家族企业公司治理模式对上市公司价值的影响

广东家族控制的上市公司的管理模式,主要有未聘用职业经理人、管理者和职业经理人并行,但家族控制、完全聘用职业经理人管理模式三种,目前有一半以上的企业未聘用职业经理人。通过比较三种不同公司治理模式,其中聘用职业经理人并实现所有权和控制权的完全分离是一种不错的选择;而采用聘用职业经理人但家族仍控制企业经营权的管理模式时,企业价值在总体平均上比由家族单独控制还要低。

Impact of the Corporate Management Model on the Corporation Performance of Family Business

There are three management modes of listed family business of Guangdong province,including the mode of un-employed manager,the mode of hiring professional manager,but the family controls operation rights of the firms and the mode of separating ownership and operation rights of the firms.Recently above half of the firms employ professional manage.After comparing the three modes,we find that the mode of hiring professional manager and separating the ownership and operation rights of the firms is a best choice.However,the corporate performance of the mode of hiring professional manager,but the family controls operation rights of the firms is worse than solely controlled by the family.