家族企业第一大股东持股比例对企业绩效影响的实证分析

以2003年110家上市家族公司为研究对象,在控制董事会结构、管理层激励、企业规模及财务风险等因素后,发现第一大股东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。

An Empirical Study of the Effect on Performance Generated by Shareholding Proportion of the Largest Shareholder of Family Business

110 listed family businesses was selected as the research subjects in the article. Taking into consideration the structure of board of directors, incentive management, business scale and financial risks, we find that shareholding proportion of the controlling shareholder has an insignificant effect on the business performance. It follows that there is no optimal shareholding proportion which can be applied to all would-be listed family businesses subject to equity dilution as a result of seasoned equity offering.