国内家族上市公司治理结构实证研究——基于创业型(FFB)和非创业型(N-FFB)的比较分析

Study on the Governance Structure of Family Public Business——Comparative Analysis Based on FFB and N-FFB

根据最终控制性家族与上市公司及其核心业务的关系,本文将212家家族上市公司分为创业型家族上市公司(FFB)和非创业型家族上市公司(N-FFB)两大类。通过实证比较研究发现,虽然两类企业都存在某一控制性家族或个人,但两者在家族介入程度、金字塔结构、控制权和现金流权分离程度、债务融资水平等治理特征上存在显著差异。

According to the relationship of controlling family and business or main industry, the paper divides 212 family pub/ie businesses into founding family businesses and no-founding family businesses. Through statistie analyses we find that though all of businesses are controlled by one family or individual, there is a series of differences in governance structure, including family involvement, pyramid strueture, the divergence of eontrol fights, cash rights and leverage.