4403 
4046本文将企业跨区域扩张视为管理者的冒险决策行为，以代理理论和行为代理模型为基础，构建一个高管薪酬激励机制的权变模型，探讨家族控制与企业跨区域扩张之间的关系及其制约因素，并以2007—2018年中国上市公司数据进行实证检验。研究结果显示：（1）家族控制抑制了企业的跨区域扩张。与非家族企业相比，家族企业为避免社会情感财富受损而降低了跨区域扩张的强度。（2）随着家族涉入程度的提高，家族企业跨区域扩张的强度相应降低；此外，控股家族与非家族成员高管之间的代理冲突会受到非家族成员高管的股权和期权激励的影响，其中股权激励弱化了家族涉入程度对家族企业跨区域扩张强度的抑制作用，期权激励则强化了家族涉入程度对家族企业跨区域扩张强度的抑制作用。（3）随着越来越多的非家族成员高管加入到家族企业的治理之中，家族企业倾向于提升跨区域扩张的强度。本文的研究表明，虽然跨区域扩张有利于增加企业价值，但控股家族由于更关注社会情感财富等非财务目标，因此不一定会采取跨区域扩张的战略。该结论丰富了家族企业治理的研究成果，也为企业跨区域扩张的研究和实践提供了新的视角。
家族控制与企业跨区域扩张：来自上市公司的经验证据
摘要
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