本文選題：家族涉入企業(yè) + 企業(yè)IPO后績效�。� 參考：《南京大學(xué)》2017年碩士論文

【摘要】：作為民營企業(yè)的中流砥柱——家族涉入企業(yè)已經(jīng)成為我國市場經(jīng)濟(jì)發(fā)展的中堅力量。與西方國家的家族涉入企業(yè)相比,我國的家族涉入企業(yè)的發(fā)展往往命途多舛,道路坎坷。如何保持家族涉入企業(yè)穩(wěn)健長久地發(fā)展成為相關(guān)學(xué)者及家族涉入企業(yè)管理者迫切關(guān)注的焦點。從目前情況來看,眾多學(xué)者對于家族涉入企業(yè)的研究大致分為兩個熱點:一是代際傳承問題;二是家族涉入企業(yè)的治理問題。對于針對性的分析家族涉入企業(yè)高管團(tuán)隊中家族成員的家族屬性對于企業(yè)IPO后績效的影響比較欠缺。在此研究背景下,本文著重于家族涉入企業(yè)高管團(tuán)隊的家族性進(jìn)行研究分析,從定性分析和定量研究兩方面,分析各個家族因素和企業(yè)IPO后績效之間的可能存在的影響關(guān)系,旨在研究各個家族屬性與家族涉入企業(yè)IPO后績效的相互影響關(guān)系。在家族涉入企業(yè)高管團(tuán)隊的家族屬性分析方面,就目前已有的相關(guān)研究來看,學(xué)者對家族治理問題的關(guān)注重點大多集中于高管團(tuán)隊的同質(zhì)性、異質(zhì)性或者董事會、監(jiān)事會結(jié)構(gòu)等特點來著手,或者是針對于具有家族獨特性的因素來探索。本文則在之前學(xué)者的研究基礎(chǔ)之上,綜合以上兩點,將家族性屬性引入到高管團(tuán)隊中作為自變量來研究,建立各個家族屬性和企業(yè)IPO后績效的相關(guān)回歸模型。為家族涉入企業(yè)治理中高管團(tuán)隊的家族性建設(shè)提出了理論基礎(chǔ)和參考。通過前期對于國內(nèi)外現(xiàn)有的研究成果和相關(guān)文獻(xiàn)的整理分析,本文首先對以往學(xué)者對于家族涉入企業(yè)概念的界定進(jìn)行了梳理總結(jié),結(jié)合本文研究方向給出了家族涉入企業(yè)的定義;其次,對于家族涉入企業(yè)的治理情況以及其與企業(yè)IPO后績效的相關(guān)理論進(jìn)行了闡述;緊接著從家族涉入企業(yè)發(fā)展現(xiàn)狀的角度對于國外、國內(nèi)情況分別進(jìn)行了介紹。最后,在上述理論的分析基礎(chǔ)上,選取了家族涉入企業(yè)家族屬性中能夠影響家族涉入企業(yè)IPO后績效的自變量因素——親屬關(guān)系等級、家族成員數(shù)量、參與企業(yè)管理的家族成員代數(shù)、董事長和總經(jīng)理是否二職合一4個自變量;控制變量因素——高管人數(shù)、監(jiān)事會人數(shù)、獨立董事數(shù)、上市首日市盈率、IPO發(fā)行的股本數(shù)量、大盤行情、行業(yè)、企業(yè)年齡等8個控制變量;以及反映企業(yè)IPO后績效的指標(biāo)—IPO后24個月的股票復(fù)合持有期收益率;構(gòu)建了高管團(tuán)隊家族屬性與企業(yè)IPO后績效的統(tǒng)計模型。最后通過實證分析得出了研究結(jié)論:高管團(tuán)隊的家族性顯著影響企業(yè)IPO后績效。并且,其中親屬關(guān)系等級、董事長和總經(jīng)理是否二職合一與企業(yè)IPO后績效有顯著的正相關(guān)關(guān)系;家族成員數(shù)量和企業(yè)IPO后績效之間存在顯著的負(fù)向相關(guān)關(guān)系;管理企業(yè)的家族代數(shù)則未能通過顯著性檢驗水平。
[Abstract]:As the mainstay of private enterprises, family involvement has become the backbone of the development of our market economy. Compared with the western countries, the development of the family involvement enterprises in our country is often ill-fated and the road is bumpy. How to keep the family involvement enterprise steady and long-term development has become the focus of the relevant scholars and family involvement business managers. From the current situation, many scholars on the family involved in business research can be divided into two hot spots: one is the issue of intergenerational inheritance; the other is the governance of the family involved in the enterprise. For the targeted analysis of family involvement in the executive team of the family members of the family attributes on the corporate performance after the IPO is relatively lacking. In this research background, this paper focuses on the familial analysis of the family involvement in the executive team of the enterprise, from qualitative analysis and quantitative research, analyzes the possible relationship between the various family factors and the performance of the enterprise after IPO. The purpose of this paper is to study the relationship between the family attributes and the performance after the family involvement in IPO. In the analysis of the family attributes of the family involved in the senior management team, according to the existing relevant research, most scholars focus on the homogeneity, heterogeneity or board of directors of the senior management team, and the focus of scholars on the family governance issues is mainly focused on the homogeneity, heterogeneity or board of directors of the senior management team. The structure of the board of supervisors and other characteristics to start, or in view of the unique family factors to explore. On the basis of the previous research, this paper introduces the family attribute into the senior management team as independent variables, and establishes the regression model of each family attribute and the performance of the enterprise after IPO. It provides the theoretical basis and reference for the family construction of the senior management team. Through the early analysis of the existing research results and related literature at home and abroad, this paper first of all summarized the definition of the concept of family involvement in the enterprise. Combined with the research direction of this paper, the definition of family involvement is given. Secondly, the governance of family involved enterprises and the related theories of their performance after IPO are expounded. Then from the family involved in the development of enterprises in the perspective of foreign, domestic situation were introduced. Finally, on the basis of the analysis of the above theory, we select the independent variable factor of the family attribute which can influence the performance of the family involved in the IPO of the firm-the level of kinship relationship, the number of the family members, and the number of the family members. The algebra of family members involved in business management, whether the chairman and the general manager are in one of four independent variables; the factors of controlling variables-the number of senior executives, the number of supervisors, the number of independent directors, the number of shares issued by IPOs on the first day of IPO, There are 8 control variables, such as market price, industry, enterprise age and so on; and the index reflecting the performance after IPO-the return rate of stock holding period after 24 months. The statistical model of the family attribute of senior management team and the performance of enterprise after IPO is constructed. Finally, the conclusion is drawn by empirical analysis: the familial nature of the executive team significantly affects the performance of the enterprise after IPO. Moreover, there is a significant positive correlation between the level of kinship relationship, whether the chairman and the general manager are in the same position and the performance after IPO, and there is a significant negative correlation between the number of family members and the performance of the enterprise after IPO. The family algebra of managing firm fails to pass the level of significance test.
【學(xué)位授予單位】：南京大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：F276.5;F832.51
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本文編號：1967510