【作者】 王楠；

【导师】 申尊焕；

【作者基本信息】 西安电子科技大学 ， 金融学， 2020， 硕士

【摘要】 家族企业是民营企业的典型代表,是现代市场经济非常重要的参与者之一。由于其成员之间的亲缘关系而区别于其他类型企业,因此国内外学者对于家族企业做出了许多研究,其中尤为不可忽视的一点是,家族企业内实际控制人之间的关系复杂,对于不同实际控制人关系下的家族企业的研究成为重要议题。然而,对文献的梳理发现目前还没有学者对基于实际控制人不同关系下的家族企业的组织特征与绩效间的联系做出研究,而本文基于实际控制人亲缘关系对家族企业进行分类,并在此基础上比较研究关系对企业绩效的影响。本文首先对家族企业从两个角度进行分类,一是依照家族企业实际控制人之间关系复杂程度分为三类:实际控制人是单个自然人的为单一关系,简称I类家族企业,实际控制人之间仅存在一种关系的为简单关系,简称II类家族企业,实际控制人之间存在多种关系的为复杂关系,简称III类家族企业;二是根据在家族企业中出现频次较高的夫妻、父子、兄弟关系对企业进行分类。其次,本文基于以上两种对实际控制人关系的分类,对样本企业利用Matlab软件进行变量分布分析。最后,本文利用SPSS软件进行变量显著性检验以及回归分析,以探析家族企业控制人关系的影响。实证结果表明,基于关系复杂程度分类的三类家族企业的组织特征有显著性差异:I类家族企业的股权集中度以及两权分离度高,监事会规模较高以及两职合一的程度也高。II类家族企业董事会规模和两职合一程度高。III类家族企业总经理持股比例较高;研究结果同时表明,组织特征对三类家族企业绩效的影响也有显著性差异。前五大股东持股比例(CR5)、实际控制人的所有权比例对I类家族企业营业收入分别有显著的正向和负向影响,实际控制人担任董事或总经理对II类家族企业营业收入有显著正向影响,但前十大股东持股比例(CR10)对I类与III类家族企业营业收入有显著负向影响。进一步的分析表明,实际控制人的控制权比例、所有权比例对III类家族企业每股收益分别有显著正向、负向影响,第一大股东持股比例(CR1)对II类家族企业每股收益有显著正向影响。本文对控制权由夫妻、父子和兄弟拥有的三类公司的实证分析表明,这三类家族企业的组织特征有显著性差异:夫妻类家族企业两权偏离程度较大,更多采用两职合一的治理方式,企业每股收益较高。父子类企业营业收入较高,而兄弟类家族企业的股权集中度较高,绩效表现中等。从这三类企业组织特征对绩效的影响看,组织特征对企业绩效的影响有显著性差异:实际控制人担任董事长或总经理对夫妻类与兄弟类家族企业的营业收入都有显著正向影响,对父子类家族企业营业收入有显著负向影响,CR5对父子类家族企业与兄弟类家族企业的营业收入有显著正向影响、CR10却对父子类家族企业与兄弟类家族企业的营业收入有显著负向影响;实际控制人所拥有的控制权比例对夫妻类和兄弟类家族企业的每股收益有显著的正向影响,所有权比例却对夫妻类和兄弟类家族企业的每股收益有显著的负向影响,且CR1对夫妻类家族企业每股收益有显著正向影响。本文的结论不仅对深入理解家族企业的治理理论有理论价值,而且对提高家族企业绩效有实践意义。更多还原

【Abstract】 Family business is a typical representative of private enterprises and one of the most important participants in modern market economy.Due to the blood relationship between its members,it is different from other types of enterprises.Therefore,domestic and foreign scholars have done a lot of research on family businesses.One of the most notable points is that the relationship between actual controllers in family businesses is complicated.The research of family business under the actual controller has become an important issue.However,a review of the literature found that at present no scholars have studied the relationship between the organizational characteristics and performance of family businesses under different relationships between actual controllers,and this paper classifies family companies based on their actual relationships.On this basis,the impact of relationship on corporate performance is comparatively studied.This article first classifies family businesses from two perspectives.One is based on the complexity of the relationship between the actual controllers of the family business.It is divided into three categories: the actual controller is a single natural person,which appears as a single relationship,referred to as a class I family business.There is only one kind of relationship between the actual controllers,which is expressed as a simple relationship,referred to as a type II family business.There are multiple relationships among the actual controllers,which are complex relationships,referred to as type III family businesses.The second is to classify companies according to the relationship of couples,father-son,and brothers,which occurs more frequently in family businesses.Secondly,based on the above two classifications of the actual controller relationship,this paper analyzes the variable distribution of sample companies using Matlab software.Finally,this article uses SPSS software to perform variable significance tests and regression analysis to analyze the influence of family business controller relationships.The empirical results show that there are significant differences in the organizational characteristics of the three types of family businesses based on the complexity of the relationship: the class I family business has a high degree of equity concentration and a separation of the two powers,a large board of supervisors and a high degree of integration of two functions.The size of the board of directors and the integration of the two positions in the family business of type II are high.The general manager’s shareholding ratio of class III family businesses is relatively high;The research results also show that the influence of organizational characteristics on the performance of the three types of family businesses is also significantly different.Shareholding ratio of top five shareholders(CR5)and the ownership ratio of the actual controller have a significant positive and negative impact on the operating income of the type I family business,respectively.The actual controller acting as a director or general manager has a significant positive effect on the operating income of the type II family business,but Shareholding ratio of top ten shareholders(CR10)has a significant negative impact on the operating income of class I and III family businesses.Further analysis shows that the percentage of control and ownership of the actual controller has a significant positive and negative impact on the earnings per share of the III family business,respectively.Shareholding ratio of the largest shareholder(CR1)has a significant positive impact on the earnings per share of the II family business.The empirical analysis of three types of companies with control rights owned by couples,father-son,and brothers shows that there are significant differences in the organizational characteristics of these three types of family businesses.The couples family businesses which are more use two-position integration of governance,have a greater degree of deviation of two rights,and the earning per share is higher.The father-son family businesses have higher operating income,while The brothers family businesses have higher equity concentration and moderate performance.From the impact of organizational characteristics on performance of these three types of enterprises,there is a significant difference in the impact of organizational characteristics on corporate performance.The actual controller as chairman or general manager has a significant positive effect on the operating income of the couples and the brothers family businesses,but has a significant negative impact on the operating income of the father-son family business.CR5 has a significant positive impact on the operating income of the father-son family business and the brothers family business.CR10 has a significant positive impact on the operating income of the father-son family business and the brothers family business.The proportion of control owned by the actual controller has a significant positive impact on the earnings per share of the couples and the brothers family business,but the ownership percentage has a negative impact on the earnings per share of the couples and the brothers family business,and CR1 has a significant positive impact on the earnings per share of the couples family businesses.The conclusions of this paper are not only of theoretical value for an in-depth understanding of the governance theory of family businesses,but also of practical significance for improving the performance of family businesses.更多还原