家族控制与对价支付——一项基于中国家族上市公司的实证研究.docVIP

家族控制与对价支付 ——一项基于中国家族上市公司的实证研究 姚瑶1 逄咏梅2 1南京大学会计系，210093 2中国海洋大学会计系，266071 摘要:随着家族上市公司的数量不断增多，对家族企业的研究也越发显得迫切和重要，然而目前在我国，对于家族控制是否有利于上市公司的发展，理论界众说纷纭，始终没有形成统一、全面的评价。本文借助股权分置改革的契机，以“对价”这个囊括公司表现、市场评价、投资者预期等各方面因素的综合指标为切入点，利用该指标的综合性与预期性优势，重新审视家族控制对我国上市公司的影响。以2006年底进行股改的上市公司为样本，研究发现，家族控制有利于我国上市公司的发展，市场给予良好的评价，其在全流通过程中支付的成本较低；对家族分样本进一步分析得出，直接上市的家族企业比买壳上市的家族企业总体表现更好；聘请职业经理人管理的比家族成员直接参加管理的上市公司市场评价更高。 关键词:家族控制 股权分置 对价 Family Control and Consideration Ratio ——An Empirical Study Based on China Family-Controlled Listed Companies YAO Yao1 Pang Yong-mei2 1Accounting Department, Nanjing University, P.R.China, 210093 2 Accounting Department, ocean university of China, P.R.China, 266071 Abstract: The research of family-controlled listed companies has been an urgent issue for their fast development. While the prior researches did not have the same idea on whether the family-controlled listed companies have the better performance than non-family listed companies in China capital market. This paper has the opportunity of the split share structure reform, and uses consideration ration as the new perspective to study whether the control of family has benefit for listed companies in China capital market. The consideration ration in the split share structure reform has some predominance in integrated and prospection than other indicators. We have the companies completing reform before 2006 as samples, and get the evidence that the control of family has benefit for listed companies, and in the split share structure reform family-controlled listed companies has significantly lower consideration ration than other listed companies; the family-controlled companies listed by IPO has better performance, and has significantly lower consideration ration than companies going public through a reverse merger; the family members severed as board director or CEO has benefit for listed companies, and its consideration ration is significantly lower than other companies. Key words: Consideration Ration, Fa