家族控制机制与企业融资效率关系的实证分析——一项基于家族上市公司的经验研究

An Empirical Analysis on the Relationship Between Family Control Mechanismsand the Efficiency of Corporate Finance——An Empirical Study Based on Family of Listed Company

家族控制是否有利于提高家族企业的融资效率,至今没有引起理论界的关注。以2009年沪深两市家族上市公司为研究样本,从股权控制和管理权控制两个视角探讨了家族控制机制对家族企业微观融资效率的影响。实证研究发现,家族股权控制和家族管理权适当控制有利于提高融资效率,由此表明家族化管理模式在我国目前的市场条件、法律环境和文化背景下是有效率的,是一种适应性的制度安排。

It has not aroused the academic attention to date whether or not family control is helpful the family business financing efficiency. In this paper, the 2007 family of listed companies in Shanghai to improve and Shenzhen as the sample, discussing the effect of family of control mechanisms on the family business efficiency of micro - finance from two perspectives of option control and management control. The paper finds family equity control and proper control of the family management help to improve financial efficiency. It is suggested that family management model is efficient and an adaptive institutional arrangements in our current market conditions, legal environment and cultural background.