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论文类型：会议论文

发表时间：2017-01-01

收录刊物：CPCI-SSH

页面范围：340-347

关键字：Family business; Enterprise life stage; Financing structure; Financial risk; Growth ability

摘要：In practice, the financing structure of family business is a changing process with the development of internal characteristics. In this paper, the effect of financial risk and growth ability on the financing structure is seen as the starting point to study the difference of their effect among different life stages, to consider the moderating effect of family control and to compare the difference of this effect among different life cycles. The study argues: The higher the financial risk, the more the equity financing and the less the debt financing of the family business, and the effect of the financial risk on the financing structure is different among different life stages. The stronger the financial risk, the less the equity financing and the more the debt financing, and the effect is also different among different life stages. Family control plays a moderating role in the effect of enterprise internal characteristics on equity financing, which changes with life stages, and also play a moderating role in the effect of enterprise internal characteristics on debt financing which exists only in certain life stages. These results will provide useful empirical evidence for financing decisions of Chinese family enterprises in different life stages.