重庆理工大学学报2026，Vol.40Issue(10)：74-91,18.DOI:10.3969/j.issn.1674-8425(s).2026.05.008
非家族股东委派董事与企业韧性
Non-family shareholder-appointed directors and corporate resilience
摘要
Abstract
Taking Shanghai and Shenzhen A-share listed family firms from 2009 to 2024 as research samples,this paper empirically analyzes the relationship between non-family shareholder-appointed directors and corporate resilience.The study finds that non-family shareholder-appointed directors can significantly enhance corporate resilience.Mechanism analysis shows that non-family shareholder-appointed directors improve corporate resilience by reducing agency costs and safeguarding corporate reputation.Further analysis reveals that the enhancement effect of non-family shareholder-appointed directors on corporate resilience is more pronounced for firms with smaller board size,higher environmental uncertainty,weaker corporate governance,and for firms in which strategic shareholdings are held by non-family shareholders.After mitigating potential endogeneity concerns and conducting a battery of robustness tests,this paper confirms that the main empirical conclusions hold steadily.Economic consequence analysis indicates that corporate resilience mediates the relationship between non-family shareholder-appointed directors and total factor productivity(TFP).关键词
家族企业/非家族股东/委派董事/企业韧性Key words
family firm/non-family shareholder/appointed director/corporate resilience分类
管理科学引用本文复制引用
熊磊,孟晓雪,文泽宙..非家族股东委派董事与企业韧性[J].重庆理工大学学报,2026,40(10):74-91,18.基金项目
中国博士后科学基金面上资助项目"父子共同决策视角下家族企业决策权强化机制研究"(2022M720615) （2022M720615）
