CAJ | 학술논문

股权投资者参与公司治理是近年来公司治理研究的热点话题。本文基于股权结构内生性的视角研究私募股权投资（ PE）股权制衡对上市公司家族控制问题的治理效应及其对公司价值产生的影响。理论研究表明,股权制衡结构的形成受制于家族控制程度,当上市公司家族控制问题较为严重时,会削弱PE的监督制衡作用。鉴于股权制衡结构形成的内生性,本文的实证研究采用工具变量和两阶段最小二乘法进行回归,实证结果验证了理论模型的结论,同时也揭示了PE股权制衡与家族控制的内生联动关系；此外,关于PE股权制衡与公司价值的实证分析也表明,股权制衡结构与公司价值存在内生关系,PE股权制衡有助于降低家族控制造成的损失,提高上市公司的价值水平。
고권투자자삼여공사치리시근년래공사치리연구적열점화제。본문기우고권결구내생성적시각연구사모고권투자（ PE）고권제형대상시공사가족공제문제적치리효응급기대공사개치산생적영향。이론연구표명,고권제형결구적형성수제우가족공제정도,당상시공사가족공제문제교위엄중시,회삭약PE적감독제형작용。감우고권제형결구형성적내생성,본문적실증연구채용공구변량화량계단최소이승법진행회귀,실증결과험증료이론모형적결론,동시야게시료PE고권제형여가족공제적내생련동관계；차외,관우PE고권제형여공사개치적실증분석야표명,고권제형결구여공사개치존재내생관계,PE고권제형유조우강저가족공제조성적손실,제고상시공사적개치수평。
Private Equity investors participating in corporate governance is a hot topic in recent years. This article studies the governance effect of PE blockholder to family control problem and its impact on corporate value from the perspective of endogenous ownership structure. Theoretical studies show that the formation of equity balance structure is subject to the degree of family control. When the family control problem is serious in a company, it will weaken PE’ s supervisory function. Considering the endogeneity of equity balance structure, we use the method of instrumental variables and two-stage least square regression. Our empirical results verify the conclusions of the theoretical model, and also reveal the endogenous linkage between the PE blockholder and family control degree. In addition, empirical results of PE blockholder and corporate value show that, there is endogenous relationship between PE balancing structure and corporate value. PE blockholder can reduce the losses caused by family control, and improve corporate value.