家族控制上市公司内部传承与绩效关系的实证研究  

An Empirical Research of the Relationship between Internal Heritage and Performance in Family Controlled Listed Companies

作　　者：林静[1] 凌春华[2] 

机构地区：[1]浙江大学会计学 [2]浙江大学

出　　处：《科学决策》2014年第11期83-94,共12页Scientific Decision Making

摘　　要：家族企业已经成为我国私营部门的生力军,其权力能否有效传承直接关系到企业的生存与发展。在传承方式的选择上,我国家族企业普遍倾向于内部传承。论文采用2012年694家家族控制上市公司的数据,运用样本均值比较分析、相关性分析和回归分析等实证分析方法,通过家族权力内部传承和外部传承与绩效关系的对比,揭示家族继承人继承权力对公司绩效有显著影响,内部传承方式有利于提升企业绩效。同时,进一步从家族内部传承所有权和管理权两个维度,分析其代理成本差异和与企业绩效的关系,结果显示家族继承人是否为指定管理层与托宾Q值显著相关,表明传承管理权更有助于提升企业绩效。Abstract Family business has become the main force in the Chinese private economy sector, whether the heritage of power is effective or not is directly related to the survival and de- velopment of enterprises. In selecting heritage modes, the internal heritage is still a popular choice for Chinese family business. Using the data of 694 family controlled listed companies in 2012 and the method of empirical research, this paper compares the impact on performance by family herit- age and non-family heritage, and shows that family heirs inherit power has a significant impact on corporate performance and intemal heritage is conductive to improve the firm performance. Besides, it analyzes the agency cost differences and the relationship with perform- ance in the dimensions of management right and ownership, and shows that whether the family heirs inheriting management right has a significant correlation with Tobin＇s Q value, which means that inheriting management right helps to improve performance.

关 键 词：家族企业 内部传承 代理成本 企业绩效 

分 类 号：F270[经济管理—企业管理]