中国民营上市公司家族控制权特征与公司绩效实证研究

An Empirical Study on the Characteristics about Family Control Rights and Corporate Performance of Chinese Private Listed Companies

在股权集中体系中,控制权成为公司治理的核心问题。本文以最终控股股东及其一致行动人股权为基础,整理和计算了我国家族控制权及其现金流权;并从家族控制权的持有比例、取得途径、实现方式、内部结构,以及现金流权比例、管理参与度、所在地域差异等方面分析了中国民营上市公司家族控制权特征对公司绩效的影响,取得了不少新的发现。

Inside the system of concentrate ownership,the control rights have become the core problem of corporate governance.Based on the ownership of ultimate controlling stockholders and concerted action people of the listed companies,the author systematizes and computes the evidence of family control rights and cash flow rights from Chinese private listed companies.By thinking about the reasons of the proportion of family control rights,and its model selection,the way of realization,internal structure,and proportion of cash flow,management participation degree,location difference etc,the author has analyzed the detail influence of the characteristics about family control rights and corporate performance of Chinese private listed companies,and got some new results.