投资者关注家族企业控制权风险吗?——基于我国中小板市场IPO抑价的考察

Do Investors Focus on Controlling Right Risk of Family Enterprises?——Examination Based on IPO Underpricing in China's Stock Market for Medium-sized and Small Enterprises

以在我国中小板上市的507家家族企业为研究对象,从IPO抑价的视角考察投资者对家族控制权风险的反应,结果表明:投资者上市首日给予控制权集中度高的公司以更高的价格,家族控制权越高,IPO抑价率越高;当家族通过聘任更多的家族成员担任高管以加强控制权时,投资者在上市首日对公司的估价更高;而对于家族成员涉入高管层较低的公司,投资者并不关注家族控制权风险。可见,当实际控制人家族涉入高管层较深时,我国投资者更倾向于将家族企业控制权视为价值发现的机遇而赋予公司更高的估值。因此,应进一步完善IPO制度,完善相应的公司治理和外部监督机制,以有效控制所有权集中的风险。

Based on the 507 family firms listed in Small and Medium Enterprise Board, this paper examines the response of the investors to family firm controlling right risk from the perspective of IPO underpricing, and the results show that the higher price is given to the listed companies with higher centralized degree of the controlling rights by the investors at the initial day of IPO, that the higher family controlling right is, the higher IPO underpricing rate is, the much higher estimated price of the listed companies is given by the investors at the initial day of IPO when the family appoints more family members to become CEOs to enhance the controlling right, however, the investors do not take care of family controlling right risk for the companies with the family members to involve in the low management level. Therefore, Chinese investors are more inclined to regard family enterprises controlling right as the opportunity of value discovery to give much higher estimated price to the companies when practical controlling family more deeply involves in CEO level, thus, China should further perfect IPO system and perfect the related company management and external supervision mechanism so as to control the risk with equity concentration.