| 家族控制，股权制衡与公司价值——基于中小企业板上市公司的实证分析 |
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| 引用本文： | 钟慧,杜晓荣.家族控制，股权制衡与公司价值——基于中小企业板上市公司的实证分析[J].现代会计与审计,2009,5(12):38-42. |
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| 作者姓名： | 钟慧 杜晓荣 |
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| 作者单位： | 河海大学商学院,江苏南京210098 |
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| 摘 要： | 基于终极产权观，以中国2007年12月31日前在申小板上市的家族控制上市公司为研究对象，分析了控制性家族企业两权分离封公司价值的影响，并在此基础上着重分析股权制衡的治理效应。研究发现，两权分离与公司价值负相关，与控制性家族无关联的其他股东的制衡作用能有效改善两权分离的侵占效应，而独立董事难以充分发挥其监督和制约作用。
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| 关 键 词： | 家族控制 两权分离 股权制衡 公司价值 |
Family control,balance mechanism and firm value： An empirical research based on SMEs board |
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| ZHONG Hui,DU Xiao-rong.Family control,balance mechanism and firm value： An empirical research based on SMEs board[J].Journal of Modern Accounting and Auditing,2009,5(12):38-42. |
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| Authors: | ZHONG Hui DU Xiao-rong |
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| Institution: | ZHONG Hui DU Xiao-rong |
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| Abstract: | Based on the issue of ultimate ownership, the article takes companies controlled by family listed on SMEs Board before December 31, 2007 as research subjects, analyses the influence of separation of control rights and cash flow fights on firm value, and pays more attention to the function of balance mechanism. It is found that the separation of control fights and cash flow fights has negative influence on company performance, while the balance mechanism has positive influence on improving the ＂entrenchment effects＂. However, the independent director is difficult to fully play its role of supervision and restriction. |
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| Keywords: | family control separation of control rights and cash flow rights balance mechanism firm value |
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