家族企业股权结构对企业价值的影响研究

发布时间：2018-01-27 08:19

本文关键词： 家族企业股权结构企业价值　出处：《新疆大学》2017年硕士论文　论文类型：学位论文

【摘要】：随着中国经济体制改革,家族企业在民营企业中的比重在逐年增加,它对国民经济的贡献也越来越大。股权结构是公司治理的重点,如何利用股权结构来提高企业价值,这也是家族企业面临的难点。在不同类型的实际控制人所持股控制的家族企业中,大股东通过参与决策和经营管理,对掏空公司利益的动机和能力存在很大差别。因此,本文以股权结构出发,探讨在不同类型的家族企业中股权结构对家族企业价值的影响,从而提高家族企业价值。本文选用2011-2015年663家中国家族企业为研究对象,采用多元线性和非线性回归模型来分析家族企业股权结构对企业价值的影响,并以实际控制人类型为标准将家族企业分为三类即:将全样本记为情景1;将实际控制人是业主一人的家族企业记为情景2;将实际控制人是以业主为核心的亲缘关系如夫妻、父母、兄弟姐妹等的家族企业记为情景3;将实际控制人是以业主为核心的创业伙伴记为情景4。研究结果表明:1.在情景1中第一大股东持股比例与企业价值呈显著非线性三次函数关系,企业价值会随第一大股东持股比例的增加而先下降后上升再下降的趋势,并且最优股权在20%—25%之间;但针对不同类型的家族企业,第一大股东持股比例对企业价值的影响各具特异:情景2中,第一大股东持股比例对企业价值的影响并非单纯的线性关系,而是呈显著倒“U”型关系;在情景3中,两者之间呈显著的非线性三次函数,与情景1一致。在情景4中,第一大股东持股比例对企业价值的影响呈显著负相关关系,表明在以业主为核心的创业伙伴所持股控制的家族企业中,第一大股东持股比例会抑制企业价值的增长。2.在情景1、情景2、情景3、情景4中前十大股东持股比例和赫芬达尔指数(HHI10)会促进企业价值的增长,两者之间呈显著正相关关系。但从系数上看,情景4中HHI10的系数比情景2、情景3的系数大,表明在以业主为核心的创业伙伴持股控制的家族企业中赫芬达尔指数对企业价值的正向促进作用要大于以业主一人持股控制和以业主为核心的亲缘持股控制的家族企业。3.在情景1、情景2、情景3、情景4中股权制衡度与企业价值呈显著负相关关系,但情景3中ZH5的系数绝对值大于情景2和情景4,表明以业主为核心的亲缘家族成员所控股的家族企业,前五大股东中家族成员股东占比高,其制衡度对企业价值的负向影响会大于情景2和情景4。4.企业寿命与企业价值显著成正相关关系,但是影响程度不大。在情景1、情景2、实际控制人的职位与企业价值呈显著负相关。据此本文针对家族企业提出以下建议:1.适当降低第一大股东持股比例;2.利用制衡机制,建立合理的监督体系。
[Abstract]:With the reform of China's economic system, the proportion of family enterprises in private enterprises is increasing year by year, and its contribution to the national economy is increasing. The ownership structure is the focus of corporate governance. How to make use of the ownership structure to improve the enterprise value, which is also the difficulty faced by the family business. In the family business controlled by different types of actual controllers, the majority shareholders participate in the decision-making and management. There are great differences in the motivation and ability of tunneling companies. Therefore, this paper discusses the influence of equity structure on the value of family firms in different types of family firms. In order to improve the value of family business. This paper selected 663 Chinese family enterprises from 2011-2015 as the research object. The multivariate linear and nonlinear regression models are used to analyze the influence of the ownership structure of the family firm on the enterprise value, and the family firm is divided into three categories according to the type of actual controller: the whole sample is recorded as scenario 1; The family business in which the actual controller is an owner is recorded as scenario 2; The family business in which the actual controlling person is the owner as the core, such as husband and wife, parents, brothers and sisters, etc., is recorded as scenario 3; The research results show that the proportion of the largest shareholder in scenario 1 has a significant nonlinear cubic function relationship with the enterprise value. With the increase of shareholding ratio of the largest shareholder, the enterprise value will decrease first and then rise and then decrease, and the optimal equity will be between 20% and 25%; However, for different types of family enterprises, the proportion of the first largest shareholder has a unique impact on the value of the enterprise: scenario 2, the impact of the proportion of the largest shareholder on the value of the enterprise is not a simple linear relationship. The relationship between U and U is obvious. In scenario 3, there is a significant nonlinear cubic function between them, which is consistent with scenario 1. In scenario 4, there is a significant negative correlation between the proportion of the first largest shareholder holding shares and the value of the firm. It shows that in the family firm controlled by the owner as the core venture partner, the proportion of the largest shareholder holding shares will inhibit the growth of enterprise value. 2. In scenario 1, scenario 2, scenario 3. In scenario 4, the proportion of the top ten shareholders and the HHI 10) will promote the growth of firm value, and there is a significant positive correlation between the two. But from the coefficient point of view. The coefficient of HHI10 in scenario 4 is higher than that in scenario 2 and the coefficient of scenario 3 is larger. The results show that the positive effect of Huffendal index on enterprise value in the family firm with owner as the core partner ownership control is greater than that in the family firm with owner holding control and kinship ownership control with owner as the core. Ethnic enterprises. 3. In scenario 1. In scenario 2, scenario 3 and scenario 4, there is a significant negative correlation between equity balance and enterprise value, but the absolute value of ZH5 in scenario 3 is greater than that in scenario 2 and scenario 4. It shows that the proportion of family members in the first five major shareholders is high in the family business which is controlled by the related family members with the owner as the core. The negative impact of the degree of balance on enterprise value will be greater than scenario 2 and scenario 4.4.There is a significant positive correlation between enterprise life and enterprise value, but the degree of influence is not significant. In scenario 1, scenario 2. There is a significant negative correlation between the position of the actual controller and the value of the enterprise. Accordingly, this paper puts forward the following suggestions for the family firm: 1. Appropriately reduce the proportion of the largest shareholder; 2. To establish a reasonable supervision system by means of checks and balances.
【学位授予单位】：新疆大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F271;F276.5;F275

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