiesrdquoCorporate Governance-an International ReviewVol13pp60~71
（69）DyckAVolchkovaN and L Zingales2008ldquoTheCorporate Governance Role of the Media Evidence from RussiardquoThe Journal of FinanceVol 63pp1093~1135
（70）DyckA and L Zingales2004ldquoPrivate Benefits ofControl An International ComparisonrdquoThe Journal of FinanceVol 59pp537~600
（71）FaccioMLangL H P and L Young2001ldquoDividends and ExpropriationrdquoThe American Economic ReviewVol91pp54~78
（72）FahlenbrachR2009ldquoFounder- CEOsInvestmentDecisionsand Stock Market PerformancerdquoJournal of Financialand Quantitative AnalysisVol 44pp439~466
（73）FanJ P HTitmanS and G Twite2011ldquoAn International Comparison of Capital Structure and Debt MaturityChoicesrdquoJournal of Financial and Quantitative AnalysisVol47pp23~56
（74）GrossmanS and O Hart1988ldquoOne Share- OneVote and the Market for Corporate ControlrdquoJournal of FinancialEconomicsVol 20pp175~202
（75）GuumlnerA BMalmendierU and G Tate2008ldquoFinancial Expertise of DirectorsrdquoJournal of Financial EconomicsVol 88pp323~354
（76）GuisoLSapienzaP and L Zingales2004ldquoTheRole of Social Capital in Financial DevelopmentrdquoThe AmericanEconomic ReviewVol 94pp526~556
（77）HeJ and X Tian2013ldquoThe Dark Side of AnalystCoverage The Case of InnovationrdquoJournal of Financial EconomicsVol 109pp856~878
（78）HeckmanJ J1979ldquoSample Selection Bias As ASpecification ErrorrdquoEconometricaVol 47pp153~161
（79）HirshleiferDLowA and S H Teoh2012ldquoAre
Overconfident CEOs Better Innovators rdquoThe Journal of FinanceVol 67pp1457~1498
（80）ImbensG W and J M Wooldridge2009ldquoRecentDevelopments in the Econometrics of Program EvaluationrdquoJournal of Economic LiteratureVol 47pp5~86
（81）IsakovD and J-P Weisskopf2014ldquoAre FoundingFamilies Special Blockholders An Investigation of ControllingShareholder Influence on Firm PerformancerdquoJournal of Bankingand FinanceVol 41pp1~16
（82）JamesonMPrevostA and J Puthenpurackal2014ldquoControlling ShareholdersBoard Structure and Firm Performance Evidence from IndiardquoJournal of Corporate FinanceVol27pp1~20
（83）JensenM C and W H Meckling1976ldquoTheory ofthe Firm Managerial BehaviorAgency Costs and OwnershipStructurerdquoJournal of Financial EconomicsVol 3pp305~360
（84）JianM and T J Wong2010ldquoPropping Through Related Party TransactionsrdquoReview of Accounting StudiesVol 15pp70~105
（85）JiangF and K A Kim2015ldquoCorporate Governancein China A Modern PerspectiverdquoJournal of Corporate FinanceVol 32pp190~216
（86）JiangG HLeeC M C and H Yue2010ldquoTunneling Through Intercorporate Loans The China ExperiencerdquoJournal of Financial EconomicsVol 98pp1~20
（87）JohnsonSLa PortaRLopez-De-SilanesF and AShleifer2000ldquoTunnelingrdquoThe American Economic ReviewVol 90pp22~27
（88）KarpoffJ MScott LeeD and G S Martin2008ldquoThe Consequences to Managers for Financial MisrepresentationrdquoJournal of Financial EconomicsVol 88pp193~215
（89）KothariS PLaguerreT E and A J Leone2002ldquoCapitalization Versus Expensing Evidence on the Uncertaintyof Future Earnings from Capital Expenditures Versus RampD OutlaysrdquoReview of Accounting StudiesVol 7pp355~382
（90）La PortaRLopez-De-SilanesFShleiferA and RW Vishny2000ldquoAgency Problems and Dividend PoliciesAround the WorldrdquoThe Journal of FinanceVol 55pp1~33
（91）La PortaRLopez- De- SilanesF and A Shleifer1999ldquoCorporate Ownership Around the WorldrdquoThe Journal ofFinanceVol 54pp471~517
（92）Le Breton- MillerI and D Miller2006ldquoWhy DoSome Family Businesses Out-Compete GovernanceLong-TermOrientations and Sustainable CapabilityrdquoEntrepreneurship Theory and PracticeVol 30pp731~746
（93）LiuQLuoT and G G Tian2015ldquoFamily Controland Corporate Cash Holdings Evidence from ChinardquoJournal ofCorporate FinanceVol 31pp220~245
（94）MauryB2006ldquoFamily Ownership and Firm Performance Empirical Evidence from Western European CorporationsrdquoJournal of Corporate FinanceVol 12pp321~341
（95）McConaughyD LMatthewsC H and A S Fialko2001ldquoFounding Family Controlled Firms PerformanceRiskand ValuerdquoJournal of Small Business ManagementVol39pp31~49
（96）MorckRShleiferA and R W Vishny1988ldquoManagement Ownership and Market Valuation-An Empirical AnalysisrdquoJournal of Financial EconomicsVol 20pp293~315
（97）MullinsW and A Schoar2016ldquoHow Do CEOs See
控股家族的ldquo垂帘听政rdquo与公司财务决策
中国上市公司研究
-- 144
《管理世界》(月刊)2017年第 3期
（上接第 124页） FinanceVol 67pp45~83（25）JustmanM1995ldquoInfrastructureGrowth and the
Two Dimensions of Industrial PolicyrdquoThe Review of EconomicStudiesVol 62pp131~157
（26）KlineP and E Moretti2014ldquoLocal Economic DevelopmentAgglomeration Economiesand the Big Push 100 Yearsof Evidence from the Tennessee Valley AuthorityrdquoQuarterlyJournal of EconomicsVol129pp275~331
（27）KollmannRW Roeger and J Veld2012ldquoFiscalPolicy in a Financial Crisis Standard Policy versus Bank RescueMeasuresrdquoThe American Economic ReviewVol 102pp77~81
（28）KrugmanP R1983ldquoTargeted Industrial PoliciesTheory and EvidencerdquoIndustrial Change and Public Policypp123~155
（29）LazzariniS G2015ldquoStrategizing by the Government Can Industrial Policy Create Firm-Level Competitive AdvantagerdquoStrategic Management JournalVol 36pp97~112
（30）Lyu CK WangF Zhang and X Zhang2015ldquoGDPManagement to Meet or Beat Growth TargetsrdquoWorking Paper
（31）McDonaldR and D Siegel1986ldquoThe Value of Waiting to InvestrdquoThe Quarterly Journal of EconomicsVol 101pp707~728
（32）McleanR DT Zhang and M Zhao2012ldquoWhyDoes the Law Matter Investor Protection and Its Effects on InvestmentFinanceand GrowthrdquoThe Journal of FinanceVol67pp313~350
（33）McNicholsM F2002ldquoDiscussion of the Quality ofAccruals and Earnings The Role of Accrual Estimation Errorsrdquo
The Accounting ReviewVol 77pp61~69（34）MurphyK MA Shleifer and R W Vishny1989
ldquoIndustrialization and the Big PushrdquoJournal of Political EconomyVol 97pp1003~1026
（35）MusacchioAS G Lazzarini and R V Aguilera2015ldquoNew Varieties of State Capitalism Strategic and Governance ImplicationsrdquoThe Academy of Management PerspectivesVol 29pp115~131
（36）NearyJ P and D Leahy2000ldquoStrategic Trade andIndustrial Policy towards Dynamic OligopoliesrdquoThe EconomicJournalVol 110pp484~508
（37）NortonR D1986ldquoIndustrial Policy and AmericanRenewalrdquoJournal of Economic LiteratureVol 24pp1~40
（38）RichardsonS2006ldquoOver- investment of Free CashFlowrdquoReview of Accounting StudiesVol11pp159~189
（39）RodrikDG Grossman and V Norman1995ldquoGetting Interventions Right How South Korea and Taiwan GrewRichrdquoEconomic PolicyVol 10pp55~107
（40）TsuiK2005ldquoLocal Tax SystemIntergovernmentalTransfers and Chinas Local Fiscal DisparitiesrdquoJournal of Comparative EconomicsVol 33pp173~196
（41）WallstenSJ2000ldquoThe Effects of Government- Industry RampD Programs on Private RampD The Case of the SmallBusiness Innovation Research ProgramrdquoRAND Journal of EconomicsVol 31pp82~100
（42）XuC2011ldquoThe Fundamental Institutions of ChinasReforms and DevelopmentrdquoJournal of Economic LiteratureVol49pp1076~1151
Their Roles Management Philosophies and Styles in Family andNon-Family FirmsrdquoJournal of Financial EconomicsVol 119pp24~43
（98）MyersS C and R G Rajan1998ldquoThe Paradox ofLiquidityrdquoQuarterly Journal of EconomicsVol113pp733~771
（99）OplerTPinkowitzLStulzR and R Williamson1999ldquoThe Determinants and Implications of Corporate CashHoldingsrdquoJournal of Financial EconomicsVol 52pp3~46
（100）PamukA2000ldquoInformal Institutional Arrangements in CreditLand Markets and Infrastructure Delivery inTrinidadrdquoInternational Journal of Urban and Regional ResearchVol 24pp379~496
（101）PanX and G G Tian2016ldquoFamily Control andLoan Collateral Evidence from ChinardquoJournal of Banking andFinanceVol 67pp53~68
（102）ParkS H and Y Luo2001ldquoGuanxi and Organizational Dynamics Organizational Networking in Chinese FirmsrdquoStrategic Management JournalVol 22pp455~477
（103）PengM W and P S Heath1996ldquoThe Growth ofthe Firm in Planned Economies in Transition InstitutionsOrganizations and Strategic ChoicerdquoAcademy of Management ReviewVol 21pp492~528
（104）PengW QWeiK C J and Z Yang2011ldquoTunneling or Propping Evidence from Connected Transactions inChinardquoJournal of Corporate FinanceVol 17pp306~325
（105）PutnamR1993ldquoThe Prosperous Community Social Capital and Public LiferdquoThe American ProspectVol 13
pp35~42（106）ShleiferA and R W Vishny1986ldquoLarge Share
holders and Corporate ControlrdquoJournal of Political EconomyVol 94pp461~488
（107）ShleiferA and R W Vishny1997ldquoA Survey ofCorporate GovernancerdquoThe Journal of FinanceVol52pp737~783
（108）TanYTianXZhangX and H Zhao2015ldquoTheReal Effect of Privatization Evidence from Chinas Split ShareStructure ReformrdquoUnpublished Working PaperIndiana University
（109）VillalongaB and R Amit2006ldquoHow Do FamilyOwnershipControl and Management Affect Firm ValuerdquoJournal of Financial EconomicsVol 80pp385~417
（110）WangK and X Xiao2011ldquoControlling Shareholders Tunneling and Executive Compensation Evidence from ChinardquoJournal of Accounting and Public PolicyVol 30pp89~100
（111）XuNXuX and Q Yuan2013ldquoPolitical ConnectionsFinancing Friction and Corporate Investment Evidencefrom Chinese Listed Family FirmsrdquoEuropean Financial ManagementVol 19pp675~702
（112）XuNYuanQJiangX and K C Chan2015ldquoFounders Political ConnectionsSecond Generation Involvementand Family Firm Performance Evidence from ChinardquoJournal of Corporate FinanceVol 33pp243~259
-- 145
ership and CEO TurnoversrdquoContemporary Accounting ResearchVol 30pp1166~1190
（61）ChengQ2014ldquoFamily Firm Research -A ReviewrdquoChina Journal of Accounting ResearchVol 7pp149~163
（62）CheungY- LRauP R and A Stouraitis2006ldquoTunnelingPropping and Expropriation Evidence from Connected Party Transactions in Hong KongrdquoJournal of Financial EconomicsVol 82pp343~386
（63）ClaessensSDjankovSFanJ P H and L H PLang2002ldquoDisentangling the Incentive and Entrenchment Effects of Large ShareholdingsrdquoThe Journal of FinanceVol 57pp2741~2771
（64）ClaessensSDjankovS and L H P Lang2000ldquoThe Separation of Ownership and Control in East Asian CorporationsrdquoJournal of Financial EconomicsVol 58pp81~112
（65）CucculelliM and G Micucci2008ldquoFamily Succession and Firm Performance Evidence from Italian FamilyFirmsrdquoJournal of Corporate FinanceVol 14pp17~31
（66）CustoacutedioC and D Metzger2014ldquoFinancial ExpertCEOs CEOrsquos Work Experience and Firmrsquos Financial PoliciesrdquoJournal of Financial EconomicsVol 114pp125~154
（67）DittmarAMahrt-SmithJ and H Servaes2003ldquoInternational Corporate Governance and Corporate Cash HoldingsrdquoJournal of Financial and Quantitative AnalysisVol 38pp111~133
（68）DuJ L and Y Dai2005ldquoUltimate Corporate Ownership Structures and Capital Structures Evidence from East AsianEconomiesrdquoCorporate Governance-an International ReviewVol13pp60~71
（69）DyckAVolchkovaN and L Zingales2008ldquoTheCorporate Governance Role of the Media Evidence from RussiardquoThe Journal of FinanceVol 63pp1093~1135
（70）DyckA and L Zingales2004ldquoPrivate Benefits ofControl An International ComparisonrdquoThe Journal of FinanceVol 59pp537~600
（71）FaccioMLangL H P and L Young2001ldquoDividends and ExpropriationrdquoThe American Economic ReviewVol91pp54~78
（72）FahlenbrachR2009ldquoFounder- CEOsInvestmentDecisionsand Stock Market PerformancerdquoJournal of Financialand Quantitative AnalysisVol 44pp439~466
（73）FanJ P HTitmanS and G Twite2011ldquoAn International Comparison of Capital Structure and Debt MaturityChoicesrdquoJournal of Financial and Quantitative AnalysisVol47pp23~56
（74）GrossmanS and O Hart1988ldquoOne Share- OneVote and the Market for Corporate ControlrdquoJournal of FinancialEconomicsVol 20pp175~202
（75）GuumlnerA BMalmendierU and G Tate2008ldquoFinancial Expertise of DirectorsrdquoJournal of Financial EconomicsVol 88pp323~354
（76）GuisoLSapienzaP and L Zingales2004ldquoTheRole of Social Capital in Financial DevelopmentrdquoThe AmericanEconomic ReviewVol 94pp526~556
（77）HeJ and X Tian2013ldquoThe Dark Side of AnalystCoverage The Case of InnovationrdquoJournal of Financial EconomicsVol 109pp856~878
（78）HeckmanJ J1979ldquoSample Selection Bias As ASpecification ErrorrdquoEconometricaVol 47pp153~161
（79）HirshleiferDLowA and S H Teoh2012ldquoAre
Overconfident CEOs Better Innovators rdquoThe Journal of FinanceVol 67pp1457~1498
（80）ImbensG W and J M Wooldridge2009ldquoRecentDevelopments in the Econometrics of Program EvaluationrdquoJournal of Economic LiteratureVol 47pp5~86
（81）IsakovD and J-P Weisskopf2014ldquoAre FoundingFamilies Special Blockholders An Investigation of ControllingShareholder Influence on Firm PerformancerdquoJournal of Bankingand FinanceVol 41pp1~16
（82）JamesonMPrevostA and J Puthenpurackal2014ldquoControlling ShareholdersBoard Structure and Firm Performance Evidence from IndiardquoJournal of Corporate FinanceVol27pp1~20
（83）JensenM C and W H Meckling1976ldquoTheory ofthe Firm Managerial BehaviorAgency Costs and OwnershipStructurerdquoJournal of Financial EconomicsVol 3pp305~360
（84）JianM and T J Wong2010ldquoPropping Through Related Party TransactionsrdquoReview of Accounting StudiesVol 15pp70~105
（85）JiangF and K A Kim2015ldquoCorporate Governancein China A Modern PerspectiverdquoJournal of Corporate FinanceVol 32pp190~216
（86）JiangG HLeeC M C and H Yue2010ldquoTunneling Through Intercorporate Loans The China ExperiencerdquoJournal of Financial EconomicsVol 98pp1~20
（87）JohnsonSLa PortaRLopez-De-SilanesF and AShleifer2000ldquoTunnelingrdquoThe American Economic ReviewVol 90pp22~27
（88）KarpoffJ MScott LeeD and G S Martin2008ldquoThe Consequences to Managers for Financial MisrepresentationrdquoJournal of Financial EconomicsVol 88pp193~215
（89）KothariS PLaguerreT E and A J Leone2002ldquoCapitalization Versus Expensing Evidence on the Uncertaintyof Future Earnings from Capital Expenditures Versus RampD OutlaysrdquoReview of Accounting StudiesVol 7pp355~382
（90）La PortaRLopez-De-SilanesFShleiferA and RW Vishny2000ldquoAgency Problems and Dividend PoliciesAround the WorldrdquoThe Journal of FinanceVol 55pp1~33
（91）La PortaRLopez- De- SilanesF and A Shleifer1999ldquoCorporate Ownership Around the WorldrdquoThe Journal ofFinanceVol 54pp471~517
（92）Le Breton- MillerI and D Miller2006ldquoWhy DoSome Family Businesses Out-Compete GovernanceLong-TermOrientations and Sustainable CapabilityrdquoEntrepreneurship Theory and PracticeVol 30pp731~746
（93）LiuQLuoT and G G Tian2015ldquoFamily Controland Corporate Cash Holdings Evidence from ChinardquoJournal ofCorporate FinanceVol 31pp220~245
（94）MauryB2006ldquoFamily Ownership and Firm Performance Empirical Evidence from Western European CorporationsrdquoJournal of Corporate FinanceVol 12pp321~341
（95）McConaughyD LMatthewsC H and A S Fialko2001ldquoFounding Family Controlled Firms PerformanceRiskand ValuerdquoJournal of Small Business ManagementVol39pp31~49
（96）MorckRShleiferA and R W Vishny1988ldquoManagement Ownership and Market Valuation-An Empirical AnalysisrdquoJournal of Financial EconomicsVol 20pp293~315
（97）MullinsW and A Schoar2016ldquoHow Do CEOs See
控股家族的ldquo垂帘听政rdquo与公司财务决策
中国上市公司研究
-- 144
《管理世界》(月刊)2017年第 3期
（上接第 124页） FinanceVol 67pp45~83（25）JustmanM1995ldquoInfrastructureGrowth and the
Two Dimensions of Industrial PolicyrdquoThe Review of EconomicStudiesVol 62pp131~157
（26）KlineP and E Moretti2014ldquoLocal Economic DevelopmentAgglomeration Economiesand the Big Push 100 Yearsof Evidence from the Tennessee Valley AuthorityrdquoQuarterlyJournal of EconomicsVol129pp275~331
（27）KollmannRW Roeger and J Veld2012ldquoFiscalPolicy in a Financial Crisis Standard Policy versus Bank RescueMeasuresrdquoThe American Economic ReviewVol 102pp77~81
（28）KrugmanP R1983ldquoTargeted Industrial PoliciesTheory and EvidencerdquoIndustrial Change and Public Policypp123~155
（29）LazzariniS G2015ldquoStrategizing by the Government Can Industrial Policy Create Firm-Level Competitive AdvantagerdquoStrategic Management JournalVol 36pp97~112
（30）Lyu CK WangF Zhang and X Zhang2015ldquoGDPManagement to Meet or Beat Growth TargetsrdquoWorking Paper
（31）McDonaldR and D Siegel1986ldquoThe Value of Waiting to InvestrdquoThe Quarterly Journal of EconomicsVol 101pp707~728
（32）McleanR DT Zhang and M Zhao2012ldquoWhyDoes the Law Matter Investor Protection and Its Effects on InvestmentFinanceand GrowthrdquoThe Journal of FinanceVol67pp313~350
（33）McNicholsM F2002ldquoDiscussion of the Quality ofAccruals and Earnings The Role of Accrual Estimation Errorsrdquo
The Accounting ReviewVol 77pp61~69（34）MurphyK MA Shleifer and R W Vishny1989
ldquoIndustrialization and the Big PushrdquoJournal of Political EconomyVol 97pp1003~1026
（35）MusacchioAS G Lazzarini and R V Aguilera2015ldquoNew Varieties of State Capitalism Strategic and Governance ImplicationsrdquoThe Academy of Management PerspectivesVol 29pp115~131
（36）NearyJ P and D Leahy2000ldquoStrategic Trade andIndustrial Policy towards Dynamic OligopoliesrdquoThe EconomicJournalVol 110pp484~508
（37）NortonR D1986ldquoIndustrial Policy and AmericanRenewalrdquoJournal of Economic LiteratureVol 24pp1~40
（38）RichardsonS2006ldquoOver- investment of Free CashFlowrdquoReview of Accounting StudiesVol11pp159~189
（39）RodrikDG Grossman and V Norman1995ldquoGetting Interventions Right How South Korea and Taiwan GrewRichrdquoEconomic PolicyVol 10pp55~107
（40）TsuiK2005ldquoLocal Tax SystemIntergovernmentalTransfers and Chinas Local Fiscal DisparitiesrdquoJournal of Comparative EconomicsVol 33pp173~196
（41）WallstenSJ2000ldquoThe Effects of Government- Industry RampD Programs on Private RampD The Case of the SmallBusiness Innovation Research ProgramrdquoRAND Journal of EconomicsVol 31pp82~100
（42）XuC2011ldquoThe Fundamental Institutions of ChinasReforms and DevelopmentrdquoJournal of Economic LiteratureVol49pp1076~1151
Their Roles Management Philosophies and Styles in Family andNon-Family FirmsrdquoJournal of Financial EconomicsVol 119pp24~43
（98）MyersS C and R G Rajan1998ldquoThe Paradox ofLiquidityrdquoQuarterly Journal of EconomicsVol113pp733~771
（99）OplerTPinkowitzLStulzR and R Williamson1999ldquoThe Determinants and Implications of Corporate CashHoldingsrdquoJournal of Financial EconomicsVol 52pp3~46
（100）PamukA2000ldquoInformal Institutional Arrangements in CreditLand Markets and Infrastructure Delivery inTrinidadrdquoInternational Journal of Urban and Regional ResearchVol 24pp379~496
（101）PanX and G G Tian2016ldquoFamily Control andLoan Collateral Evidence from ChinardquoJournal of Banking andFinanceVol 67pp53~68
（102）ParkS H and Y Luo2001ldquoGuanxi and Organizational Dynamics Organizational Networking in Chinese FirmsrdquoStrategic Management JournalVol 22pp455~477
（103）PengM W and P S Heath1996ldquoThe Growth ofthe Firm in Planned Economies in Transition InstitutionsOrganizations and Strategic ChoicerdquoAcademy of Management ReviewVol 21pp492~528
（104）PengW QWeiK C J and Z Yang2011ldquoTunneling or Propping Evidence from Connected Transactions inChinardquoJournal of Corporate FinanceVol 17pp306~325
（105）PutnamR1993ldquoThe Prosperous Community Social Capital and Public LiferdquoThe American ProspectVol 13
pp35~42（106）ShleiferA and R W Vishny1986ldquoLarge Share
holders and Corporate ControlrdquoJournal of Political EconomyVol 94pp461~488
（107）ShleiferA and R W Vishny1997ldquoA Survey ofCorporate GovernancerdquoThe Journal of FinanceVol52pp737~783
（108）TanYTianXZhangX and H Zhao2015ldquoTheReal Effect of Privatization Evidence from Chinas Split ShareStructure ReformrdquoUnpublished Working PaperIndiana University
（109）VillalongaB and R Amit2006ldquoHow Do FamilyOwnershipControl and Management Affect Firm ValuerdquoJournal of Financial EconomicsVol 80pp385~417
（110）WangK and X Xiao2011ldquoControlling Shareholders Tunneling and Executive Compensation Evidence from ChinardquoJournal of Accounting and Public PolicyVol 30pp89~100
（111）XuNXuX and Q Yuan2013ldquoPolitical ConnectionsFinancing Friction and Corporate Investment Evidencefrom Chinese Listed Family FirmsrdquoEuropean Financial ManagementVol 19pp675~702
（112）XuNYuanQJiangX and K C Chan2015ldquoFounders Political ConnectionsSecond Generation Involvementand Family Firm Performance Evidence from ChinardquoJournal of Corporate FinanceVol 33pp243~259
-- 145
《管理世界》(月刊)2017年第 3期
（上接第 124页） FinanceVol 67pp45~83（25）JustmanM1995ldquoInfrastructureGrowth and the
Two Dimensions of Industrial PolicyrdquoThe Review of EconomicStudiesVol 62pp131~157
（26）KlineP and E Moretti2014ldquoLocal Economic DevelopmentAgglomeration Economiesand the Big Push 100 Yearsof Evidence from the Tennessee Valley AuthorityrdquoQuarterlyJournal of EconomicsVol129pp275~331
（27）KollmannRW Roeger and J Veld2012ldquoFiscalPolicy in a Financial Crisis Standard Policy versus Bank RescueMeasuresrdquoThe American Economic ReviewVol 102pp77~81
（28）KrugmanP R1983ldquoTargeted Industrial PoliciesTheory and EvidencerdquoIndustrial Change and Public Policypp123~155
（29）LazzariniS G2015ldquoStrategizing by the Government Can Industrial Policy Create Firm-Level Competitive AdvantagerdquoStrategic Management JournalVol 36pp97~112
（30）Lyu CK WangF Zhang and X Zhang2015ldquoGDPManagement to Meet or Beat Growth TargetsrdquoWorking Paper
（31）McDonaldR and D Siegel1986ldquoThe Value of Waiting to InvestrdquoThe Quarterly Journal of EconomicsVol 101pp707~728
（32）McleanR DT Zhang and M Zhao2012ldquoWhyDoes the Law Matter Investor Protection and Its Effects on InvestmentFinanceand GrowthrdquoThe Journal of FinanceVol67pp313~350
（33）McNicholsM F2002ldquoDiscussion of the Quality ofAccruals and Earnings The Role of Accrual Estimation Errorsrdquo
The Accounting ReviewVol 77pp61~69（34）MurphyK MA Shleifer and R W Vishny1989
ldquoIndustrialization and the Big PushrdquoJournal of Political EconomyVol 97pp1003~1026
（35）MusacchioAS G Lazzarini and R V Aguilera2015ldquoNew Varieties of State Capitalism Strategic and Governance ImplicationsrdquoThe Academy of Management PerspectivesVol 29pp115~131
（36）NearyJ P and D Leahy2000ldquoStrategic Trade andIndustrial Policy towards Dynamic OligopoliesrdquoThe EconomicJournalVol 110pp484~508
（37）NortonR D1986ldquoIndustrial Policy and AmericanRenewalrdquoJournal of Economic LiteratureVol 24pp1~40
（38）RichardsonS2006ldquoOver- investment of Free CashFlowrdquoReview of Accounting StudiesVol11pp159~189
（39）RodrikDG Grossman and V Norman1995ldquoGetting Interventions Right How South Korea and Taiwan GrewRichrdquoEconomic PolicyVol 10pp55~107
（40）TsuiK2005ldquoLocal Tax SystemIntergovernmentalTransfers and Chinas Local Fiscal DisparitiesrdquoJournal of Comparative EconomicsVol 33pp173~196
（41）WallstenSJ2000ldquoThe Effects of Government- Industry RampD Programs on Private RampD The Case of the SmallBusiness Innovation Research ProgramrdquoRAND Journal of EconomicsVol 31pp82~100
（42）XuC2011ldquoThe Fundamental Institutions of ChinasReforms and DevelopmentrdquoJournal of Economic LiteratureVol49pp1076~1151
Their Roles Management Philosophies and Styles in Family andNon-Family FirmsrdquoJournal of Financial EconomicsVol 119pp24~43
（98）MyersS C and R G Rajan1998ldquoThe Paradox ofLiquidityrdquoQuarterly Journal of EconomicsVol113pp733~771
（99）OplerTPinkowitzLStulzR and R Williamson1999ldquoThe Determinants and Implications of Corporate CashHoldingsrdquoJournal of Financial EconomicsVol 52pp3~46
（100）PamukA2000ldquoInformal Institutional Arrangements in CreditLand Markets and Infrastructure Delivery inTrinidadrdquoInternational Journal of Urban and Regional ResearchVol 24pp379~496
（101）PanX and G G Tian2016ldquoFamily Control andLoan Collateral Evidence from ChinardquoJournal of Banking andFinanceVol 67pp53~68
（102）ParkS H and Y Luo2001ldquoGuanxi and Organizational Dynamics Organizational Networking in Chinese FirmsrdquoStrategic Management JournalVol 22pp455~477
（103）PengM W and P S Heath1996ldquoThe Growth ofthe Firm in Planned Economies in Transition InstitutionsOrganizations and Strategic ChoicerdquoAcademy of Management ReviewVol 21pp492~528
（104）PengW QWeiK C J and Z Yang2011ldquoTunneling or Propping Evidence from Connected Transactions inChinardquoJournal of Corporate FinanceVol 17pp306~325
（105）PutnamR1993ldquoThe Prosperous Community Social Capital and Public LiferdquoThe American ProspectVol 13
pp35~42（106）ShleiferA and R W Vishny1986ldquoLarge Share
holders and Corporate ControlrdquoJournal of Political EconomyVol 94pp461~488
（107）ShleiferA and R W Vishny1997ldquoA Survey ofCorporate GovernancerdquoThe Journal of FinanceVol52pp737~783
（108）TanYTianXZhangX and H Zhao2015ldquoTheReal Effect of Privatization Evidence from Chinas Split ShareStructure ReformrdquoUnpublished Working PaperIndiana University
（109）VillalongaB and R Amit2006ldquoHow Do FamilyOwnershipControl and Management Affect Firm ValuerdquoJournal of Financial EconomicsVol 80pp385~417
（110）WangK and X Xiao2011ldquoControlling Shareholders Tunneling and Executive Compensation Evidence from ChinardquoJournal of Accounting and Public PolicyVol 30pp89~100
（111）XuNXuX and Q Yuan2013ldquoPolitical ConnectionsFinancing Friction and Corporate Investment Evidencefrom Chinese Listed Family FirmsrdquoEuropean Financial ManagementVol 19pp675~702
（112）XuNYuanQJiangX and K C Chan2015ldquoFounders Political ConnectionsSecond Generation Involvementand Family Firm Performance Evidence from ChinardquoJournal of Corporate FinanceVol 33pp243~259
