家族企业非控股股东性质与股权制衡有效性——基于家族控制权视角的分析

发布时间：2018-07-21 09:01

【摘要】：文章以2010~2014年中国主板上市家族企业为样本,首次从家族控制权这一视角考察了外部股东性质对股权制衡治理作用的影响。研究发现:(1)随着家族控制权的增加,家族控股股东的"掏空"程度会显著降低,显示其强烈的"企业主"意识,此时非控股股东在家族控制权处于[10%,30%)时制衡效果最好;(2)随着家族控制权的变化,不同性质的外部股东在抑制家族控股股东"掏空"行为的有效性方面存在显著差异:在[10%,30%)控制权内,民营企业的制衡效果最好;在[30%,50%)控制权内,国家股东与机构投资者的制衡效果最强;在[50%,100%)控制权内,民营企业可以借助外部治理环境有效抑制家族股东的"掏空"行为。
[Abstract]:Based on the sample of Chinese main board listed family firms from 2010 to 2014, this paper first examines the influence of the nature of external shareholders on the governance of equity balance from the perspective of family control. The results show that: (1) with the increase of family control rights, the degree of "tunneling" of family controlling shareholders will be significantly reduced, indicating their strong sense of "business owner". At this time, the non-controlling shareholder has the best balance effect when the family control right is at [10%]; (2) with the change of the family control right, There are significant differences in the effectiveness of different types of external shareholders in restraining the "hollowing" of family controlling shareholders: in [10%] control, private enterprises have the best checks and balances; [30%] control. The checks and balances of state shareholders and institutional investors are the strongest, and in the control of 50% or 100%, private enterprises can effectively restrain the "tunneling" behavior of family shareholders with the help of external governance environment.
【作者单位】：大连理工大学管理与经济学部;
【基金】：国家社科基金资助项目:“基于有效性视角的中国高等院校财务资源配置研究”(16BGL060) 中央高校基本科研业务费专项资助项目:“社会资本对中国家族企业融资约束影响机理研究”(DUT16RW206)
【分类号】：F276.5;F832.51

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