制度环境、家族控制权与公司治理效率——基于中国上市家族企业的研究

Institutional Environment,Family Control Power and Corporate Governance Efficiency——Based on the Research of Listed Chinese Family Companies

选取2014-2015年间中国734个上市家族企业作为样本,分析制度环境、家族控制权和公司治理效率的关系。在对多元线性回归结果进行Ramsey RESET和CUSUM稳定性检验之后,运用逐步回归法和分位数回归完成了稳健性检验,结果显示:家族控制权和公司治理效率均受到外部制度环境的影响。外部制度环境较差时,家族增强所有权与稳定经营权将有利于公司治理效率;外部制度环境改善时,家族增强所有权效益有限,变动经营权将显著提高公司治理效率。选择企业治理结构时,家族企业应谨慎外部制度环境因素;政府也要为家族企业转型提供良好、规范的制度环境。

A sample of 734 listed Chinese family companies from 2014 to 2015 was selected to analyze the relationship between institutional environment,family control rights,and corporate governance efficiency. After performing Ramsey RESET and CUSUM stability tests on multiple linear regression results,robustness tests were performed using stepwise regression. The results showed that family control power and corporate governance efficiency were affected by the external institutional environment. When the external institutional environment is poor,the family＇s enhanced ownership and stable management rights will be beneficial to corporate governance efficiency;when the external institutional environment improves,the family＇ s enhanced ownership benefits are limited,and changing the management rights will significantly improve corporate governance efficiency. When choosing a corporate governance structure,family businesses should be cautious about external institutional environment factors; the government should also provide a good and standardized institutional environment for the transformation of family businesses.