摘要
对于家族企业,实际控制人和家族成员的意志会影响到公司决策,本文考察了具有亲缘关系的家族成员涉入管理职位对公司价值产生的影响,通过对我国沪深两市家族上市公司数据的实证研究,得到以下结论:(1)家族企业实际控制人涉入管理职位与公司绩效正相关;(2)家族其他成员涉入管理职位与公司绩效正相关;(3)以家族涉入者数量及其亲缘关系为测量变量的家族涉入水平指标与公司绩效负相关;(4)家族企业实际控制人拥有的公司控制权与现金流权偏离系数与公司绩效负相关。
For the family business, family members and the actual controller will affect corporate decision-making, this paper examines that the family members with kinship involving in management positions have impact on company performance. Through the research on empirical data of our family owned listed companies in Shanghai and Shenzhen, the finding shows： （ 1 ） There is a positive correlation between the actual controller involvement and company performance ; （2） There is a positive correlation between the other family members involvement and company performance; （3） There is a negative correlation be- tween the family members involvement level and company performance; （4） Firm in which the actual controller＇s control rights exceed their cash flow rights have significantly lower company performance.
出处
《南京财经大学学报》
2011年第5期66-73,共8页
Journal of Nanjing University of Finance and Economics
基金
2011年国家社科基金项目"中国家族性企业集团的分立治理模式研究"(项目编号:11BGL012)阶段性成果
关键词
家族企业
家族涉入
公司绩效
family-owned company
family involvement
company performance
