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本文基于中小板家族企业,探讨了家族企业高管来源对企业股价同步性的影响。具体来说,本文检验了家族企业的CEO是否由本家族成员担任与企业股价同步性之间的关系,以及所有权结构对这一关系的影响,研究发现:相对于外聘CEO,家族成员担任CEO的企业有着更低的股价同步性;进一步检验发现,家族成员担任CEO对股价同步性的负向影响只在控制权和现金流权没有分离的样本中存在。
Based on the small and medium-sized family business, this article explores the impact of the source of family business executives on the stock price synchronization. Specifically, this paper examines whether the CEO of a family business is a member of this family or not, as well as the relationship between the stock price synchronization and the impact of the ownership structure on the relationship. The study finds that relative to the CEO, Enterprises have lower price synchronization; further tests found that the family members as CEO negative impact on price synchronization only exist in the sample of control and cash flow rights are not separated.