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论文编号：	8432
作者编号：	2120142507
上传时间：	2016/6/12 13:41:32
中文题目：	家族控制、证券公司持股与企业社会责任
英文题目：	Family Control, Securities Firms Holding and Corporate Social Responsibility
指导老师：	牛建波
中文关键字：	企业社会责任；家族控制；证券公司；控制方式
英文关键字：	Corporate Social Responsibility;Family Control;Securities Company; Control Mode
中文摘要：	随着中国经济的转型和科学发展、绿色发展的观点的提出，社会大众对于社会责任更加重视，企业作为经济活动的重要参与者，与社会责任的履行更是密不可分。同时互联网的普及和媒体的快速发展，也客观上敦促了企业更加重视与利益相关者的关系。家族企业作为家族与企业的特殊结合体，家族企业由于受家族控制，必然带有家族色彩，因而重视家族成员的凝聚力和代际传承等非经济属性与企业追求经济利益最大化的冲突与融合，同时相比于国有企业，家族企业在关键资源方面受到很大约束，为了获取更多的关键性资源，家族企业也会更加注重与外部利益相关者的关系。基于以上种种原因，使得家族企业实践社会责任的动机、家族企业社会责任与公司绩效的关系受到学者们的广泛关注。 当前文献研究多从家族企业社会责任与企业绩效的关系着手，部分学者认为家族企业社会责任对于企业来说是一种成本，会减少企业可用的现金流，不利于企业的当期绩效。也有学者研究得出，家族企业更重视企业的长期绩效，将履行企业社会责任视为对企业的投资行为，这一投资在以后会给企业带来好的回报，因而家族企业更偏好企业社会责任。目前对于家族控制与企业社会责任水平的文献研究，多以是否实际控制人为家族这一静态变量来表示家族控制，而本文以家族在企业的控制权比例为变量研究家族与企业社会责任的关系。 本文从国泰安数据库（CSMAR）的民营企业数据库选取了2010-2014年在沪深两市上市的家族企业为研究对象，建立回归模型，通过统计分析软件stata 12.1对所有数据进行固定效应模型回归，实证分析了家族控制与企业社会之间的关系及证券公司对其的调节作用。研究结果显示：（1）本文将企业社会责任分为两类：内部社会责任和外部社会责任，家族控制与企业社会责任、内部社会责任、外部社会责任呈正相关性，也就是说，家族在企业的控制力越强，企业的总体社会责任水平、内部社会责任和外部社会责任越高；（2）证券公司持股比例和家族控制的交乘项与企业社会责任的系数显著为负数，表明证券公司持股负向调节家族企业的社会责任水平；（3）在家族以不同的控制方式控制企业时，证券公司的调节作用会有所不同。家族直接控制企业时，证券公司持股对家族企业的内部社会责任起负向调节作用，而与家族的外部社会责任无调节作用；家族以金字塔控股和多重持股方式控制企业时，证券公司持股对家族企业的外部社会责任起负向调节作用，而与家族的内部社会责任无调节作用。
英文摘要：	With the transformation of China's economic and scientific development, green development point of view is put forward, the public pay more attention to social responsibility. As an important participant in the economy, enterprise is inseparable from social responsibility. At the same time, the popularity of the Internet and the rapid development of the media, but also objectively urge enterprises to pay more attention to the relationship with stakeholders. Family business as a special combination of family and enterprise, because of family Control, family business is bound to have a family of color, therefore, family enterprises attach great importance to the conflict and integration of pursuing the maximization of enterprise benefits and the family firm's non-economic attributes (such as family members' cohesion and intergenerational transmission and so on). At the same time, compared with the state-owned enterprises, the family business is greatly constrained in the key resources, in order to obtain more critical resources, family business will also be more related to the relationship between the external stakeholders. For all kinds of reasons, the motivation of family business practice social responsibility, the relationship between family corporate social responsibility and corporate performance has been widely concerned by scholars. The current literature research focuses on the relationship between social responsibility and corporate performance in family business. Some scholars believe that the family enterprise social responsibility is a cost for the enterprise, it will reduce the available cash flow and is not conducive to the company's current performance. Scholars have also concluded that the family business to pay attention to the long-term performance of enterprises, they put corporate social responsibility as a kind of investment, which will be more preference for corporate social responsibility. At present, the literature research on the relation between family Control and the Level of corporate social responsibility thought the family Control as a firm which is based on the actual Controller is the family. In this paper, we study the relationship between family business and corporate social responsibility with the proportion of family Control rights in enterprises. In this paper, we selected the data from 2010 to 2014 of family firms listed in Shenzhen Stock Exchange and Shanghai Stock Exchange as the research objects from the data of CSMAR, then through establishing a fix-effect model for panel data, analyzed the relationship between family Control and corporate society and the regulatory role of securities firms .by statistical analysis software Stata 12.1. The result of the research shows: (1) In this paper, the corporate social responsibility are divided into two categories: internal social responsibility and the external social responsibility, family Control and corporate social responsibility, internal social responsibility, external social responsibility was positively correlated. That is to say, family in the Control power of the enterprise is stronger, the higher the enterprise social responsibility Level of internal social responsibility and external social responsibility; (2) The coefficient of cross multiplication of the ratio of stock holding proportion and family Control is significantly negative, indicates that security company ownership negatively regulates family enterprise internal social responsibility Level and external social responsibility Level;(3) In the family of different Control methods to Control the company, the securities company's regulatory role will be different. When the firm is directly Controlled by the family, the stock holding company has a negative effect on the internal social responsibility of the family business, but has no moderating effect on the external social responsibility of the family firms; Family Control enterprise in Pyramid holdings and multiple shareholding, the securities company's holdings on the family business of the external social responsibility to play a negative role in regulating, and the family's internal social responsibility has no regulatory effect.
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