石水平;石本仁;

• 1:暨南大学管理学院

摘要(Abstract)：

借鉴Driffield等(2007)的研究方法,运用终极产权论追踪上市公司的终极控股股东,分析我国家族企业金字塔结构下的控股股东和终极所有权对企业绩效的影响。研究发现:第一大股东持股比例与企业绩效呈倒U型关系,第二至五大股东持股比例之和与企业绩效呈U型关系;家族上市公司的企业绩效与家族控股股东的控制权负相关,与现金流权正相关,与超控制权负相关;另外,家族上市公司的企业绩效与是否委派管理层负相关,与董事长与总经理是否合一负相关。同时,按家族控股股东的控制权大小分组检验也得到了类似的结论。

关键词(KeyWords)： 家族治理;金字塔结构;现金流权;超控制权;企业绩效

Abstract:

Keywords:

基金项目(Foundation): 国家自然科学基金项目“我国家族企业信息传递机制研究”(70572064);; 教育部人文社会科学研究项目“财权、财务制度与新《企业财务通则》实施──基于中央国有企业的问卷调查”(08JA630030);; 国务院侨办青年课题“我国新创侨资企业持续成长与侨务政策研究——基于社会资本融合的分析”(GQBQ2009031)的阶段性研究成果;; 暨南大学会计学系育题基金的资助

作者(Authors): 石水平;石本仁;

DOI: 10.19337/j.cnki.34-1093/f.2009.04.017

参考文献(References)：

• 谷祺,邓德强,路倩.2006.现金流权与控制权分离下的公司价值:基于我国家族上市公司的实证研究[J].会计研究(4):30-36.
• 李常青,赖建清.2004.董事会特征影响公司绩效吗[J].金融研究(5):64-77.
• 刘芍佳,孙霈,刘乃全.2003.终极产权、股权结构和公司绩效[J].经济研究(4):51-62.
• 刘少波.2007.控制权收益悖论与超控制权收益:对大股东侵害小股东利益的一个新的理论解释[J].经济研究(2):85-86.
• 苏启林,朱文.2003.上市公司家族控制与企业绩效[J].经济研究(8):36-45.
• 孙永祥,黄祖辉.1999.上市公司的股权结构与绩效[J].经济研究(12):23-30.
• 王鹏,周黎安.2006.控股股东的控制权、所有权与公司绩效:基于中国上市公司的证据[J].金融研究(2):88-98.
• 徐晓东,陈小悦.2003.第一大股东对公司治理、企业业绩的影响分析[J].经济研究(2):64-74。
• 叶勇,胡培,黄登仕.2005.中国上市公司终极控制权及其与东亚、西欧上市公司的比较分析[J].南开管理评论(3):25-31.
• 邹平,付莹.2007.我国上市公司控制权与现金流权分离:理论研究与实证检验[J].财经研究(9):135-142.
• ANDERSON R C,MANSI S A,REEB D M.2003.Founding family ownership and the agency costs of debt[J].Journal of Financial Eco-nomics,68(1):263-285.
• ANDERSON R C,REEB D M.2003.Founding family ownership and performance:evidence from the S&P500[J].Journal of Finance,58(3):1301-1327.
• BARONTINI R,CAPRIO L.2005.The effect of family control on firm value and performance:evidence from continental Europe[R].ECGI-Finance Working Paper,June.
• BERLE A A,MEANS G C.1932.The Modern corporation and private property[M].New York:Macmillan.
• BURKARTM,PANUNZI F,SHLEIFER A.2003.Family firms[J].Journal of Finance,58(4):2167-2202.
• CLAESSENS S,SIMEOND,LARRY HL.2000.The separation of ownership and control in East Asian corporations[J].Journal of FinancialEconomics,58(1):81-112.
• DRIFFIELD N L,VIDYA M,SARMISTHA P.2007.How does ownership structure affect capital structure and firm value?recent evidencefrom East Asia[J].Economics of Transition,15(2):535-573.
• DYCK A,ZINGALES L.2004.Private benefits of control:an international comparison[J].Journal of Finance,59(2):537-600.
• FACCIO M,LANG L H2002.The ultimate ownership of western European corporation[J].Journal of Financial Economics,53(1):365-395.
• FAMA E,JENSEN M.1983.Separation of ownership and control[J].Journal of Law and Economics,26(2):301-325.
• HAW I M,HUB,HWANG LS,WUW.2004.Ultimate ownership,income management,and legal and extra-legal institutions[J].Journal ofAccounting Research,42(2):423-462.
• JENSEN MC,MECKLING WH.1976.Theory of the firm:managerial behavior,agency costs and ownership structure[J].Journal of Finan-cial Economics,3(4):305-360.
• JOHNSON S,LA PORTA R,LOPEZ-DE-SILANES F,et al.2000.Tunneling[J].American Economic Review,90(2):22-27.
• LAPORTAR,LOPEZ-DE-SILANES F,SHLEIFER A,et al.1999.Corporate ownership around the world[J].Journal of Finance,54(2):471-517.
• LA PORTA R,LOPEZ-DE-SILANES F,SHLEIFER A,et al.2002.Investor protection and corporate valuation[J].Journal of Finance,57(3):1147-1170.
• LEE J.2006.Family firm performance:further evidence[J].Family Business Review,19(1):103-114.
• LEMMON ML,LINS K V.2003.Ownership structure,corporate governance and firm value:evidence from the East Asian financial crisis[J].Journal of Finance,58(3):1445-1468.
• MCCONNELL J,SERVAES H.1990.Additional evidence on equity ownership and corporate value[J].Journal of Financial Economics,25(3):595-612.
• MORCK R,SHLEIFER A,VISHNY R.1988.Management ownership and market valuation:an empirical analysis[J].Journal of FinancialEconomics,20(2):293-315.
• SCHULZE W S,LUBATKIN MH,DINO R N,et al.2001.Agency relationships in family firms:theory and evidence[J].Organization Sci-ence,12(2):99-110.
• SHLEIFER A,VISHNY R.1986.Large shareholders and corporate control[J].Journal of Political Economy,94(2):461-488.
• SHLEIFER A,VISHNY R.1997.A survey of corporate governance[J].Journal of Finance,52(2):737-783.
• XUX,WANG Y.1999.Ownership structure and corporate governance in Chinese stock companies[J].China Economic Review,10(1):75-98.
• YEHYIN-HUA1.2005.Do controlling shareholders enhance corporate value[J].Corporate Governance:An International Review,13(1):313-325.