中国家族上市公司股权结构与企业价值关系研究

Ownership Structure and Firm Value: an Empirical Study of Listed Family Firms in China

为提高家族上市公司的治理效率,以312家家族上市公司为研究样本,采用多元线性回归分析方法考察了家族现金流量权、控制权、两权分离程度及股权集中度等股权结构变量与企业价值之间的关系,结果表明,家族控股股东普遍通过金字塔结构等方式使其控制权与现金流量权产生偏离,且偏离幅度与上市公司的市场价值负相关,家族现金流权与企业价值间存在倒U型关系,前五大股东持股比例对企业价值有负的影响,而家族企业的上市方式、董事长与总经理两职兼任状况与企业价值之间并不显著相关。

Using the sample of 312 family firms in China which went public before December 31st of 2008,the authors examine the relationship between ownership structure and their firm value by multi-dimensional linear regression model in order to enhance the performance of listed family firms.The outcome indicates that family controlling shareholders typically have control rights over firms in excess of their cash flow rights through the use of pyramids.The deviation degree of the family control rights and cash flow rights is negatively related with the firm value.Family cash flow rights presents the converse Shape U relation with the firm value.The biggest five shareholders＇ proportion and corporate performance are negatively related.However,the authors find there is no notable relation between the listing model of family firms and the firm value,so are positions of CEO and Chairman taken by one person.