泉州家族企业上市问题研究
|
摘要
在现代经济社会,家族企业已发展为主要的企业形式之一。在我国,随着改革开放的深入,家族企业也已经迅速崛起。随着大量的家族企业上市,国内的家族企业掀起了一股上市的热潮。在民营经济相对发达的泉州地区,家族企业刮起了一股上市之风,在深交所打造了“泉州板块”。近些年来,上市家族企业迅速成长,无论是从数量、规模、盈利能力、增值潜力、覆盖行业和单个企业的资产控制能力方面看,还是从其对国民经济的贡献等角度来看,上市家族企业都成为泉州经济的一支重要力量,在资本市场中占据着重要的地位。研究泉州家族企业上市,有利于泉州市家族企业应对经济全球化及激烈的市场竞争,有利于促进家族企业的可持续发展,有利于资本市场资源的合理运用。同时能更好的为泉州海峡西岸经济区建设提供强大的动力。
本文基于泉州宏观的经济环境分析的基础上,就泉州家族企业的发展现况和泉州家族企业在面临可持续发展方面的问题进行分析,得出泉州家族企业要实现持续发展重要路径-上市。接着引用国内外家族企业上市成功与失败的案例分析,从中借鉴家族企业上市的成功经验。并通过对泉州家族企业上市的利弊分析,引出泉州家族企业是否要上市,上市模式的选择,上市前的准备以及上市后泉州家族企业发展战略途径选择等等问题。最后,得出泉州家族企业上市要经过理性的分析,综合考虑该泉州家族企业所处的经营环境、行业性质、企业的规模、组织形式等因素,最终确定是否要上市。本文的特色与创新:①以全新的视角研究家族企业相对发达而上市实践相对薄弱的泉州市家族企业上市的管理实践问题,提出些有针对性的对策可供泉州家族企业上市实践借鉴参考。②本文综合运用比较分析、借鉴与学习创新相结合的分析方法,全面系统的探析了家族企业上市的相关理论和借鉴国外该方面的成功经验,并对泉州家族企业上市的实际情况进行剖析,以泉州家族企业的可持续发展的视角研究其上市与企业发展的相关问题,并提出相应的对策建议。③本文重点从泉州家族企业选择上市模式应考虑所处行业、内部要素、面向的客户市场和短期和长期发展规划等因素来进行分析。且本文系统地探析泉州家族企业针对不同上市模式之前要做的准备工作。
At the modern economic society, the Family firm has developed one of for main forms of enterprise. In our country, along with reform and open policy's thorough, the Family firm also already rapidly rose. Along with massive Family firm going on the market, the domestic Family firm has started a going on the market upsurge. In the privately operated economical relatively developed Quanzhou area, the Family firm blew wind of going on the market, has made“the Quanzhou tectonic plate”in Shenzhen Stock Exchange. Recent year, the going on the market Family firm grows rapidly, regardless of from quantity, the scale, profit ability, the increment potential, the cover profession and the single enterprise's property control aspect looked, looking from it to national economy's angles and so on contribution, the going on the market Family firm becomes the Quanzhou economy an important force, is occupying the important status in the capital market. Studies Quanzhou Family firm going on the market, is advantageous deals with the economic globalization and the intense market competition in the Quanzhou Family firm, is advantageous in the promotion Family firm's sustainable development, is advantageous in the capital market resources reasonable utilization. Simultaneously what can be better is the Quanzhou channel West bank economic zone construction provides the formidable power.
This article based on the Quanzhou macroscopic economic environment analysis's foundation, is facing the sustainable development aspect on Quanzhou Family firm's development present situation and the Quanzhou Family firm the question to carry on the analysis, obtains the Quanzhou Family firm to realize sustained development important way - going on the market. Then the quotation domestic and foreign Family firm goes on the market successful and defeat's case analysis, obtains Family firm going on the market the absorb experience lesson. And through to the Quanzhou Family firm going on the market advantages analysis, draws out the Quanzhou Family firm whether can go on the market, going on the market pattern choice, after before going on the market preparation as well as going on the market, Quanzhou Family firm developmental strategy adjustment and so on questions. Finally, obtains Quanzhou Family firm going on the market to undergo the rational analysis, overall evaluation Quanzhou Family enterprise locates the operating environment, profession factors and so on nature, enterprise's scale, configuration of organization, determined finally whether can go on the market. In this paper, the characteristics and innovation is Research on new perspective relatively developed family business is relatively weak and the market practice of Quanzhou family business management practices of the questions listed, the more targeted measures for practice Quanzhou family business from the reference listed. In this paper, the use of a comparative analysis of innovation and learning from the combination of analysis, a comprehensive and systematic listing of the family business related to the theory and learn from successful foreign experience, and the listing of Quanzhou family business to analyze the actual situation in order to Quanzhou family business perspective of the sustainable development of its market and enterprise development-related issues and put forward corresponding countermeasures and suggestions. In this paper, the focus of family business from Quanzhou listed model selection should take into account where the industry, the internal elements of the customer-oriented market and short-term and long-term development planning and other factors to be analyzed. This article systematically and Quanzhou of family business models for different market to do the preparation work before.
本文基于泉州宏观的经济环境分析的基础上,就泉州家族企业的发展现况和泉州家族企业在面临可持续发展方面的问题进行分析,得出泉州家族企业要实现持续发展重要路径-上市。接着引用国内外家族企业上市成功与失败的案例分析,从中借鉴家族企业上市的成功经验。并通过对泉州家族企业上市的利弊分析,引出泉州家族企业是否要上市,上市模式的选择,上市前的准备以及上市后泉州家族企业发展战略途径选择等等问题。最后,得出泉州家族企业上市要经过理性的分析,综合考虑该泉州家族企业所处的经营环境、行业性质、企业的规模、组织形式等因素,最终确定是否要上市。本文的特色与创新:①以全新的视角研究家族企业相对发达而上市实践相对薄弱的泉州市家族企业上市的管理实践问题,提出些有针对性的对策可供泉州家族企业上市实践借鉴参考。②本文综合运用比较分析、借鉴与学习创新相结合的分析方法,全面系统的探析了家族企业上市的相关理论和借鉴国外该方面的成功经验,并对泉州家族企业上市的实际情况进行剖析,以泉州家族企业的可持续发展的视角研究其上市与企业发展的相关问题,并提出相应的对策建议。③本文重点从泉州家族企业选择上市模式应考虑所处行业、内部要素、面向的客户市场和短期和长期发展规划等因素来进行分析。且本文系统地探析泉州家族企业针对不同上市模式之前要做的准备工作。
At the modern economic society, the Family firm has developed one of for main forms of enterprise. In our country, along with reform and open policy's thorough, the Family firm also already rapidly rose. Along with massive Family firm going on the market, the domestic Family firm has started a going on the market upsurge. In the privately operated economical relatively developed Quanzhou area, the Family firm blew wind of going on the market, has made“the Quanzhou tectonic plate”in Shenzhen Stock Exchange. Recent year, the going on the market Family firm grows rapidly, regardless of from quantity, the scale, profit ability, the increment potential, the cover profession and the single enterprise's property control aspect looked, looking from it to national economy's angles and so on contribution, the going on the market Family firm becomes the Quanzhou economy an important force, is occupying the important status in the capital market. Studies Quanzhou Family firm going on the market, is advantageous deals with the economic globalization and the intense market competition in the Quanzhou Family firm, is advantageous in the promotion Family firm's sustainable development, is advantageous in the capital market resources reasonable utilization. Simultaneously what can be better is the Quanzhou channel West bank economic zone construction provides the formidable power.
This article based on the Quanzhou macroscopic economic environment analysis's foundation, is facing the sustainable development aspect on Quanzhou Family firm's development present situation and the Quanzhou Family firm the question to carry on the analysis, obtains the Quanzhou Family firm to realize sustained development important way - going on the market. Then the quotation domestic and foreign Family firm goes on the market successful and defeat's case analysis, obtains Family firm going on the market the absorb experience lesson. And through to the Quanzhou Family firm going on the market advantages analysis, draws out the Quanzhou Family firm whether can go on the market, going on the market pattern choice, after before going on the market preparation as well as going on the market, Quanzhou Family firm developmental strategy adjustment and so on questions. Finally, obtains Quanzhou Family firm going on the market to undergo the rational analysis, overall evaluation Quanzhou Family enterprise locates the operating environment, profession factors and so on nature, enterprise's scale, configuration of organization, determined finally whether can go on the market. In this paper, the characteristics and innovation is Research on new perspective relatively developed family business is relatively weak and the market practice of Quanzhou family business management practices of the questions listed, the more targeted measures for practice Quanzhou family business from the reference listed. In this paper, the use of a comparative analysis of innovation and learning from the combination of analysis, a comprehensive and systematic listing of the family business related to the theory and learn from successful foreign experience, and the listing of Quanzhou family business to analyze the actual situation in order to Quanzhou family business perspective of the sustainable development of its market and enterprise development-related issues and put forward corresponding countermeasures and suggestions. In this paper, the focus of family business from Quanzhou listed model selection should take into account where the industry, the internal elements of the customer-oriented market and short-term and long-term development planning and other factors to be analyzed. This article systematically and Quanzhou of family business models for different market to do the preparation work before.
引文
①甘德安等.中国家族企业研究[M].中国社会科学出版社,2002: 21
②小艾尔弗雷德·D·钱德勒.看得见的手—美国企业的管理革命[M].商务印书馆,1987:9
③甘德安等.中国家族企业研究[M].中国社会科学出版社,2002: 23
④曹德骏.家族企业研究的几个理论问题[J].财经科学,2002(6)
⑤叶银华.家族控股集团、核心企业与报酬互动之研究[J].管理评论(台),1999(6)
①储小平,李怀祖.信任与家族企业成长[J].管理世界,2003(6):41
①虞兮.加快推进企业境内外上市的若干思考[N].人民日报,2006.4.11
①参见泉州是统计局.2007泉州民营企业经济蓝皮书[R].社科出版社,2007
①甘德安等.中国家族企业研究[M].中国社会科学出版社,2002:127-128.
①沈结合,李顺合.中国家族企业上市分析[J].华东理工大学学报(社科版),2002(1):32
①注:此章部分内容笔者已发表于《北方经贸》,2008.9
②注:数据来源2007年泉州市统计局统计资料
①陈汉文,郑鑫成等.帕玛拉特就是欧洲的安然[J].财会通讯,2004(3).
①注:本章内容笔者已发表于《北方经贸》,2008.9
①韦理.中国家族企业上市研究[D].2004
①王国剧.“一股独大”与“一夜暴富”[J].农村金融研究,2002(2):29-30
①来源:李玉麒.今日分析报告[R]京华山证券研究分析,2002.
①注:杨昌凯.金融危机中小企业境外上市正当时,财富指数推出新模式[N]融资中国,2009,2,8
①游士兵、吴圣涛.中国证券违法犯罪的实证研究[J].证券市场导报,2001(6)
②殷勤凡.我国上市公司财务造假行为的制度因素分析[J].现代财经,2003(3):46-48
①李亚.民营企业资本运作[J].中国方正出版社,2002(第一版):117.
[1]曹德骏.家族企业研究的几个理论问题[J].财经科学,2002 (6).
[2]曹祥涛,郭熙保.社会资本与我国家族企业的发展[J].武汉大学学报(社科版),2003(2):212-2161.
[3]储小平.家族企业研究:一个具有现代意义的话题[J].中国社会科学,2000(5).
[4]戴歌新.中国国有企业制度创新研究[M].西南财经大学出版社,1999.
[5]甘德安等.中国家族企业研究[M].中国社会科学出版社,2002.
[6]郭跃进:家族企业经营管理[M].经济管理出版社,2003.
[7]金祥荣、余立智.控制权市场缺失与民营家族制企业成长中的产权障碍[J].中国农村经济,2002(8): 30-35.
[8]李新春.中国的家族制度与企业组织[J].中国社会科学季刊(香港)1998年秋季卷
[9]栗战书.中国家族企业发展中面临的问题与对策建议[J].中国工业经济,2003(3):87-93.
[10]宋耘.家族企业的优缺点和发展策略[J].商业经济文荟,2002 (4): 26-28.
[11]宋献中,罗晓林.我国民营上市公司财务状况与相关政策的调查研究[J].财经理论与实践,2003(3): 76-78.
[12]苏启林,朱文.上市公司家族控制与企业价值[J].经济研究,2003 (8).
[13]汤美芳.私营企业从家族式管理走向现代管理的制度障碍[J].中共杭州市委党校学报,2001(5).
[14]姚贤涛,王连娟.中国家族企业:现状问题与对策[Ml.企业管理出版社,2002.
[15]宋慧勤.民营企业上市途径分析[D].2001.
[16]殷勤凡.我国上市公司财务造假行为的制度因素分析[J].现代财经.2003(3):46-48.
[17]崔学刚.上市公司财务信息披露:政府功能与角色定位[J] .会计研究,2004(l):33-38.
[18]李亚.民营企业资本运作[M」.北京:中国方正出版社,2003.
[19]王望波.东南亚华人企业集团的家族经营及其发展变化[J].南洋问题研究,2001(4):30-36.
[20]王连娟.家族企业制度变迁有待国家有所作为[J].管理现代化, 2001(1):40-43.
[21]王国刚.中国资本市场热点研究—政策分析报告[M].北京:中国城市出版社,2002.
[22]韦理.中国家族企业上市研究[D].东南大学硕士学位论文,2004.
[23]张维迎.提高职业经理人道德水平[N].经济日报,2001.4.10.
[24]李鸿阶.闽南文化与海外华商的新发展[J] .福建论坛,2003(1).
[25]王引.对浙江民营企业上市热现象的思考—民营上市公司可持续发展系列研究之一[J].嘉兴学院学报,2006(2):63-67.
[26]彭军.温州民营企业上市研究[J].沿海企业与科技,2005(5).
[27]庞耀辉.重庆市民营企业上市条件与途径研究[J].重庆商学院学报,1997(4).
[28]宋红梅.关于民营企业上市的理性思考[J].经济论坛,2005(14).
[29]毛志忠,朱兆珍.关于我国民营企业上市的理性研究[J].中国民营科技与经济,2006(12).
[30]刘春,徐学丹等.关于民营企业上市融资的几点思考[J].会计之友,2004(10).
[31]高雷,宋顺林.家族企业上市:驱动、问题与对策[J].科技进步与对策,2006(6).
[32]王迎春.我国家族企业上市相关问题研究[J].科技进步管理,2003(7).
[33]段红涛,李建华.家族企业上市研究及其治理对策[J].武汉理工大学学报(社会科学报),2002(2).
[34]沈结合,李顺合.中国家族企业上市分析[J].华东理工大学学报(社科版),2002(1).
[35]张大亮,戴云霞.民营企业上市选择判断与条件研究[J].管理视角,2005(2).
[36]李延振,朱彬元,赵志涛.广东民营企业上市的特点洞题和建议[J].南方经济,2004(5).
[37]贡晓军.民营企业上市后的发展战略[J].现代经济,2006(9).
[38]陈汉文,郑鑫成,卓传阵.帕玛拉特就是欧洲的安然[J].财会通讯,2004(3).
[39]Schulze.W S,M.H.Lubatkin,Yling, RNDino&Buchholtz, AK.Agency relationships in family firms: theory and evidence[J], Organization Science,2001(12):99-116.
[40]Schulze.WS , MH.Lubatkin, Yling. Altruism, agency and the competitiveness of family business[J],managerial and Decision Economics,2002(4):257-259.
[41]Schulze. WS,MHLubatkin, RNDino. Toward a theory of agency and altruism in family firms[J],Journal of Business Venturing,2003(4):473-490.
[42] Schulze,WS,MH.Lubatkin,RNDino.Exploring the agency consequence of ownership dispersion among the directors of private family firms[J],Academy of Management Proceedings ,2003(2):179-194.
[43]SueBirley.Dennis Ngand Andrew Godfrey. "The Management of Family Firms: An Empirical Investigation"[J], Intenrational Small Business Jounral,1995(13): l1-34.
[44] Astrachan,J .,Klein,S.,& Smyrnios,K.. The F-PEC scale of family influence: A proposal for solving the Family Business definition problem[M], Family Business Review, 2002.
[45] Chrisman,J., Chua,J.,& Zahra, S.. Creating wealth in family firms through managing resources: Comments and extension[M], Entrepreneurship Theory and Practice,2003.
[46] Tsang, E. Learning from overseas venturing experience: The case of Chinese family businesses[J], Journal of Business Venturing,2002(17):21-40.
[47] Chrisman,J.,Chua,J.,& Steier, L. The influence of national culture and family involvement on entrepreneurial perceptions and performance atthe state level[J], Entrepreneurship Theory and Practice,2002(4):113-130.
[48] Stewart,A. Help one another,use one another:Toward an anthropology of family business[J], Entrepreneurship Theory and Practice,2003.
[49] Chrisman,J.,Chua,J.,& Litz,R.. Commentary:A unified perspective of family firm performance:An extension and integration[J],Journal of Business Venturing,2003.
[50] Astrachan,J.,Klein,S.,& Smyrnios,K. The F-PEC scale of family influence:A proposal for solving the Family Business definition problem[J], Family Business Review, 2002.
[51]Sue Birley . Dennis Ng and Andrew Godfrey. The Management of Family Firms: An Empirical Investigation [J],International Small Business ,1995(1).
[52]Phillip M Perry. Keep the Family Business on Track [M],National Jewelry, 2001(2).
[53]Dianna.C.Preece and Greh Filbeck. Family Friendly Firms :Does It Pay to Care[J], Financial Services Rerview,1999(8).
[54]Anthony P. Guratola: Family Business Values and Estate Planning[J], Strategic Finance,2000(10).
[55]Bhattacharya. U, and B. Ravikumar. From Cronies to Professionals: The Evolution of Family Firms[J], Working Paper,2002.
[56]Bhattacharya. U.and B. Ravikumar. Capital Markets and the Evolution of Family Businesses[J],Journal of Business,2001.
[57]Claessens. S. Djankov. Sand Lang. L.H. P. The Separation of Ownership and Control in East Asian Corporation[J], journal of Financial Economics,2000(5):81-112.
[58]Morten Bennedsen, Kasper Nielsen and Daniel Wolfenzon. The Family behind The Family Firms :Evidence from CEO Traansitions[J],CEBR Discussion Paper, 2004(14).
[59]Jensen. Foundations University Press of organizational strategy[M],Cambridge MA:Harvard,1998.
[60]Berle.A.and Means.G.The Modem Corporation and Private Property[M],Macmillan , New York ,1932.
[61] Bebchuk, L., Roe, M. J. 1999. A theory of path dependence in corporate ownership and governance[J], Stanford Law Review, 1999(1): 127-171.
[62] Garvey, G. T and Swan, P L. 1994, The economics of corporate governance: beyond the Marshallian firm[J], Journal of Corporate Finance, 2009(1):139-174.
[63] Milton, T. 2002, A cross-firm and analysis of the impact of corporate governance on the East Asian financial crisis[J], Journal of Financial Economics, 2006(4): 215-241.
[64] Yeh, Y H., Lee, T S., and Woidtke, T 2001, Family Control and Corporate Governance: Evidence from Taiwan [J], International Review of Finance, 2002 (1/2): 21-48.
[65]Haynes.q Walker.R, Rowe B, Hong.q1999,"The Intermingling of Business and Family Finances in Family-Owned Businesses"[J],Family Business Review,2002(3).
[66]McCollom, M. E, 1990, Problems and prospects in clinical research on family firms[J], Family Business Review, 2003(3).
[67]Harris, D., Martinez, J. L,& Ward, J. L.,1994, "Is strategy different for the family-owned business?" [J], Family Business Review,1997(2).
[68]File, K., Prince, R. and Rankin, M., 1995. "Organizational buying behavior of the family firm"[J], Family Business Review ,1997(3).
[69]Dreux, D. 8.,1990, "Financing family business: Alternatives to selling out or going public"[J], Family Business Review, 2003(3).
[70]Dunn, B., 1995. "Success themes in Scottish family enterprises: Philosophies and practices through the generations"[J],Family Business Review ,1998(1).
②小艾尔弗雷德·D·钱德勒.看得见的手—美国企业的管理革命[M].商务印书馆,1987:9
③甘德安等.中国家族企业研究[M].中国社会科学出版社,2002: 23
④曹德骏.家族企业研究的几个理论问题[J].财经科学,2002(6)
⑤叶银华.家族控股集团、核心企业与报酬互动之研究[J].管理评论(台),1999(6)
①储小平,李怀祖.信任与家族企业成长[J].管理世界,2003(6):41
①虞兮.加快推进企业境内外上市的若干思考[N].人民日报,2006.4.11
①参见泉州是统计局.2007泉州民营企业经济蓝皮书[R].社科出版社,2007
①甘德安等.中国家族企业研究[M].中国社会科学出版社,2002:127-128.
①沈结合,李顺合.中国家族企业上市分析[J].华东理工大学学报(社科版),2002(1):32
①注:此章部分内容笔者已发表于《北方经贸》,2008.9
②注:数据来源2007年泉州市统计局统计资料
①陈汉文,郑鑫成等.帕玛拉特就是欧洲的安然[J].财会通讯,2004(3).
①注:本章内容笔者已发表于《北方经贸》,2008.9
①韦理.中国家族企业上市研究[D].2004
①王国剧.“一股独大”与“一夜暴富”[J].农村金融研究,2002(2):29-30
①来源:李玉麒.今日分析报告[R]京华山证券研究分析,2002.
①注:杨昌凯.金融危机中小企业境外上市正当时,财富指数推出新模式[N]融资中国,2009,2,8
①游士兵、吴圣涛.中国证券违法犯罪的实证研究[J].证券市场导报,2001(6)
②殷勤凡.我国上市公司财务造假行为的制度因素分析[J].现代财经,2003(3):46-48
①李亚.民营企业资本运作[J].中国方正出版社,2002(第一版):117.
[1]曹德骏.家族企业研究的几个理论问题[J].财经科学,2002 (6).
[2]曹祥涛,郭熙保.社会资本与我国家族企业的发展[J].武汉大学学报(社科版),2003(2):212-2161.
[3]储小平.家族企业研究:一个具有现代意义的话题[J].中国社会科学,2000(5).
[4]戴歌新.中国国有企业制度创新研究[M].西南财经大学出版社,1999.
[5]甘德安等.中国家族企业研究[M].中国社会科学出版社,2002.
[6]郭跃进:家族企业经营管理[M].经济管理出版社,2003.
[7]金祥荣、余立智.控制权市场缺失与民营家族制企业成长中的产权障碍[J].中国农村经济,2002(8): 30-35.
[8]李新春.中国的家族制度与企业组织[J].中国社会科学季刊(香港)1998年秋季卷
[9]栗战书.中国家族企业发展中面临的问题与对策建议[J].中国工业经济,2003(3):87-93.
[10]宋耘.家族企业的优缺点和发展策略[J].商业经济文荟,2002 (4): 26-28.
[11]宋献中,罗晓林.我国民营上市公司财务状况与相关政策的调查研究[J].财经理论与实践,2003(3): 76-78.
[12]苏启林,朱文.上市公司家族控制与企业价值[J].经济研究,2003 (8).
[13]汤美芳.私营企业从家族式管理走向现代管理的制度障碍[J].中共杭州市委党校学报,2001(5).
[14]姚贤涛,王连娟.中国家族企业:现状问题与对策[Ml.企业管理出版社,2002.
[15]宋慧勤.民营企业上市途径分析[D].2001.
[16]殷勤凡.我国上市公司财务造假行为的制度因素分析[J].现代财经.2003(3):46-48.
[17]崔学刚.上市公司财务信息披露:政府功能与角色定位[J] .会计研究,2004(l):33-38.
[18]李亚.民营企业资本运作[M」.北京:中国方正出版社,2003.
[19]王望波.东南亚华人企业集团的家族经营及其发展变化[J].南洋问题研究,2001(4):30-36.
[20]王连娟.家族企业制度变迁有待国家有所作为[J].管理现代化, 2001(1):40-43.
[21]王国刚.中国资本市场热点研究—政策分析报告[M].北京:中国城市出版社,2002.
[22]韦理.中国家族企业上市研究[D].东南大学硕士学位论文,2004.
[23]张维迎.提高职业经理人道德水平[N].经济日报,2001.4.10.
[24]李鸿阶.闽南文化与海外华商的新发展[J] .福建论坛,2003(1).
[25]王引.对浙江民营企业上市热现象的思考—民营上市公司可持续发展系列研究之一[J].嘉兴学院学报,2006(2):63-67.
[26]彭军.温州民营企业上市研究[J].沿海企业与科技,2005(5).
[27]庞耀辉.重庆市民营企业上市条件与途径研究[J].重庆商学院学报,1997(4).
[28]宋红梅.关于民营企业上市的理性思考[J].经济论坛,2005(14).
[29]毛志忠,朱兆珍.关于我国民营企业上市的理性研究[J].中国民营科技与经济,2006(12).
[30]刘春,徐学丹等.关于民营企业上市融资的几点思考[J].会计之友,2004(10).
[31]高雷,宋顺林.家族企业上市:驱动、问题与对策[J].科技进步与对策,2006(6).
[32]王迎春.我国家族企业上市相关问题研究[J].科技进步管理,2003(7).
[33]段红涛,李建华.家族企业上市研究及其治理对策[J].武汉理工大学学报(社会科学报),2002(2).
[34]沈结合,李顺合.中国家族企业上市分析[J].华东理工大学学报(社科版),2002(1).
[35]张大亮,戴云霞.民营企业上市选择判断与条件研究[J].管理视角,2005(2).
[36]李延振,朱彬元,赵志涛.广东民营企业上市的特点洞题和建议[J].南方经济,2004(5).
[37]贡晓军.民营企业上市后的发展战略[J].现代经济,2006(9).
[38]陈汉文,郑鑫成,卓传阵.帕玛拉特就是欧洲的安然[J].财会通讯,2004(3).
[39]Schulze.W S,M.H.Lubatkin,Yling, RNDino&Buchholtz, AK.Agency relationships in family firms: theory and evidence[J], Organization Science,2001(12):99-116.
[40]Schulze.WS , MH.Lubatkin, Yling. Altruism, agency and the competitiveness of family business[J],managerial and Decision Economics,2002(4):257-259.
[41]Schulze. WS,MHLubatkin, RNDino. Toward a theory of agency and altruism in family firms[J],Journal of Business Venturing,2003(4):473-490.
[42] Schulze,WS,MH.Lubatkin,RNDino.Exploring the agency consequence of ownership dispersion among the directors of private family firms[J],Academy of Management Proceedings ,2003(2):179-194.
[43]SueBirley.Dennis Ngand Andrew Godfrey. "The Management of Family Firms: An Empirical Investigation"[J], Intenrational Small Business Jounral,1995(13): l1-34.
[44] Astrachan,J .,Klein,S.,& Smyrnios,K.. The F-PEC scale of family influence: A proposal for solving the Family Business definition problem[M], Family Business Review, 2002.
[45] Chrisman,J., Chua,J.,& Zahra, S.. Creating wealth in family firms through managing resources: Comments and extension[M], Entrepreneurship Theory and Practice,2003.
[46] Tsang, E. Learning from overseas venturing experience: The case of Chinese family businesses[J], Journal of Business Venturing,2002(17):21-40.
[47] Chrisman,J.,Chua,J.,& Steier, L. The influence of national culture and family involvement on entrepreneurial perceptions and performance atthe state level[J], Entrepreneurship Theory and Practice,2002(4):113-130.
[48] Stewart,A. Help one another,use one another:Toward an anthropology of family business[J], Entrepreneurship Theory and Practice,2003.
[49] Chrisman,J.,Chua,J.,& Litz,R.. Commentary:A unified perspective of family firm performance:An extension and integration[J],Journal of Business Venturing,2003.
[50] Astrachan,J.,Klein,S.,& Smyrnios,K. The F-PEC scale of family influence:A proposal for solving the Family Business definition problem[J], Family Business Review, 2002.
[51]Sue Birley . Dennis Ng and Andrew Godfrey. The Management of Family Firms: An Empirical Investigation [J],International Small Business ,1995(1).
[52]Phillip M Perry. Keep the Family Business on Track [M],National Jewelry, 2001(2).
[53]Dianna.C.Preece and Greh Filbeck. Family Friendly Firms :Does It Pay to Care[J], Financial Services Rerview,1999(8).
[54]Anthony P. Guratola: Family Business Values and Estate Planning[J], Strategic Finance,2000(10).
[55]Bhattacharya. U, and B. Ravikumar. From Cronies to Professionals: The Evolution of Family Firms[J], Working Paper,2002.
[56]Bhattacharya. U.and B. Ravikumar. Capital Markets and the Evolution of Family Businesses[J],Journal of Business,2001.
[57]Claessens. S. Djankov. Sand Lang. L.H. P. The Separation of Ownership and Control in East Asian Corporation[J], journal of Financial Economics,2000(5):81-112.
[58]Morten Bennedsen, Kasper Nielsen and Daniel Wolfenzon. The Family behind The Family Firms :Evidence from CEO Traansitions[J],CEBR Discussion Paper, 2004(14).
[59]Jensen. Foundations University Press of organizational strategy[M],Cambridge MA:Harvard,1998.
[60]Berle.A.and Means.G.The Modem Corporation and Private Property[M],Macmillan , New York ,1932.
[61] Bebchuk, L., Roe, M. J. 1999. A theory of path dependence in corporate ownership and governance[J], Stanford Law Review, 1999(1): 127-171.
[62] Garvey, G. T and Swan, P L. 1994, The economics of corporate governance: beyond the Marshallian firm[J], Journal of Corporate Finance, 2009(1):139-174.
[63] Milton, T. 2002, A cross-firm and analysis of the impact of corporate governance on the East Asian financial crisis[J], Journal of Financial Economics, 2006(4): 215-241.
[64] Yeh, Y H., Lee, T S., and Woidtke, T 2001, Family Control and Corporate Governance: Evidence from Taiwan [J], International Review of Finance, 2002 (1/2): 21-48.
[65]Haynes.q Walker.R, Rowe B, Hong.q1999,"The Intermingling of Business and Family Finances in Family-Owned Businesses"[J],Family Business Review,2002(3).
[66]McCollom, M. E, 1990, Problems and prospects in clinical research on family firms[J], Family Business Review, 2003(3).
[67]Harris, D., Martinez, J. L,& Ward, J. L.,1994, "Is strategy different for the family-owned business?" [J], Family Business Review,1997(2).
[68]File, K., Prince, R. and Rankin, M., 1995. "Organizational buying behavior of the family firm"[J], Family Business Review ,1997(3).
[69]Dreux, D. 8.,1990, "Financing family business: Alternatives to selling out or going public"[J], Family Business Review, 2003(3).
[70]Dunn, B., 1995. "Success themes in Scottish family enterprises: Philosophies and practices through the generations"[J],Family Business Review ,1998(1).