高管团队的家族属性对企业IPO后绩效的影响

发布时间：2018-06-02 04:55

  本文选题：家族涉入企业 + 企业IPO后绩效　； 参考：《南京大学》2017年硕士论文

【摘要】：作为民营企业的中流砥柱——家族涉入企业已经成为我国市场经济发展的中坚力量。与西方国家的家族涉入企业相比,我国的家族涉入企业的发展往往命途多舛,道路坎坷。如何保持家族涉入企业稳健长久地发展成为相关学者及家族涉入企业管理者迫切关注的焦点。从目前情况来看,众多学者对于家族涉入企业的研究大致分为两个热点:一是代际传承问题;二是家族涉入企业的治理问题。对于针对性的分析家族涉入企业高管团队中家族成员的家族属性对于企业IPO后绩效的影响比较欠缺。在此研究背景下,本文着重于家族涉入企业高管团队的家族性进行研究分析,从定性分析和定量研究两方面,分析各个家族因素和企业IPO后绩效之间的可能存在的影响关系,旨在研究各个家族属性与家族涉入企业IPO后绩效的相互影响关系。在家族涉入企业高管团队的家族属性分析方面,就目前已有的相关研究来看,学者对家族治理问题的关注重点大多集中于高管团队的同质性、异质性或者董事会、监事会结构等特点来着手,或者是针对于具有家族独特性的因素来探索。本文则在之前学者的研究基础之上,综合以上两点,将家族性属性引入到高管团队中作为自变量来研究,建立各个家族属性和企业IPO后绩效的相关回归模型。为家族涉入企业治理中高管团队的家族性建设提出了理论基础和参考。通过前期对于国内外现有的研究成果和相关文献的整理分析,本文首先对以往学者对于家族涉入企业概念的界定进行了梳理总结,结合本文研究方向给出了家族涉入企业的定义;其次,对于家族涉入企业的治理情况以及其与企业IPO后绩效的相关理论进行了阐述;紧接着从家族涉入企业发展现状的角度对于国外、国内情况分别进行了介绍。最后,在上述理论的分析基础上,选取了家族涉入企业家族属性中能够影响家族涉入企业IPO后绩效的自变量因素——亲属关系等级、家族成员数量、参与企业管理的家族成员代数、董事长和总经理是否二职合一4个自变量;控制变量因素——高管人数、监事会人数、独立董事数、上市首日市盈率、IPO发行的股本数量、大盘行情、行业、企业年龄等8个控制变量;以及反映企业IPO后绩效的指标—IPO后24个月的股票复合持有期收益率;构建了高管团队家族属性与企业IPO后绩效的统计模型。最后通过实证分析得出了研究结论:高管团队的家族性显著影响企业IPO后绩效。并且,其中亲属关系等级、董事长和总经理是否二职合一与企业IPO后绩效有显著的正相关关系;家族成员数量和企业IPO后绩效之间存在显著的负向相关关系;管理企业的家族代数则未能通过显著性检验水平。
[Abstract]:As the mainstay of private enterprises, family involvement has become the backbone of the development of our market economy. Compared with the western countries, the development of the family involvement enterprises in our country is often ill-fated and the road is bumpy. How to keep the family involvement enterprise steady and long-term development has become the focus of the relevant scholars and family involvement business managers. From the current situation, many scholars on the family involved in business research can be divided into two hot spots: one is the issue of intergenerational inheritance; the other is the governance of the family involved in the enterprise. For the targeted analysis of family involvement in the executive team of the family members of the family attributes on the corporate performance after the IPO is relatively lacking. In this research background, this paper focuses on the familial analysis of the family involvement in the executive team of the enterprise, from qualitative analysis and quantitative research, analyzes the possible relationship between the various family factors and the performance of the enterprise after IPO. The purpose of this paper is to study the relationship between the family attributes and the performance after the family involvement in IPO. In the analysis of the family attributes of the family involved in the senior management team, according to the existing relevant research, most scholars focus on the homogeneity, heterogeneity or board of directors of the senior management team, and the focus of scholars on the family governance issues is mainly focused on the homogeneity, heterogeneity or board of directors of the senior management team. The structure of the board of supervisors and other characteristics to start, or in view of the unique family factors to explore. On the basis of the previous research, this paper introduces the family attribute into the senior management team as independent variables, and establishes the regression model of each family attribute and the performance of the enterprise after IPO. It provides the theoretical basis and reference for the family construction of the senior management team. Through the early analysis of the existing research results and related literature at home and abroad, this paper first of all summarized the definition of the concept of family involvement in the enterprise. Combined with the research direction of this paper, the definition of family involvement is given. Secondly, the governance of family involved enterprises and the related theories of their performance after IPO are expounded. Then from the family involved in the development of enterprises in the perspective of foreign, domestic situation were introduced. Finally, on the basis of the analysis of the above theory, we select the independent variable factor of the family attribute which can influence the performance of the family involved in the IPO of the firm-the level of kinship relationship, the number of the family members, and the number of the family members. The algebra of family members involved in business management, whether the chairman and the general manager are in one of four independent variables; the factors of controlling variables-the number of senior executives, the number of supervisors, the number of independent directors, the number of shares issued by IPOs on the first day of IPO, There are 8 control variables, such as market price, industry, enterprise age and so on; and the index reflecting the performance after IPO-the return rate of stock holding period after 24 months. The statistical model of the family attribute of senior management team and the performance of enterprise after IPO is constructed. Finally, the conclusion is drawn by empirical analysis: the familial nature of the executive team significantly affects the performance of the enterprise after IPO. Moreover, there is a significant positive correlation between the level of kinship relationship, whether the chairman and the general manager are in the same position and the performance after IPO, and there is a significant negative correlation between the number of family members and the performance of the enterprise after IPO. The family algebra of managing firm fails to pass the level of significance test.
【学位授予单位】：南京大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F276.5;F832.51
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本文编号：1967510