【作者】 唐睿明；

【导师】 谷祺；

【作者基本信息】 东北财经大学 ， 会计学， 2012， 博士

【摘要】 对中国上市公司的研究始终是财务学者关注的热点,本文则把目光集聚于中国家族上市公司,分析其股权结构与公司绩效之间的关系。西方经济理论研究基础是发达资本市场,但对我国的转轨经济中的家族企业来讲,必有许多不适之处,怎样吸收借鉴其合理成分为我所用就显得格外重要。因为我国家族上市公司浮出水面时间不长,其行为特征无法建立在长期观察资料之上,只得借助现有相关理论进行初步研究,从而体现出中国家族上市公司独特的研究价值。从已有研究文献来看,我国对家族上市公司股权结构与公司绩效的实证研究在研究问题、研究方法、研究样本等方面都存在一定的不足,需要进一步的加以完善。本文从现代企业理论、产权理论和专一分析家族企业的部分理论三个角度来展开论述。针对部分学者从所有权和控制权角度、文化影响角度或继承权角度对家族企业下的诸多定义。本文提出,所谓家族上市公司就是指公司的终极控制权能够归结到个人或其家族成员,并且这些自然人或家族是公司的实际控制者的企业组织形式。本文计算出了所选样本公司家族股东的终极控制权比例,本研究所需要的数据主要包括公司股权结构数据以及公司绩效数据,这些数据主要来自CSMAR数据库。本文选取了2007年-2009年A股主板的共839家符合本文定义的家族上市公司作为最终样本,虽然家族上市公司情况复杂,但其经济组织的本质特点必然通过一般的数量指标表现出来,而股权结构可以反映出这些本质特点。本文从股权属性,股权集中度,内部人持股和股权流通性这四个方面来讨论股权结构,并分析了我国家族上市公司的控股模式。民营企业与证券市场的联姻并不是一帆风顺的。由于早期受到经营理念、融资思路、上市额度和政策规则等因素的局限,最初只有少数几家家族企业中的幸运儿能够进入我国的证券市场。且家族企业上市有几个特征：间接上市方式是主流；超半数的家族上市公司集中在沿海开放地区；行业分布相对集中；上市后的企业自身发展出现质的变化。本文也分析了我国家族企业上市的主要动因：(1)我国内地尚未建立起有效的保护小股东权益的机制,加上上市家族企业及其控股的家族性非上市集团的存在,我国家族企业的上市动因至少存在掠夺小股东收益的潜在可能性。(2)我国家族企业已经初步建立起金字塔式的控股方式,而上市公司通常是在金字塔的最下端。(3)我国家族企业“圈钱”的可能性。本文认为,公司绩效包括财务绩效与市场绩效两个组成部分。财务绩效就是指由企业公开的财务报告中通过构造一些财务比率来衡量企业经营成果的方式。而市场绩效则是在财务绩效的基础上又包含了市场对公司的评价。为了克服传统绩效综合评价方法的不足,本文借助于因子分析法来完成对16个财务指标的综合评价,提取了五个公因子来解释含量80%的信息,并且五个公因子的权重由其自身之间的数量关系来确定,具有客观性。发现偿债能力和主营业务相关盈利能力是影响综合评价值的最强因素。这样得到839个样本的综合评价值,将这个得分与配对样本进行比较,从综合因子值的平均数来看,我国家族上市公司的公司绩效并不低,反而比一般的上市公司绩效要高(虽然也出现了较为明显的两极分化)。因而,笔者认为我国家族上市公司的股权结构可能具有的特点影响了我国家族上市公司的生产经营,并进而影响了公司绩效。我国家族企业上市主要以间接的“买壳上市”形式为主；我国家族企业上市的动因不仅仅在于获取发展所需的社会资本,还可能在于控制家族对中小股东的侵占；应全面认识与对待家族企业上市的利与弊。以股权结构四个方面的指标分别与ROE进行多元回归,检验本文在股权结构与公司绩效方面的假设,结论显示：(1)我国家族上市公司的国有股比例与公司绩效不相关；(2)我国家族上市公司的法人股比例与公司绩效显著正相关；(3)我国家族上市公司的外资股比例与公司绩效不相关；(4)我国家族上市公司的股权集中度与公司绩效之间不存在倒U型形状；(5)我国家族上市公司的股权激励与公司绩效不相关；(6)我国家族上市公司的股权流通性与公司绩效不相关；(7)我国家族上市公司实际控制人的所有权比例和控制权比例与公司绩效显著正相关,但两权分离度与公司绩效间并无显著关系存在。最后,本文提出一些政策建议。第一,建立家族上市公司合理的股权结构。本文提倡要改变当前家族上市公司的股权分布结构,做到适当合理的分散化和一定程度的外部化,改变家族上市公司由家族企业或自然人绝对控股的现状,提倡由绝度控股向相对控股转变。第二,规范和完善家族上市公司的公司治理结构。本文提倡要以先进的公司治理原则和方法来改造家族上市公司治理结构,并且实现持续的管理创新。第三,充分发挥证券监管部门、新闻媒体、机构投资者等多方治理作用,切实保护中小投资者利益。本文特别提出在上市公司信息披露规范中加强对“终极所有人”的信息的披露要求,提高相关信息的透明度,促进资源的合理配置。第四,扩宽民营上市公司、特别是家族上市公司的上市渠道,从而缓解其融资难题,并从根本上促进其管理和经营能力的提高。更多还原

【Abstract】 The study on listed company of China is the focus that the financial scholar pays close attention to all the time. But I focus on Chinese family listed firm and analyze the relationship between their ownership structure and performance which is how equity ownership structure affects firm’s performance.The theoretical research foundation of west economy is a developed capital market, but for family firm in the transition economy of our country, must have a lot of uncomfortable place. Because China has her specialty that family firm is born out of transition from the planned economy to the market economy. So how can we assimilate the results of scientific research is very important. Because Chinese family firm has been appeared a few years ago, its properties can not be observed over a long period of time, I have to do tentative program according to the relevant theory which reflects its unique studying value. In recent years, scholars, enterprises, and government have done a lot of useful research in theory and practice. According to research documents, Chinese still seems insufficient to the positive research of the stock right structure of listed company of family and company’s performance, need to carry on certain perfection in studying samples, research approach etc.From modern enterprise theory, property right theory and single-minded to analyze some theory3angles of family firm launch describing this text. Influence the angle or the angle of right of inheritance to define a great deal of under the family firm to some scholars in terms of ownership and control power, culture. This text propose so-called family listed companies refer to enterprise organizational forms, which ultimate control power of enterprise can sum up in individual or the members of their family, and these natural persons or families can control these enterprises. Regarded this as standard, I select839ultimate samples are retained through the statistic standard. To our stock market’s current situation, I introduce five representative sample family ownership’s characteristic with graphic presentation. Though there are complicated conditions, intrinsic quality must be represented by the quantum index. This paper divides equity structure into four categories:stock attribute, equity concentration, insiders share and circulation of stock.Limited by such factors as the idea, listing amount, policy threshold, etc, in early days, the enterprise run by the local people did not involve the security market long ago. Only the lucky fellows in a few family firms can enter the security market. And the listed family firms have several characteristics:The indirect listing way is a mainstream; it exceeds half family listed companies to centre in the coastal open region; it is relatively centralized that the trade is distributed; the change of the quality appears in the one’s own development of enterprise after being listed.This text has analyzed the main reason that family firms are listed:(1) China Mainland set up effective protection light mechanism of stockholder’s equity yet, in addition, the existence of listing family firm and family non-listing group controlling interest, the listing reasons of enterprises have potential possibility of robbing minority stock holder’s income at least in our country clan.(2) Chinese family business have already set up the holding way of pyramid tentatively, and listed company in Pyramid bottom usually.(3) Chinese family firms possibility "enclose the money ".This text thinks that company’s performance includes two components of the financial performance and market performance. The financial performance means by way of constructing some financial rates to weigh enterprise’s management performance from enterprise’s open financial report. The market performance includes the appraisal on the company of the market again on the basis of financial performance.In order to cope with the traditional performance evaluation measures’deficiency, I adopt factor analyses to obtain the comprehensive performance valuation, and extract5communities to explain the80%financial information. So121comprehensive results are achieved which indicate the debt paying ability and core revenue profit ability affect the comprehensive assess results mostly. Compare the performance index with pair samples; we get a conclusion that the family firm’s performance is better than the pair samples’. So I consider Chinese family firm’s equity structure can affect its performance clearly.Enterprises are listed and relied mainly on indirect "going public through buying a shell" form in them; Listing reason of them not merely lies in obtaining the social capital that development needs, it also may lie in control family to in minority stock holder occupy; Should know and treat profit and fraud that the family firm is listed in an all-round way.In the end, I draw4conclusions:(1) there is no relevance between SOSP, ASP,FSP and corporate performance, while LSP does the effect.(2) inverse "U" shape does not appear according to the ownership concentration and performance.(3) insider share inspire does a little function.(4) though stock circulation’s regression coefficient is positive, but the effect is not remarkable.Finally, this text proposes some policy recommendations. I will also bring up suggestion regarding Chinese family listed firms in order to enhance the corporate long-term performance.First, improve the stock right structure of the listed company of the family from system. Change the distribution of share ownership of listed companies of present family, making the stock right of the family shareholder proper and decentralized and outside, controlled interest definitely and turned into controlling interest relatively.Second, standardize the administration structure of the listed company of the family from system. Carry on the management innovation constantly with new thinking and new idea.Third, protect the interests of medium and small investors from system, should give full play to the supervision function of supervising the authorities, in-depth reporting and the excavating and analyzing of professional organization with the news media that are complemented; It represents the employer’s organization of medium and small investor’s interests to set up, introduce " ultimate owner "’s concept in the relevant regulations of listed company and relevant disclosure of information, improve the transparency of the market information, enable investors to choose the investment objective more rationally.Fourth, accelerate the listing paces of the private listed company, alleviate the state of the high-quality financial product in short supply, improve the validity of the capital market, make it can reflect the value of the private listed company objectively and rationally.更多还原