家族企业为首任第一大股东对公司绩效影响的实证研究
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摘要
家族企业在我国国民经济中扮演着重要的角色。近些年来,我国家族企业上市的数量在迅猛的增长,然而,由于家族企业在我国发展时间还不长,自身信息透露还不完全,以及自身组织形态的特殊性,导致目前我国家族企业治理比较混乱。因此从股权集中度的角度来探讨和分析我国家族企业治理结构的效率无论是在理论方面,还是在实践方面均具有积极的意义和价值。
本文旨在研究和探讨我国家族企业为首任第一大股东对公司绩效的影响,既从股权集中度方面研究家族企业上市初期公司业绩的表现,这将有助于挖掘家族企业发展历程的深层次原因,有助于吸取经验教训,改善政策环境,寻找一种更加高效的治理模式,谋求家族企业的更快发展；从股权结构和家族特征方面给家族企业家对公司治理提出一定的参考作用。
本文首先在对国内外相关文献进行了详细回顾和评述,然后系统地回顾和探讨了我国家族企业的定义和发展历程,简述了我国家族企业的治理结构特点、主要途径和变迁趋势。它们奠定了本文后续研究的基础。
接着本文以理论知识为基础,分析了股权结构对公司绩效的影响。然后以我国沪深两市2005—2008年间上市的家族企业作为研究对象,用以下两个指标分别来代表公司业绩,分析第一大股东持股比例对公司业绩的影响：(1)用托宾Q值代表公司业绩,通过回归分析来验证他们之间的关系；(2)从盈利性、成长性、稳定性及运营效率等多方面运用主成份分析法构造能全面反映公司绩效的综合指数—G指数,采用回归分析,探讨大股东持股与公司业绩的影响。
最后,作者总结了所有研究结论,即家族企业为首任第一大股东对公司业绩成正相关关系。同时也分析了公司治理中影响公司业绩的其他相关因素,并在此基础上,提出了有助于改善家族企业治理结构状况的建议。
Family enterprises have played an important role in Chinese national economy. In recent years, the number of Chinese family enterprises listed in rapid growth, however, due to the short time of the family enterprises' development in China, and their information is still not disclosed completely, as well as their special organization form, the Corporate Governance of the family business is in a mess now. Therefore, it takes great value to research the governance structure of the family business from the angel of the ownership concentration in both the theory and practice.
This paper aims to study the performance impact of the family business as the largest shareholder. It's main to study the performance of the new shares listing at the initial stage from the angel of the ownership concentration. It will help to excavate the deep reasons of the corporate development history, learn more from the experience, improve the policy environment, find a more efficient governance mode, and seek for the family enterprise's faster development; finally, it can give some reference to the corporate governance from the angel of the ownership concentration and family feature.
At first, this paper has a retrospect of the home and abroad papers. Then it reviews the development history of the family business, and also summarizes the governance structure trait, main approach and research status. The remaining paper is on their basis.
Then, this paper takes all private companies listed in Shanghai and Shenzhen stock exchange from 2005 to 2008 as samples. based in theoretical Knowledge, analyzed the relation between ownership structure and company's operating performance with standardized research methods. And then this paper analyzed the effect of company's operating performance for the largest shareholder's holding proportion with the following two indicators:(1)The Tobin Q value representing the performance of company, verifying the relationship by regression analysis. (2) The G index that could reflect the performance of company is composited by the profitability, growth and stability and the operational efficiency. Other more, exploring the relationship between the performances of company with the first controlling shareholders by regression analysis method.
At last, the author summarizes all the research conclusion that there exists the positive relation between family business as the first largest shareholder and company performance. Besides, author also analyzed the other factors which affect the performance of company in company administration. And based on it, supply some suggestion which benefit improve family enterprise management.
本文旨在研究和探讨我国家族企业为首任第一大股东对公司绩效的影响,既从股权集中度方面研究家族企业上市初期公司业绩的表现,这将有助于挖掘家族企业发展历程的深层次原因,有助于吸取经验教训,改善政策环境,寻找一种更加高效的治理模式,谋求家族企业的更快发展；从股权结构和家族特征方面给家族企业家对公司治理提出一定的参考作用。
本文首先在对国内外相关文献进行了详细回顾和评述,然后系统地回顾和探讨了我国家族企业的定义和发展历程,简述了我国家族企业的治理结构特点、主要途径和变迁趋势。它们奠定了本文后续研究的基础。
接着本文以理论知识为基础,分析了股权结构对公司绩效的影响。然后以我国沪深两市2005—2008年间上市的家族企业作为研究对象,用以下两个指标分别来代表公司业绩,分析第一大股东持股比例对公司业绩的影响：(1)用托宾Q值代表公司业绩,通过回归分析来验证他们之间的关系；(2)从盈利性、成长性、稳定性及运营效率等多方面运用主成份分析法构造能全面反映公司绩效的综合指数—G指数,采用回归分析,探讨大股东持股与公司业绩的影响。
最后,作者总结了所有研究结论,即家族企业为首任第一大股东对公司业绩成正相关关系。同时也分析了公司治理中影响公司业绩的其他相关因素,并在此基础上,提出了有助于改善家族企业治理结构状况的建议。
Family enterprises have played an important role in Chinese national economy. In recent years, the number of Chinese family enterprises listed in rapid growth, however, due to the short time of the family enterprises' development in China, and their information is still not disclosed completely, as well as their special organization form, the Corporate Governance of the family business is in a mess now. Therefore, it takes great value to research the governance structure of the family business from the angel of the ownership concentration in both the theory and practice.
This paper aims to study the performance impact of the family business as the largest shareholder. It's main to study the performance of the new shares listing at the initial stage from the angel of the ownership concentration. It will help to excavate the deep reasons of the corporate development history, learn more from the experience, improve the policy environment, find a more efficient governance mode, and seek for the family enterprise's faster development; finally, it can give some reference to the corporate governance from the angel of the ownership concentration and family feature.
At first, this paper has a retrospect of the home and abroad papers. Then it reviews the development history of the family business, and also summarizes the governance structure trait, main approach and research status. The remaining paper is on their basis.
Then, this paper takes all private companies listed in Shanghai and Shenzhen stock exchange from 2005 to 2008 as samples. based in theoretical Knowledge, analyzed the relation between ownership structure and company's operating performance with standardized research methods. And then this paper analyzed the effect of company's operating performance for the largest shareholder's holding proportion with the following two indicators:(1)The Tobin Q value representing the performance of company, verifying the relationship by regression analysis. (2) The G index that could reflect the performance of company is composited by the profitability, growth and stability and the operational efficiency. Other more, exploring the relationship between the performances of company with the first controlling shareholders by regression analysis method.
At last, the author summarizes all the research conclusion that there exists the positive relation between family business as the first largest shareholder and company performance. Besides, author also analyzed the other factors which affect the performance of company in company administration. And based on it, supply some suggestion which benefit improve family enterprise management.
引文
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[41]朱武祥,宋勇.股权结构与企业价值.经济研究.2001,(12)：66-72
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[2]李姝楠.我国公司股权集中度与公司绩效关系的研究.中南财经政法大学研究生学报.2009(4)：19-23
[3]苏启林,钟乃雄.民营上市公司控制权形成及其影响研究.管理世界.2005,(1)：131-136
[4]香港大学课题组.民营上市公司的经营绩效和治理结构研究.上证联合研究计划第八期课题报告.2004：1-56
[5]宋力,韩亮亮.民营上市公司股权结构特征分析.南开管理评论,2004,(4)：69-71
[6]Joseph P.H. Fan and T.J.Wong.Corporate ownership structure and the informativeness of accounting earnings in East Asia.Journal of Accounting and Economics.2002,(33):401-42
[7]鹿小楠,张卫东.中国民营上市公司发展研究.上海证券研究中心研究文献.2004：1-57
[8]Fama and Jensen.Agency Problems and Residual Claims.Journal of Law and Economics.1983,(26):327-349.
[9]于东智.董事会、公司治理与绩效——对中国上市公司的经验分析.中国社会科学.2003,(3)：29-41
[10]卞英姿.上市公司独立董事与公司绩效关系.财会通讯.2010,(3)：17-19
[11]李常青,赖建清.董事会特征影响公司绩效吗?金融研究.2004,(5)：64-77
[12]于东智,池国华.董事会规模、稳定性与公司绩效：理论与经验分析.经济研究.2004,(4)：70-79
[13]孙永祥,章融.董事会规模、公司治理与绩效.企业经济.2000,(10)：13-15
[14]袁萍,刘士余,高峰.关于中国上市公司董事会、监事会与公司业绩的研究.金融研究2006,(6)：23-32
[15]李维安.中小企业板建设与民营上市公司治理..深交所特刊.2004,(9)：56-58
[16]谢玲芳,朱晓明.董事会控制、侵占效应与民营上市公司价值.上海经济研究.2005,(1)：63-69
[17]叶祥松,吴育苗.股权结构、管理层持股与经营绩效.岭南学刊.2008,(1)：105-108
[18]贺金柱.我国民营上市公司股权结构问题探讨.现代会计.2003,(1)：32-36
[19]彭颖,张绪军.民营上市公司治理状况分析.广西社会科学.2004,(12)：73-75
[20]L ins K and Servaes H.Is Corporate Diversification Beneficial in Emerging Market s[Z].Unpublished Working Paper London Business School.2003, (15):921-935
[21]Jensen,M.C and W.H.Meckling.Theory of the Firm:Managerial Behavior.Agency Cost and Ownership Structure[J] Journal of Financial Economics.1976,(3): 443-465
[22]Morck.Randall, Andrei Shleifer and Robert W. Vishny.Management ownership and market valuation:An empirical analysis[J] Journal of Financial Economics. 1986, (20):293-315
[23]Claessens,Djankov.S.FanJ,Lang.DisentanglingtheIncentiveand Entrenchment Effects of Large Shareholdings.The Journal of Finance.2002,(57):2741-2771
[24]Lins K and Servaes H.Is Corporate Diversification Beneficial in Emerging Markets[Z],Unpublished Working Paper,London Business School.2003, (15):921-935
[25]Adenauerallee.Large shareholders and firm performance—An empirical examination of founding-family ownership.Journal of Corporate Finance.2008,(14):431-445
[26]张红军.中国上市公司股权结构与公司绩效的理论及实证分析.经济科学.2000,(4)：34-44
[27]陈晓,江东.股权多元化、公司业绩与行业竞争性.经济研究.2000,(8)：28-35
[28]李春琦.影响我国家族企业绩效的经验证据———基于对家族上市公司控股比例和规模的考察.统计研究.2005,(11)：55-58
[29]毕艳杰.上市公司家族控制与公司绩效关系的实证分析.审计与经济研究.2006,(4)：86-89
[30]王晓丽,陆国昆.上市公司股权结构与经营绩效的实证分析.税务与经济.2007,(2)：42-45
[31]李善民,周小春.上市方式大股东持股与民营上市公司的绩效.经济管理.2007,(1)：36-41
[32]陈小悦,徐晓东.股权结构、企业绩效与投资者利益保护.经济研究.2001,(11)：3-11
[33]徐晓东,陈小悦.第一大股东对公司治理、企业业绩的影响分析.经济研究.2003,(2)：64-74
[34]Harold Demsetz and Belen Villalonga.Ownership structure and corporate performance.Journal of Corporate Finance. September 2001:209-233
[35]Demsetz. H and K. Lehn.The St ructure of corpo rate ownership:Cause and conseqences.Journal of Political Econony.1995:1155-1177
[36]Clifford G. Holderness and Dennis P. Sheehan.The role of majority shareholders in publicly held corporations:An exploratory analysis.Journal of Financial Economics. January-March 1988:317-346
[37]Gedajlovic.E and Shapiro.D.Management and Ownership Effects:Evidence fromFive Countries.Strategic Management.1998, Journal 19
[38]Myeong-Hyeon Cho.Ownership structure, investment, and the corporate value: An empirical analysis.Journal of Financial Economics.January 1998:103-121
[39]金毓,焦丽娜.家族企业第一大股东持股比例对企业绩效影响的实证分析.技术经济.2007,(11)：121-124
[40]朱小平,陈仲威.我国商业上市公司的股权结构与公司业绩.上海立信会计学院学报.2007,(2)：28-37
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