私募股权与家族企业治理模式:合作还是冲突

Private equity and family business governance model:cooperation or conflict?

私募股权进入家族企业是近年来出现的普遍现象。利用沪深两市上市家族企业样本,基于治理绩效视角分析了私募股权(PE)与家族企业治理模式的关系。得出以下研究结论:(1)有私募股权参与的家族企业绩效显著高于无私募股权参与的家族企业,这表明私募股权与家族治理模式是合作关系。相对于治理环境差的地区,在治理环境好的地区合作关系更显著。相对于家族管理模式,在采用专业管理模式的家族企业合作关系更显著。(2)私募股权比例与家族企业绩效显著负相关,这表明随着私募股权比例的增大,私募股权与家族企业治理模式之间存在显著的冲突关系。相对于治理环境好的地区,在治理环境差的地区冲突关系更显著。相对于专业管理模式,在采用家族管理模式的家族企业冲突关系更显著。

Private equity＇s entry into the family business is a common phenomenon in recent years. This article collects samples of listed family enterprises in Shanghai and Shenzhen and analyzes the relationship between private equity（ PE） and governance performance of family business based on the perspective of governance performance. The results show that：（ 1）the performance of family-owned enterprises with private equity participation is significantly higher than that of non-private equity-participating family-owned enterprises,which indicates that private equity and family governance are cooperative. The cooperation is more significant in the areas with good governance environment. The cooperation is more prominent in the family enterprise with professional management mode than that with the family management model.（ 2） There is a significant negative correlation between the proportion of private equity and the performance of family-owned enterprises,which indicates that private equity conflicts with family governance mode as the proportion of private equity increases. Compared with the areas with good governance environment,the conflict relationship is more prominent in the areas with poor governance environment. The conflict in family enterprises with family business model is more significant that with professional management model.