家族控制与对价支付——一项基于中国家族上市公司的实证研究

随着家族上市公司的数量不断增多,对家族企业的研究也越发显得迫切和重要,然而目前在我国,对于家族控制是否有利于上市公司的发展,理论界始终没有形成统一、全面的评价.本文借助股权分置改革的契机,以"对价"这个囊括公司表现、市场评价、投资 者预期等各方面因素的综合指标为切入点,利用该指标的综合性与预期性优势,重新审视家族控制对我国上市公司的影响.以2006年底进行股改的上市公司为样本,研究发现家族控制有利于我国上市公司的发展,市场给予良好的评价,其在全流通过程中支付的成本较低;对家族分样本进一步分析得出,直接上市的家族企业比买壳上市的家族企业总体表现更好;聘请职业经理人管理的比家族成员直接参加管理的上市公司市场评价更高.

Family Control and Consideration Ratio:An Empirical Study Based on Chinese Family-controlled Listed Companies

The research of family-controlled listed companies has been an urgent issue given their fast development in Chinese capital markets.Existing literature does not have a consistent idea on whether family-controlled listed companies perform better than non-family listed companies.This article focuses on the opportunity of split share structure reform,and takes the consideration ratio as a new perspective for studying whether family control is beneficial for listed companies in China.Generally speaking,companie...