家族控股上市公司实际控制人权力集中度对公司价值的影响

The Influence of Actual Controller's Power Concentrationon Corporate Value in the Listed Family Firms

实际控制人在家族控股上市公司中扮演着较为重要的角色和作用，实际控制人集权既有助于提高家族企业的经营效率，同时又在一定程度上制约着家族企业的发展。本文以2010—2012年间225家上市家族企业为研究对象，分析实际控制人权力集中度对公司价值的影响。实证结果表明：实际控制人持股比例与企业的财务绩效呈显著的正相关关系，与市场价值则呈显著的负相关关系；现金流权与控制权的分离不论对企业财务绩效还是市场价值来说都是不利的，两权分离程度越高，企业价值就越低；同时，实际控制人担任总经理或董事长有利于提高企业的盈利能力，对企业市场价值的影响则不显著。

Actual controllers play an important role in the listed family firms. Their centralized power is helpful to improve the business efficiency,while it also restricts the development of family enterprises to some degree. Based on the 225 listed family firms from the year of 2010 to 2012,this paper analyzesthe effect of actual controller's power concentration on corporate value. The empirical results show that: The shareholding ratio of actual controller has a significant positive effect on improving corporate performance,but damages the enterprise market value. The separation of ownership and control is negative to both the enterprise financial performance and market value. The higher the degree of separation of the two rights,the lower the value of enterprise; What's more,actual controller playing as CEO or the chairman is beneficial to promote the profitability of the enterprises,while the influence of such role on the enterprise market value is not significant.