单独控制与共同控制家族企业特征及其影响的比较分析——来自中国上市公司的证据
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- 英文论文题名：The Characteristics and Impacts of Separate Control and Joint Control Family Enterprise——Evidence Coming from China
- 论文作者：申尊焕 ; 龙建成
- 英文论文作者：SHEN Zun-huan ; LONG Jian-cheng ; School of Economics and Management ; Xidian University
- 年：2016
- 作者机构：西安电子科技大学经济与管理学院;
- 论文关键词：家族企业 ; 控制权 ; 组织特征 ; 治理结构 ; 企业绩效
- 英文论文关键词：family enterprise ; control right ; characteristics of organization ; corporate governance ; performance
- 会议召开时间：2016-11-12
- 会议录名称：第十八届中国管理科学学术年会论文集
- 英文会议录名称：Proceedings of the 18th Chinese Annual Conference on Management Science
- 语种：中文
- 分类号：F275;F832.51
- 学会代码：ZHYJ
- 会议名称：第十八届中国管理科学学术年会
- 会议地点：中国陕西西安
- 主办单位：中国优选法统筹法与经济数学研究会、西安交通大学、中国科学院科技战略咨询研究院、《中国管理科学》编辑部
- 学会名称：中国优选法统筹法与经济数学研究会
- 页数：11
- 文件大小：2402k
- 原文格式：O
- 会议级别：全国
摘要
作为现代企业制度的重要组成部分,家族企业在经济活动中的作用日益重要,并引起了国内外学者的广泛研究,然而,现有文献缺乏对由自然人单独控制和由多名家族成员共同控制的家族企业的比较分析。基于委托代理理论、资源依赖理论和日常生活价值观,本文理论分析了单独控制和共同控制家族企业组织特征的差异性,并实证检验了组织特征差异性的影响。实证分析表明,共同控制家族企业的每股收益和投资回报率均高于单独控制的家族企业,它们在资产的自然对数、负债率、监事会的规模、前五大股东持股比例和、前十大股东持股比例和以及控股股东现金流权6个方面有显著性差异,且它们的组织特征对每股收益、营业收入和投资回报率影响的共性多于差异性,这对深入理解我国家族企业的治理结构有现实意义。
As one section to improve economy,family enterprise is becoming more and more important around the world.However,literature lack of the analysis about the individual control and joint control family enterprise.Based on the principal agent theory,resource dependent theory and normal life value standard views,the difference between individual control and joint control family enterprise on the corporate governance and their impacts are analyzed in this paper.It shows that the return per share and the ratio of investment of joint control family are higher than that of the individual control family enterprises,and the characteristics of them are different significant in asset,ratio of debt against asset,the scale of board director,the ownership concentration of top 5 and top 10 shareholders,and the control right of controlling shareholder.In addition,it also shows that the common points of the impacts of the characteristics of both individual and joint control family enterprise on return per share,operational income and the ratio of investment are more than the difference.The results are valuable to understand the family enterprise in China.
As one section to improve economy,family enterprise is becoming more and more important around the world.However,literature lack of the analysis about the individual control and joint control family enterprise.Based on the principal agent theory,resource dependent theory and normal life value standard views,the difference between individual control and joint control family enterprise on the corporate governance and their impacts are analyzed in this paper.It shows that the return per share and the ratio of investment of joint control family are higher than that of the individual control family enterprises,and the characteristics of them are different significant in asset,ratio of debt against asset,the scale of board director,the ownership concentration of top 5 and top 10 shareholders,and the control right of controlling shareholder.In addition,it also shows that the common points of the impacts of the characteristics of both individual and joint control family enterprise on return per share,operational income and the ratio of investment are more than the difference.The results are valuable to understand the family enterprise in China.
引文
[1]宋建,梁晖.我国国有和民营上市企业风险倾向对比研究[J].中国管理科学,2015,23(4):53-59.
[2]刘星,蒋水全.银行股权关联、银行业竞争与民营企业融资约束[J].中国管理科学,2015,23(12):1-10.
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[5]张横峰,刘骏.民营上市公司高现金积累倾向损害公司价值吗—融资约束假说抑或自由现金流假说[J].宏观经济研究,2015,(5):100-108.
[6]吕怀立,李婉丽.多个大股东是否具有合谋动机?——基于家族企业非效率投资视角[1 J].管理评论,2015,(1):107-117.
[7]王琨,徐艳萍.家族企业高管性质与薪酬研究[J].南开管理评论,2015,(4):15-25.
[8]申尊焕,郑秋亚.我国家族上市公司经营业绩的实证分析[J].企业经济,2004,(4):188-191.
[9]魏志华,林亚清,吴育辉,等.家族企业研究:一个文献计量分析[J],经济学季刊,2014,(1):27-56.
[10]陈欣,汪传雷.国际家族企业研究热点分析[J].华东经济管理,2014,(6):152-157.
[11]Kumar P.Zattoni A.Ownership,managerial entrenchment,and corporate performance[J].Corporate Governance:An International Review,2014,22(1):l-3
[12]Claessens S,Djankov S,Lang L.The separation of ownership and control in East Asian corporations[J].Journal of Financial Economics,2000,58:81-112.
[13]Faccio M.Lang L.The optimal ownership of western European Corporations[J].Journal of Financial Economics,2002,65:365-395.
[14]Fama E F,Jensen M C.Separation of ownership and control[J].Journal of Law and Economics,1983,26(6):301-326.
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[18]Li Feng.Srinivasan S.Corporate governance when founders are different[J].Journal of Financial Economics,2011,102(2):454-469.
[19]刘汉民,王芳华.不同实际控制人类型下股权结构与绩效的关系——来自中国817家上市家族企业的经验统计[J].经济与管理研究,2016,(5):98-104.
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[23]李路路,朱斌.家族涉入、企业规模与民营企业的绩效[J].社会学研究,2014,(2):1-19.
[24]邓德强,谷祺.我国家族上市公司的效率评价与改进[J],财经问题研究,2007,(5):42-47.
[25]王明琳,陈凌,叶长兵.中国民营上市公司的家族治理与企业价值[J].南开管理评论,2010,(2):61-67.
[26]储小平.华人家族企业的界定[J].经济理论与经济管理,2004,(1):49-53.
[27]Olson P D.Zuiker V S,Danes S M,et al.Impact of family and business on family business sustainability[J].Journal of Business Venturing,2003,18(5):639-666.
[28]李路路,范文.物质与精神兼顾的世俗主义—当代中国人的生活价值观[J].社会科学战线,2016,(1):184-200.
[29]Inglehart R,Modernization and post modernization:Cultural,economic,and political change in the societies[M],Princeton:Princeton University Press,1997.
[30]吕力.泛家族式组织的成员身份、行为与结构[J].商业经济与管理,2016,(5):47-56.
[2]刘星,蒋水全.银行股权关联、银行业竞争与民营企业融资约束[J].中国管理科学,2015,23(12):1-10.
[3]邓新明,熊会兵,李剑峰,等.政治关联、国际化战略与企业价值——来自中国民营上市公司面板数据的分析[J].南开管理评论,2014,(1):26-43.
[4]翟胜宝,易旱琴,郑洁,等.银企关系与企业投资效率——基于我国民营上市公司的经验证据[J].会计研究,2014,(4).74-80.
[5]张横峰,刘骏.民营上市公司高现金积累倾向损害公司价值吗—融资约束假说抑或自由现金流假说[J].宏观经济研究,2015,(5):100-108.
[6]吕怀立,李婉丽.多个大股东是否具有合谋动机?——基于家族企业非效率投资视角[1 J].管理评论,2015,(1):107-117.
[7]王琨,徐艳萍.家族企业高管性质与薪酬研究[J].南开管理评论,2015,(4):15-25.
[8]申尊焕,郑秋亚.我国家族上市公司经营业绩的实证分析[J].企业经济,2004,(4):188-191.
[9]魏志华,林亚清,吴育辉,等.家族企业研究:一个文献计量分析[J],经济学季刊,2014,(1):27-56.
[10]陈欣,汪传雷.国际家族企业研究热点分析[J].华东经济管理,2014,(6):152-157.
[11]Kumar P.Zattoni A.Ownership,managerial entrenchment,and corporate performance[J].Corporate Governance:An International Review,2014,22(1):l-3
[12]Claessens S,Djankov S,Lang L.The separation of ownership and control in East Asian corporations[J].Journal of Financial Economics,2000,58:81-112.
[13]Faccio M.Lang L.The optimal ownership of western European Corporations[J].Journal of Financial Economics,2002,65:365-395.
[14]Fama E F,Jensen M C.Separation of ownership and control[J].Journal of Law and Economics,1983,26(6):301-326.
[15]Anderson R C,Reeb D M.Founding-family ownership and firm Performance:Evidence from the S&P500[J].The Journal of Finance,2003,58(3),1301-1327.
[16]Denmsetz H,Lehn K.The structure of corporate ownership:cause and consequences[J].Journal of Political Economy,1985,93(2):1155-1177.
[17]Villalonga B.Amit R.How do family ownership,control,and management affect firm value?[J].Journal of Financial Economics,2006,80(2):385-417.
[18]Li Feng.Srinivasan S.Corporate governance when founders are different[J].Journal of Financial Economics,2011,102(2):454-469.
[19]刘汉民,王芳华.不同实际控制人类型下股权结构与绩效的关系——来自中国817家上市家族企业的经验统计[J].经济与管理研究,2016,(5):98-104.
[20]Jensen M C.Agency costs of free cash flow,corporate finance,and takeovers[J].American Economic Review,1986,76(2):323-329.
[21]Faulkender M,Wang Rong.Corporate financial policy and the value of cash[J].The Journal of Finance,2006,61(4):1957-1990.
[22]Jensen M C.Meckling W H.Theory of firm:Managerial behavior,agency costs and ownership structure[J].Journal of Financial Economics,1976,3(4):305-360.
[23]李路路,朱斌.家族涉入、企业规模与民营企业的绩效[J].社会学研究,2014,(2):1-19.
[24]邓德强,谷祺.我国家族上市公司的效率评价与改进[J],财经问题研究,2007,(5):42-47.
[25]王明琳,陈凌,叶长兵.中国民营上市公司的家族治理与企业价值[J].南开管理评论,2010,(2):61-67.
[26]储小平.华人家族企业的界定[J].经济理论与经济管理,2004,(1):49-53.
[27]Olson P D.Zuiker V S,Danes S M,et al.Impact of family and business on family business sustainability[J].Journal of Business Venturing,2003,18(5):639-666.
[28]李路路,范文.物质与精神兼顾的世俗主义—当代中国人的生活价值观[J].社会科学战线,2016,(1):184-200.
[29]Inglehart R,Modernization and post modernization:Cultural,economic,and political change in the societies[M],Princeton:Princeton University Press,1997.
[30]吕力.泛家族式组织的成员身份、行为与结构[J].商业经济与管理,2016,(5):47-56.
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