家族企业创业导向与公司业绩——基于中小板上市公司的经验分析

Entrepreneurial Orientation and Firm Performance in Family Business——An Empirical Analysis Based on the SMEs board of China

利用中小板上市公司数据,对家族企业进行分类,探讨了家族的所有权、控制权和参与管理对公司业绩的影响。研究发现,创业型家族企业业绩优于自然人家族企业和非家族企业;家族所有权与控制权分离尚未呈现明显的负面效应,但家族成员参与管理对不同家族控制类型表现出差异性,创业型家族企业家族参与管理显著提升了公司绩效,而自然人家族则没有相应的效应。

Using data from listed companies on the SMEs board of China, we classified the family firms and explored the influence effects of family ownership, family control and family involvement on family performance. The results show that family-controlled firms outperform person-controlled firms and non-family firms generally; pyramids structure has no significant effects on firm performance; but family involvement has significant effects which are different according to different family firms.