上市家族企业公司治理绩效研究--基于因子分析

Research on Corporate Governance Performance of Listed Family Companies——Based on Factor Analysis

为了克服变量选择过多导致的多重共线性问题,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了上市家族企业公司治理与绩效间的关系。研究分为两步,第一步提取公共因子作为新的自变量和因变量,第二步利用因子变量进行回归。结果表明,家族控制力、高管薪酬、总经理控制力与上市家族公司业绩之间存在显著的正相关关系,且不存在最优的家族持股比例。

The authors have selected the sample of 115 family companies in China. Then the authors use factor regression to examine whether there is relation between corporate governance factors of listed family companies in China and their performance. There are two steps in this study. The fast 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 highlevel managers and general manager＇ control power present same positive relation with performance, but its effect is weaker.