本文以2003年110家上市家族公司为研究对象,在控制了董事会结构、管理层激励、企业规模及财务风险等因素后,发现家族作为第一大股东,其持股比例对公司绩效的影响并不显著,并在分析个中原因后提出,对将要上市或增发新股而面临股权稀释的家族企业来说,没有普遍适用的最佳持股比例,应根据自己的情况相机抉择。 In this paper, 110 listed family companies in 2003 as the research object, after controlling the board structure, management incentives, enterprise size and financial risk and other factors, find the family as the largest shareholder, its shareholding ratio on the company’s performance and Insignificant, and after analyzing the reasons, put forward that for the family-owned enterprises that are going to face the dilution of shareholding to be listed or newly issued new shares, the optimal shareholding ratio that is not universally applicable should be decided according to their own circumstances.