基于因子分析的上市家族企业公司治理绩效研究

Study on Governance Performance of Family Listed-Companies Based on Factor Analysis

为克服变量选择过多面临多重共线性的问题,本文以2006年沪、深两市115家上市家族企业为研究样本,运用因子回归分析法研究上市家族企业公司治理与绩效间的关系。研究分为两步,第一步提取公因子作为新自变量和因变量,第二步因子变量回归。结果表明:家族控制力、高管薪酬和总经理控制力与上市家族公司业绩之间存在显著正相关关系,不存在最优的家族持股比例。

We select the sample of 115 family firms in China which became private ownership before December 31st of 2005. And for overcoming collinearity then we use factor regression to examine whether there is relation between corporate governance factors of public family firms in China and their performance, and what it is if have. There are two steps in this study. The first is factor analysis in order to pick-up new independent and dependent variables. The second is factor variables regression. The outcome indicates that the relation between family＇ control power and corporate performance presents prominent positive relation. Salary of high-level managers and general manager＇control power present same positive relation with performance, but its effect is weaker . The optimum proportion of family stock share is inexistence.