CAJ | 학술논문

借鉴Driffield等（2007）的研究方法,运用终极产权论追踪上市公司的终极控股股东,分析我国家族企业金字塔结构下的控股股东和终极所有权对企业绩效的影响。研究发现：第一大股东持股比例与企业绩效呈倒U型关系,第二至五大股东持股比例之和与企业绩效呈U型关系;家族上市公司的企业绩效与家族控股股东的控制权负相关,与现金流权正相关,与超控制权负相关;另外,家族上市公司的企业绩效与是否委派管理层负相关,与董事长与总经理是否合一负相关。同时,按家族控股股东的控制权大小分组检验也得到了类似的结论。
차감Driffield등（2007）적연구방법,운용종겁산권론추종상시공사적종겁공고고동,분석아국가족기업금자탑결구하적공고고동화종겁소유권대기업적효적영향。연구발현：제일대고동지고비례여기업적효정도U형관계,제이지오대고동지고비례지화여기업적효정U형관계;가족상시공사적기업적효여가족공고고동적공제권부상관,여현금류권정상관,여초공제권부상관;령외,가족상시공사적기업적효여시부위파관리층부상관,여동사장여총경리시부합일부상관。동시,안가족공고고동적공제권대소분조검험야득도료유사적결론。
Through referencing the research method of Driffield et al. （2007） and using ultimate property rights to track ultimate controlling shareholders of listed-companies, this paper analyzes the affection of controlling shareholders and ultimate ownership to firm performance under family pyramid structure. The results show that the fast large-shareholder has a pour U type relation with firm performance while the 2ed-5th large-shareholders have an U type relation with firm performance. The firm performance of family listedcompanies has a negative relation with control rights of family controlling, a positive relation with cash flow rights and a negative relation with excessive control rights. Furthermore, the firm performance has a negative relation with whether or not controlling＇ shareholder appoints to management layer and whether CEO unites as one or not with president. The test of the family controlling shareholder on control rights size also get similar conclusion, which provides the referent function on the family business governance and establishment of information delivery mechanism for our country.