家族企业中股权制衡与企业绩效的关系

Relationship Between the Counterbalance of Other Large Shareholders and Performance in Family Firms

以2004—2015年中国家族企业为研究样本,可以从代理理论和现代管家理论两个视角对家族企业中其他大股东的制衡作用进行分析,并且对其他大股东的身份对企业绩效的影响进行分析。研究发现,中国家族企业中其他大股东的股权制衡能够提升企业绩效;当境外股东作为其他大股东时,他们可能会与家族股东竞争并且提供有价值的建议,进而提升企业绩效。

Based on agency theory and stewardship theory,this paper analyzes the effect of the counterbalance of other large shareholders on corporate performance and analyzes the influence of other large shareholder's identity on the corporate performance by family firm in China listed companies from 2004 to 2015. It is found that the counterbalance of other large shareholders improves the corporate performance and when the foreign shareholders are other large shareholders,they may compete with the family shareholders and provide valuable suggestions to enhance corporate performance.