9536 
3780去家族化作为改变家族企业治理的一种结果，对企业的治理效应产生了重要影响。本文以2005—2014年家族上市公司为研究对象，探讨了家族企业两种去家族化的方式对企业融资约束的影响，并进一步探讨了其作用机制。研究发现：引入外部经理人与转让企业这两种去家族化方式都显著缓解了企业的融资约束。进一步研究发现，非高新行业的企业在去家族化后融资约束显著降低，“竞争优势”类型的家族企业更适合引入外部经理人，较高的信息透明度可以提升去家族化对融资约束的缓解效果。通过内生性和稳健性检验后，本文的结论依然成立。本文的研究结论有助于家族企业更好地选择转型方式，并为投资者提供了投资方向的经验证据。
去家族化能缓解企业融资约束吗？
摘要
参考文献
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引用本文
王藤燕, 金源. 去家族化能缓解企业融资约束吗？[J]. 外国经济与管理, 2020, 42(6): 139-152.
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