股权集中度对上市家族企业价值创造能力的影响研究

发布时间：2018-01-30 03:48

本文关键词： 股权集中度家族企业企业价值创造能力　出处：《长春工业大学》2017年硕士论文　论文类型：学位论文

【摘要】：家族企业在大多数国家经济中担任至关重要的角色,针对家族企业的相关研究一直受到国内外学者的广泛关注。2012年11月,在广州召开了第八届“创业与家族企业成长国际研讨会”,会议主题涉及家族企业界定、企业治理与管理模式探究、企业文化制度的发展完善与家族成员创业等方面。家族企业作为一种独特的企业组织活跃在中国的市场经济中,不仅满足人民的物质和文化生活需要,缓解就业压力,也奠定了中国市场化改革的重要基础,是参与国际市场竞争的重要力量。与一般企业相比,中华文化形成的“家族文化”传统对家族企业的经营管理行为、组织制度、生命周期都有深刻的影响。针对中国家族企业的研究,可以探讨出在现代市场经济与中国传统文化的交融下,家族企业治理模式的有效转变方式,总结出富有中国特色的企业治理模式。家族企业在发展过程中也遇到了一些瓶颈,摆脱困境的办法是改善家族企业的公司治理结构,中外研究已经证实,股权结构对公司价值有重要影响。股权集中度是股权结构的一个重要方面,因而本文选择股权集中度这一视角,探究股权集中度与上市家族企业价值创造能力的相关关系。在理论分析和对文献综述的基础上,提出了研究假设并进行研究设计。在删除了数据缺失的样本和ST、*ST的企业后,共选取了197家上市家族企业2010—2014五年的样本数据,样本观测值共计985个。首先通过主成分分析得出企业价值创造能力的综合性指标,其次对综合性指标和股权集中度进行相关性分析,得出股权集中度与上市家族企业价值创造能力为U型关系。本文所需上市公司的数据来源于国泰安数据库。本文依照文献综述一理论分析一研究设计一实证结果一结论建议一研究局限的研究脉络撰写本文。本文分为六个部分:第一章介绍本文的研究背景、目的和意义、基本概念、国内外研究现状和研究方法以及本文的创新点。第二章首先对委托—代理理论进行分析,其次对相关者利益理论进行分析,为研究假设的提出提供理论基础。第三章构建企业价值创造能力评价模型,首先对因变量指标进行主成分分析,得出企业价值创造能力的综合性指标,并在理论分析的基础上提出研究假设,其次界定自变量及控制变量衡量指标,最后构建模型。第四章首先对自变量和控制变量进行描述性分析,总结出我国上市家族企业的股权集中度现状;其次进行控制变量与因变量的相关性分析,剔除与因变量不相关的控制变量;最后分析回归结果和检验。第五章对本文得出的实证分析结论进行总结并为上市家族企业提出相关建议。第六章在前述分析的基础上,提出了本文的研究存在的局限性,并且展望家族企业的进一步研究方向。
[Abstract]:Family business plays a vital role in the economy of most countries. The related research on family business has been widely concerned by scholars at home and abroad. November 2012. The 8th International Symposium on Entrepreneurship and Family Business growth was held in Guangzhou. As a unique business organization, family business is active in China's market economy, which not only meets the material and cultural needs of the people. Relieving employment pressure has also laid an important foundation for China's market-oriented reform and is an important force to participate in the international market competition. The tradition of "family culture" formed by Chinese culture has a profound influence on the management behavior, organization system and life cycle of family business. Under the combination of modern market economy and Chinese traditional culture, the effective transformation of family business governance mode can be explored. Summary of the rich Chinese characteristics of corporate governance model. Family enterprises in the process of development also encountered some bottlenecks, the way out of the dilemma is to improve the corporate governance structure of family enterprises, Chinese and foreign studies have been confirmed. Ownership structure has an important impact on the value of the company. Ownership concentration is an important aspect of equity structure, so this paper chooses the perspective of ownership concentration. To explore the relationship between equity concentration and the value creation ability of listed family enterprises. On the basis of theoretical analysis and literature review. After deleting the missing samples and ST-STS, 197 listed family firms were selected for the five years' sample data from 2010 to 2014. A total of 985 samples were observed. Firstly, the comprehensive index of enterprise value creation ability was obtained by principal component analysis, and then the correlation analysis between the comprehensive index and equity concentration was carried out. It is concluded that the relationship between equity concentration and the value creation ability of listed family firms is U-shaped. The data of listed companies in this paper are derived from Cathay Taian database. This paper is based on literature review, theoretical analysis, research and design, and empirical results. This paper is composed of six parts:. The first chapter introduces the research background of this paper. Purpose and significance, basic concepts, domestic and foreign research status and research methods, as well as the innovation of this paper. The second chapter analyzes the principal-agent theory, and then analyzes the stakeholder interest theory. The third chapter constructs the evaluation model of enterprise value creation ability. Firstly, the dependent variable index is analyzed by principal component analysis, and the comprehensive index of enterprise value creation ability is obtained. On the basis of theoretical analysis, this paper puts forward the research hypothesis, then defines the independent variable and the control variable measurement index, finally constructs the model. Chapter 4th first carries on the descriptive analysis to the independent variable and the control variable. Summarize the present situation of the ownership concentration of listed family enterprises in our country; Secondly, the correlation between control variables and dependent variables is analyzed, and the control variables that are not related to dependent variables are eliminated. Finally, it analyzes the regression results and tests. Chapter 5th summarizes the conclusions of the empirical analysis and puts forward the relevant recommendations for listed family enterprises. Chapter 6th is based on the above analysis. The limitations of this paper are put forward, and the further research direction of family firms is prospected.
【学位授予单位】：长春工业大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F276.5;F832.51;F271

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