创始家族对上市公司价值的影响:一个综述

Literature Review of Impact of Founding Family on Corporate Value

创始家族上市公司是实际控制人为创始人或其后代的家族上市公司。创始家族控制上市公司在全球是一种较为普遍的现象。创始家族公司的所有权与控制权结构、家族管理以及代际传承对公司价值产生的重要内在影响,引起了理论与实务界的普遍关注。本文将就上述问题对国内外的相关文献进行分类梳理,对现有创始家族影响公司价值的研究脉络进行总结,并提出今后的研究方向。

Listed companies controlled by founding family(LCFF) are the listed corporations whose actual controllers are the founders or their descendants. LCFF is popular all over the world. The character of the ownership and right of control, the intervening of family as well as the problems from intergenerational succession make significant differences to the internal value of the company, which have been given great attention to. This paper will review relevant papers and summarize the line of researches about influence to the company's internal value, made by founding family, furthermore, put forward the future research directions.