法律环境、政治关系与家族企业价值:基于法与金融的实证研究

Legal Environment,Political Connections and Family Firm Value:Empirical Research Based on Theory of Law and Finance

从法与金融的基本观点出发,以2005年中国沪深两市中的家族类上市公司为研究对象,实证检验了法制环境、政治关系对家族企业价值的影响。研究发现:一方面,健全的法律环境能够为家族企业提供良好的投资者保护,并有效提升家族企业价值;另一方面,作为法律环境提供的投资者保护供给不足时的替代性机制,政治关系已经成为影响企业价值的重要因素。

This paper researches listed family companies of Shanghai and Shenzheu exchanges in 2005, and empirically examines the impact of legal environment and political relations on the value of family businesses. Results show that： sound and efficient legal system can create a good external governance environment for them, and thus enhance their corporate value. Meanwhile, political relations can be used as a positive alternative governance mechanism to support and promote the development of family businesses.