民营上市公司的公司治理家族化与企业绩效关系的实证研究

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浙江财经学院硕士学位论文

摘要

在过去三十年的改革开放过程中,民营企业逐步成为推动我国经济增长的主

要力量,民营企业的公司治理问题日益受到学者的关注。由于受中国家文化传统和

民营企业创始人接近退休年龄而产生的代际传承的影响，公司治理家族化成为民

营企业公司治理的一个重要特征，而本文打算对民营企业的公司治理家族化与企

业绩效的关系进行实证研究。

本文以 2010 年在上海证券交易所和深圳证券交易所上市的 670 家民营上市公

司为样本,从所有权家族化、控制权家族化、管理权家族化三个角度，对民营上市

公司的公司治理家族化与企业绩效的关系进行了实证分析。在具体的实证研究设

计中，对公司治理家族化的具体代理变量选择上，本文从家族持有的现金流所有

权、是否为创业家族持有、现金流所有权与控制权分离程度家族内部关系四个方

面来衡量民营上市公司的所有权家族化；以家族控制权集中度、董事会中实际控

制人家族成员的数量和比例、是否发生代际传承三个方面来衡量民营上市公司的

治理家族化；以实际控制人家族成员担任企业高管的规模和比例、实际控制人是

否担任 CEO 二个方面来衡量管理权家族化。对于企业绩效的代理变量选择上，以

企业的总资产收益率（ROA）作为被解释变量，并以净资产收益率（ROE）作为被

解释变量对相关研究结果的稳健性进行检验。此外，以独立董事规模、总资产规

模、总资产周转率、长期负债比例、行业等作为控制变量。论文的实证研究结果

发现：

1、在所有权家族化与企业绩效的关系上，本文的实证结果显示家族现金流所

有权与企业绩效呈显著正相关关系；而其他代表所有权家族化的指标中，两权分

离程度和是否创业家族与企业绩效之间呈负相关系，但这种负相关关系在统计上

并不显著；家族内部关系与企业绩效存在正相关关系，但在统计上也不显著。

2、在控制权家族化与企业绩效的关系上，实证结果表明，家族控制权的集中

程度与企业绩效存在显著正相关关系；而在表示控制权家族化的其他指标中，董

事会中家族成员人数、占比与企业绩效呈正相关关系，实际控制人担任上市公司

董事长也与企业绩效之间呈正相关关系，而代际传承与企业绩效呈负相关关系，

但它们在统计上都并不显著。

3、在管理权家族化与企业绩效的关系上,本文的实证研究结果显示，衡量管

理权家族化的两个指标均与企业绩效有正相关关系，即家族成员在企业内部担任

管理职位的人数和占比，以及实际控制人担任家族 CEO 与企业绩效之间存在正相

关关系，但是这种关系在统计上都不显著。

浙江财经学院硕士学位论文

本文的创新之处在于提出家族化的概念进行研究，将影响企业绩效的因素整

合归类，以家族化为切入角度，从所有权家族化、控制权家族化以及管理权家族

化三个方面系统的分析公司治理家族化与企业绩效之间的关系。

本文的结构安排如下：第一章是引言；第二章是家族企业相关的文献综述；

第三章是我国民营上市企业的公司治理家族化的现状描述，第四章到第六章分别

是关于民营上市公司的所有权家族化、控制权家族化、管理权家族化与企业绩效

关系的实证分析；第七章是研究的总结与展望。

关键词：民营企业；公司治理；家族化

浙江财经学院硕士学位论文

III

ABSTRACT

In the past thirty years in the process of reforming and opening, private enterprises

become the main force of economic growth in our country gradually, and the problem of

private enterprises' corporate governance is being focused by the attention of scholars

day by day. Due to the influence of the Chinese traditional culture and the

intergenerational inheritance which is caused by the reason that the founder of the

private enterprise is approaching retirement age, corporate governane's familization

becomes an significant feature of the private enterprises' corporate governance. This

article is going to do an empirical study of the relationship between corporate

governance's familization of private listed company and firm performance .

This article considers Chinese private listed corporation as the object of research,

and the empirical samples are from annual cross-sectional data of 670 listed family

corporations in Shanghai Stock Exchange and Shenzhen Stock Exchange in 2010. And

we consider three demensions which are the ownership familization, control

familization and manamement familization as the research of the relationship with firm

performance. In the specific design of empirical research, this article chooses the

specific variables of corporation governance's familization as follows: the relationship

between ownership familization and firm perfomance is meeasured by the ownership,

creaiative family, divergence between the ownership and control and the family

relationship. The control familization will dicover the relationship with firm

performance from the three aspects that are degree of concentration of family control,

the familization board of directors and the intergenerational transition of family

business. The relationship between management familization and firm performance is

measured by the numbers and the proportion of the managerial positions acted by the

family members and the family CEO acted by the actual controller. In the choose of

specific variable of firm performance, this article select return on assets (ROA) as the

indicator of measureing firm performance, and the rate of return on net assets (ROE) as

the explanatory variable is tested for the stability test for the result of relevant research .

Besides, we select some control variables: the scale of independent director, scale of

asset, total asset turnover , long-term liablity rate and industry. This article draws

several main conclusions by the result of empirical as follows:

1. On the research of the relationship between the ownership familization and firm

浙江财经学院硕士学位论文

performance, the result reveals that there's significant positive correlation between the

ownership and firm performance. On the other aspects of the ownership familization,

divergence bettween the ownership and control and creaitive family has the negative

correlation with firm performance ,but it is not significant statistically. So is the

relationship between the family relationship and firm performance.

2. On the study of the relationship between control familization and firm

performance, we can find that there is significant positive correlation between the

degree of concentration in control and firm performance. On the other side of control

familization, there is positive correlation between the scale and proportion of the family

members to the numbers of the board of the directors and firm performance as well as

the chairman acted by the actual controller ,while it is negitive correlation between the

intergenerational transition and fir performance. However , this three demensions are

not significant in statistic.

3. On the analysis of the relationship between the management familization and

firm performance, the empirical study of this thesis reveals that there's positive

correlation between the three demensions and firm performance. The numbers and the

proportion of the managerial positions acted by the family members,as well as the

family CEO acted by the actual controller has the positive correlation with the firm

performance,but it is not significant statistically.

The innovation of this paper lies in putting forward to the concept of familization.

This article integrates and classifies the factors that affect the enterprise performance. In

the perspective of the familization, this article analyses the relationship between the

ownership familization, control familization , management familization and firm

performance systematically and respectively.

The structure of this article is as follows: the first chapter is introduction; the

second chapter is the related literature review of the family firms; the third chapter is the

description of status that is the familization of the private listed corporations'

governance; the fourth chapter to the sixth chapter are the empirical research of the relationship

between the ownership familization, control familization , management familization and

firm performance in the private listed corporations; the seventh chapter is summary and

prospect of the research .

Key words: Private firm; Corporate governance; Familization

浙江财经学院硕士学位论文

一、引言 .............................................................1

1.1 研究意义 ......................................................1

1.2 文章结构 ......................................................2

1.3 创新点 ........................................................3

二、文献综述 .........................................................4

2.1 家族企业相关概念界定 ..........................................4

2.2 我国民营企业公司治理家族化的文献综述 ..........................6

2.3 所有权、控制权和管理权家族化与企业绩效关系的文献综述 ..........8

2.4 家族内部关系与家族企业绩效的相关文献综述 .....................10

2.5 本章小结 .....................................................12

三、我国民营上市公司的公司治理家族化现状分析 ........................13

3.1 我国民营企业上市公司的公司治理家族化的研究角度 ...............13

3.2 我国民营上市公司的治理家族化现状分析 .........................14

3.3 本章小结 .....................................................18

四、民营上市公司所有权家族化与企业绩效关系的实证分析 ................19

4.1 家族所有权和企业绩效关系的理论分析 ...........................19

4.2 所有权家族化与企业绩效的研究假设 .............................19

4.3 实证研究设计 .................................................22

4.4 实证分析结果 .................................................25

4.5 本章小结 .....................................................30

五、民营上市公司控制权家族化与企业绩效关系的实证分析 ................32

5.1 控制权家族化和企业绩效的理论分析 .............................32

5.2 控制权家族化和企业绩效的理论假设 .............................33

5.3 实证分析设计 .................................................35

5.4 实证分析结果 .................................................35

5.5 本章小结 .....................................................39

六、民营上市公司管理权家族化与企业绩效关系的实证分析 ................41

6.1 管理权家族化的理论分析 .......................................41

6.2 管理权家族化与企业绩效的理论假设 .............................42

6.3 实证研究设计 .................................................43

浙江财经学院硕士学位论文

6.4 实证研究结果 .................................................44

6.5 本章小结 .....................................................47

七、研究总结与展望 ..................................................48

7.1 研究总结 .....................................................48

7.2 研究的不足和展望 .............................................48

7.3 对于现在企业发展的实际意义和政策建议 .........................50

参考文献 ............................................................51

附录 ................................................................55

致谢 ................................................................62

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摘要：

浙江财经学院硕士学位论文I摘要在过去三十年的改革开放过程中,民营企业逐步成为推动我国经济增长的主要力量,民营企业的公司治理问题日益受到学者的关注。由于受中国家文化传统和民营企业创始人接近退休年龄而产生的代际传承的影响，公司治理家族化成为民营企业公司治理的一个重要特征，而本文打算对民营企业的公司治理家族化与企业绩效的关系进行实证研究。本文以2010年在上海证券交易所和深圳证券交易所上市的670家民营上市公司为样本,从所有权家族化、控制权家族化、管理权家族化三个角度，对民营上市公司的公司治理家族化与企业绩效的关系进行了实证分析。在具体的实证研究设计中，对公司治理家族化的具体代理变量选择上，本文从家...

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