产业经济研究
產業經濟研究
산업경제연구
Industrial Economics Research
2008年
5期
53~60
,共null页
上市家族企业 因子分析 公司治理 家族控制
上市傢族企業 因子分析 公司治理 傢族控製
상시가족기업 인자분석 공사치리 가족공제
public family firm; factor analysis; corporate governance; family control
为克服变量选择过多面临多重共线性的问题，本文以2006年沪、深两市115家上市家族企业为研究样本，运用因子回归分析法研究上市家族企业公司治理与绩效间的关系。研究分为两步，第一步提取公因子作为新自变量和因变量，第二步因子变量回归。结果表明：家族控制力、高管薪酬和总经理控制力与上市家族公司业绩之间存在显著正相关关系，不存在最优的家族持股比例。
為剋服變量選擇過多麵臨多重共線性的問題，本文以2006年滬、深兩市115傢上市傢族企業為研究樣本，運用因子迴歸分析法研究上市傢族企業公司治理與績效間的關繫。研究分為兩步，第一步提取公因子作為新自變量和因變量，第二步因子變量迴歸。結果錶明：傢族控製力、高管薪酬和總經理控製力與上市傢族公司業績之間存在顯著正相關關繫，不存在最優的傢族持股比例。
위극복변량선택과다면림다중공선성적문제，본문이2006년호、심량시115가상시가족기업위연구양본，운용인자회귀분석법연구상시가족기업공사치리여적효간적관계。연구분위량보，제일보제취공인자작위신자변량화인변량，제이보인자변량회귀。결과표명：가족공제력、고관신수화총경리공제력여상시가족공사업적지간존재현저정상관관계，불존재최우적가족지고비례。
We select the sample of 115 family firms in China which became private ownership before December 31st of 2005. And for overcoming collinearity then we use factor regression to examine whether there is relation between corporate governance factors of public family firms in China and their performance, and what it is if have. There are two steps in this study. The first is factor analysis in order to pick-up new independent and dependent variables. The second is factor variables regression. The outcome indicates that the relation between family＇ control power and corporate performance presents prominent positive relation. Salary of high-level managers and general manager＇control power present same positive relation with performance, but its effect is weaker . The optimum proportion of family stock share is inexistence.
