家族化还是去家族化——国内家族上市公司价值的经验分析  

Family-Management or Professional Management--An Empirical Research on the Value of China Listed Family Firms

作　　者：陈家田[1] 汪琴 CHEN Jiatian;WANG Qin(School of Business,Anhui University,Hefei,Anhui 230601,China)

机构地区：[1]安徽大学商学院,安徽合肥230601

出　　处：《南京航空航天大学学报（社会科学版）》2020年第4期39-46,共8页Journal of Nanjing University of Aeronautics & Astronautics（Social Sciences）

基　　金：国家社会科学基金项目(14BGL050)。

摘　　要：家族化管理与“去家族化”对家族企业价值的影响表现在:家族化管理会降低企业价值,而去家族化管理有利于提升企业价值。但随着家族所有权比例的提高,家族化管理对企业价值的不利影响会被弱化,同时“去家族化”对企业价值的有利影响也被削弱。结论证明了在家族企业治理过程中推行高管职业化制度的必要性,为家族企业相机选择治理模式提供借鉴。This article studies the impact of family-management and professional management on the value of family firms.The results show that family-management will reduce firm value,and professional management will help to enhance firm value.However,as the proportion of family ownership increases,the negative impact of family management on firm value will be weakened,and the beneficial impact of professional management on firm value will also be reduced.The conclusion proves the necessity of implementing the professional management system in the process of family firm governance,and it provides a reference for the family firm to choose the governance model.

关 键 词：家族化管理 去家族化 企业价值 

分 类 号：F272[经济管理—企业管理]