宁波市民营企业产权结构分析

Analysis of Ownership Structure of Private Enterprises in Ningbo City

本文以浙江省宁波市296家民营企业的调查数据为依据,用多个计量模型来检验家族企业中产权结构和企业绩效之间的关系。我们发现,企业绩效与管理层及最大股东的股份额密切相关,却与包括单个最大股东和其家庭成员在内的家庭股份份额无显著相关性。本文结果说明,即使是在市场机制尚不成熟的环境下,内生产权理论的结论也基本适用。但家庭股份份额却对企业绩效没有显著影响这一结果说明,需要对家族企业的产权结构的变化做进一步的研究。

The relationship between ownership structure and firm＇s performance has long been a debatable topic. Most studies adopted data of listed companies, and paid little attention to family firms. Using several quantitative models based on survey data of 296 private enterprises in Ningbo of Zhejiang Province, this study tests the relationship between ownership structure and firm＇s performance. We found a close relationship between firm＇ s performance and management and single largest shareholdings. However, we did not find statistically significant relationship between family shareholdings （including the shares jointly owned by the largest shareholder and his/her family members） and firm＇ s performance. Findings of this study suggest that major results of endogenous ownership theory still hold under an environ- ment of premature market mechanism. However, the insignificant impact of family shareholdings on firm＇ s performance suggests that further research on evolvement of family firms is needed.