信息透明度、企业价值与去家族化——基于中国家族上市企业的实证研究

Information Transparency, Enterprise Value and Defamilization——A Empirical Study on the Chinese Listed Family Companies

以2005～2014年家族上市公司为研究对象,实证研究了家族企业公司透明度、企业价值以及去家族化之间的关系,以检验＂竞争优势＂理论和＂控制权私利＂理论对于家族企业在我国市场环境下的适用性。研究发现,企业的信息透明度越高,家族企业价值越高;同时信息透明度促进了家族企业去家族化。进一步的研究发现,企业信息透明度的提升减弱了企业价值对家族企业去家族化的影响。另外,去家族化显著提升了家族企业的绩效水平。文章的研究表明家族成员对企业的控制体现了＂控制权私利＂而非＂竞争优势＂。

The article, taking the Chinese listed family companies of the years 2005 to 2014 as study targets, empirically analyzed the relationship among family companies’ transparency, enterprise value and defamilization, aiming at examining the applicability of ＂competitive advantage＂ and ＂private benefit of control＂ theories in the circumstance of Chinese market. The results show that, the higher the information transparence is the higher value the companies own; meanwhile, the information transparency also promotes the defamilization process of the companies.Further research also found that defamilization has significantly improved the performance of those family companies. These results indicate that the control of the family members in these companies manifests ＂private benefit of control＂, but not ＂competitive advantages＂.