上市家族企业控制权代际转移的资本市场反应研究

A Study on the Reaction of the Capital Market to the Transgenerational Transfer of the Control of Publicly Listed Family Firms

以中国上市家族企业创始人子女出任总经理或董事长作为家族企业控制权代际转移的代理变量,运用事件研究方法,分析中国资本市场对家族企业控制权代际转移的短期和长期市场反应。短期事件研究结果表明,在事件前一交易日和事件日,家族企业控制权代际转移事件的平均累计异常回报率显著小于零,但这种负面效应在事件发生后的第一个交易日开始不显著;而长期事件研究结果表明,在控制权代际转移后的10~11月开始,由发生控制权代际转移的上市家族企业构成的投资组合其平均买进持有异常收益率(BHARs)显著低于参照组合。总体上,中国资本市场对家族企业控制权代际转移的反应是负面的。

Taking founder＇s descendant being the CEO or the Chairman of the board of directors as proxy for the transgenerational transfer of control,this paper uses event study method to investigate the short-term and long-term capital market reaction to the transgenerational transfer of control in Chinese publicly listed family firms. The results are as follows： Firstly,cumulative average abnormal return（ CAAR） of the day before the event day and on the event day is significantly negative,but the CAAR is not significantly different from zero after the event day; secondly,the 10- 24 month buy and hold abnormal returns（ BHARs） of portfolio consisting of the family firm whose transgenernational transfer of control has taken place is significantly lower than that of reference portfolio. As a whole,the capital market reaction to the transgenerational transfer of control in Chinese publicly listed family firms is significantly negative.