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家族化是我国民营企业的特征,家族企业控制模式差异对公司绩效是否产生影响及其路径是值得研究的问题。利用沪深A股家族上市公司2007-2014年数据,研究发现,董事长或总经理在集团企业担任高管以及借壳上市的家族企业具有更高的市场业绩,而实际控制人出任上市公司高管和集团管控有损于市场业绩;进一步研究发现,家族上市公司控制模式通过最优资本结构和产业转型升级影响公司绩效。家族企业控制模式差异对公司绩效的不同影响丰富了家族企业治理机制的研究文献,路径分析扩展了家族企业控制的研究内容,为家族企业治理机制的改进提供了思路。
Familization is the characteristic of the private-owned enterprises in our country. Whether the differences of the control modes of the family-owned enterprises have an impact on the corporate performance or not is worth studying. Based on 2007-2014 data of Shanghai and Shenzhen A-share family-owned listed companies, the study found that the chairman or general manager has higher market performance in the group companies as a top-level and backdoor-listed family-owned company, while the actual controller serves as a listed company executive And group control detrimental to market performance; further study found that the control model of family-owned listed companies through the optimal capital structure and industrial restructuring and upgrading affect company performance. The different influence of the control mode of family business on corporate performance enriches the research literature of family business governance mechanism. The path analysis expands the research content of family business control and provides ideas for improving the governance mechanism of family business.