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论文编号：	10250
作者编号：	2120162769
上传时间：	2018/6/15 9:00:49
中文题目：	创始人所有权影响公司价值的逻辑机制研究 ——以创业板为例
英文题目：	A Study on the Logical Mechanism of Founder Ownership Affecting Company Value——Taking GEM as An Example
指导老师：	武立东
中文关键字：	创始人所有权；两职合一；机构投资者持股；市场化进程；公司价值
英文关键字：	Founder’s ownership; Duality; Institutional investors holding shares; Marketization process; Company value
中文摘要：	创业板市场承接着促进我国高科技企业发展的任务，在创业板上市的企业大多是高成长型企业，从事高新技术产业。由于创业板的企业上市时间比较短、业绩比较不稳定，各界越来越关注创业板上市公司的价值问题。面对迅速变化的技术和高度不确定的环境，创始人直接影响着公司的价值。因此，从创始人的视角研究其对公司价值的影响，具有一定的理论意义与实践意义。 之前的研究多从创始人的个人特质如年龄、任期、教育层次、政治关联等作为切入点进行研究，较少将创始人所有权作为主体对象进行分析，即使有部分学者从创始人所有权角度进行研究，但多是从信号理论入手，而不是从内在机理推导得出创始人所有权对公司价值影响的逻辑机制。基于上述背景，本研究以我国2014-2016年创业板的上市企业为样本，通过理论分析和实证回归对创始人所有权和公司价值之间的关系进行了研究。 研究结果表明，创始人所有权和公司价值之间呈正向关系。在集中的创始人所有权环境下，大股东的身份、与公司的情感关系以及对公司内部董事和管理职位的控制使得创始人能够更好地监督和控制公司，进而提升公司价值。此外，研究还发现两职合一使得创始人股东同时掌握了所有权和控制权，会使董事会缺乏监督制衡机制和公司缺少集体决策机制，这会减弱创始人所有权对公司价值之间的正面效应。当机构投资者介入企业后，创始人和机构投资者在风险偏好、持股目的、持股时间以及期望回报方面存在很大的异质性，机构投资者会对创始人进行更好的监督和控制，归因于机构投资者的监督作用，会正面调节创始人所有权和公司价值两者的关系。但是随着市场化进程的提高，企业面临更加激烈的竞争，导致创始人个人拥有的关系网络、管理能力等给企业带来的优势会降低，所以市场化进程会负面调节创始人所有权和公司价值两者之间的关系。 本研究既肯定了创始人所有权对公司价值的正向作用，又指出了创始人在公司治理中存在的问题，期望通过对这一问题的讨论，提升对创始人在高成长型企业公司治理中作用的认识，促进高成长型企业的发展。
英文摘要：	The GEM market is inheriting the task of promoting the development of high-tech enterprises in China, most of the companies listed on the GEM are high-growth companies and engage in high-tech industries. The rapid development of the GEM has brought many opportunities to many high-growth companies, but also brought with it many challenges without exception. Due to the relatively short establishment time, small scale and unstable performance of listed companies on the GEM board, all sectors are increasingly concerned about the value of listed companies on the GEM. In most of China's GEM listed companies, the company's founders often have a large proportion of ownership and have actual control rights in the company, the founders play a crucial role in the development of the company. In the face of rapidly changing technology and a highly uncertain environment, founders directly affect the value of the company. Therefore, from the perspective of the founder to study its impact on the company's value, it has a certain theoretical and practical significance. Most of the previous studies focused on the founder’s personal characteristics such as age, tenure, education level, and political connections as the starting point, and less analyzed the founder’s ownership as the main subject; even though some scholars studied from the perspective of the founder’s ownership, however, most of them start with the signal theory rather than derive the logical mechanism of the influence of the founder's ownership on the company's value from the internal mechanism. Based on above background, this study uses the high-growth companies listed on the GEM of China from 2014 to 2016 as samples and conducts research on the relationship between ownership and company value through theoretical analysis and empirical regression. The research results show that there is a positive linear relationship between founder ownership and company value. In the centralized founder ownership environment, the identity as the major shareholders, the historical relationship with the company, and the control of the company’s internal directors and management positions will enable the founder to better monitor and control the company to develop the company's value. In addition, the study also found that the positive relationship between founder’s ownership and company value will diminish when the founder serves as both the CEO and the chairman of the board. The combination of the two positions enables the founders who are shareholders to master ownership and control at the same time, maximizing the power of the founders. This absolute power makes the board lack the supervision and balance mechanism, and at the same time makes the company lack a collective decision-making mechanism. The fact that founders have excessive power will weaken the positive effects of founder ownership on corporate value and increase its negative impact. When institutional investors are involved in a company, founders and institutional investors have a great deal of heterogeneity in terms of risk appetite, purpose of holding shares, holding time, and expected returns. Due to the supervisory role of institutional investors, the proportion of institutional investors holding shares will increase the positive relationship between founder ownership and corporate value. At the same time, with the improvement of marketization, companies are facing fiercer competition, leading to the advantages that the founder's personally owned relationship network and management capabilities will bring to the company. Therefore, the process of marketization will weaken the positive relationship between founder ownership and corporate value. Finally, this paper proposes a dialectical view of the founder’s ownership and suggestions which strengthens corporate governance of growth-oriented companies and points out the research insufficiency and future research directions. This study not only affirms the positive effect of the founder's ownership on the company's value, but also points out the problems that the founder has in corporate governance. It hopes to enhance the understanding of the role of the founder in the corporate governance of high-growth companies and to promote the development of high-growth companies by discussing this issue.
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