公司价值对控制家族股权调整的影响

发布时间：2018-04-03 06:05

本文选题：公司价值　切入点：控制权风险　出处：《杭州电子科技大学》2017年硕士论文

【摘要】：作为一种组织形式,家族企业已经成为企业组织中不可或缺的力量。截至2015年12月31日,在沪深两市上市的家族企业有1440家,占全部上市公司的49.24%,足以看出家族企业在我国经济发展中的重要作用。控制家族的股权影响着企业的控制权、公司治理,现实中有些控制家族减少对上市公司的股权,有些控制家族增加对上市公司的股权,股权结构之所以发生变化,是控制家族权衡收益和成本的结果,因此有必要对控制家族调整股权的动机进行研究。公司价值是投资者进行决策的风向标,控制家族进行调整的时候必然要考虑公司价值。不同的家族企业面临的控制权风险也不同,那么,不同的控制权风险下,公司价值对控制家族股权调整的影响是否不同呢?本文回顾了股权结构影响因素、股权调整动机等相关文献,分析了我国家族企业股权动态调整的现状,以沪深两市377家家族上市公司2008-2015年的样本数据为研究对象,构建面板Logit模型,实证检验了公司价值对控制家族股权调整的影响,并得出以下结论:(1)家族企业的公司价值越高,控制家族越有倾向稀释股权,获取更高的溢价收益;公司价值越低,控制家族越有倾向增强股权,以较低的代价增强对企业的控制。(2)控制权风险降低了控制家族稀释股权的可能性,提高了控制家族增强股权的可能性。(3)不同的控制权风险下,影响家族企业进行股权调整的因素也不尽相同。低控制权风险下,公司价值和控制权风险同时影响家族企业稀释股权。高控制权风险下,控制权风险抑制了公司价值在股权调整中的作用,成为家族企业增强股权的关键因素。本文研究不仅丰富了股权结构相关内容,揭示了家族进行股权调整的动因,而且为家族企业优化股权提供了一定的借鉴,有利于投资者进行投资决策,更为监管部门制定规范实际控制人股权调整行为提供了依据。基于以上分析,本文建议家族企业应当培养控制权风险意识,厘清家族规划,合理进行股权调整。
[Abstract]:As a form of organization, family business has become an indispensable force in business organization.As of December 31, 2015, there are 1440 family enterprises listed in Shanghai and Shenzhen stock markets, accounting for 49.24% of the total listed companies, which is enough to see the important role of family enterprises in the economic development of our country.The ownership of the controlling family affects the control of the enterprise and corporate governance. In reality, some controlling families reduce their equity in listed companies, some control families increase their ownership of listed companies, and the ownership structure changes.It is the result of controlling family balancing income and cost, so it is necessary to study the motivation of controlling family to adjust equity.Corporate value is a vane for investors to make decisions.Different family enterprises are faced with different control risk, so under different control risk, the influence of company value on controlling family equity is different.This paper reviews the influence factors of ownership structure, the motivation of equity adjustment and so on, analyzes the current situation of the dynamic adjustment of the ownership of family enterprises in China. The sample data of 377 family-listed companies in Shanghai and Shenzhen stock markets from 2008 to 2015 are taken as the research object.By constructing the panel Logit model, the paper empirically tests the influence of firm value on controlling family equity, and draws the following conclusion: the higher the firm value of family firm is, the more inclined the controlling family is to dilute equity and obtain higher premium income;The lower the value of the company, the more inclined the controlling family is to strengthen the equity, and at a lower cost to enhance the control of the firm.) the risk of controlling the controlling family reduces the possibility of controlling the family diluting the equity.Under different control risks, the factors that affect the equity adjustment of family firms are different.Under low control risk, both corporate value and control risk affect the dilution of equity in family firms.Under the high risk of control, the risk of control inhibits the role of company value in equity adjustment and becomes the key factor for family firms to strengthen their equity.This paper not only enriches the relevant contents of the ownership structure, reveals the motivation of the family equity adjustment, but also provides some reference for the family business to optimize the equity, which is helpful for investors to make investment decisions.More regulatory departments to regulate the actual control of the stock rights adjustment behavior to provide the basis.Based on the above analysis, this paper suggests that the family business should cultivate the sense of risk of control, clarify the family planning, and carry out reasonable equity adjustment.
【学位授予单位】：杭州电子科技大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F276.5;F271;F832.51

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