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论文编号：	3199
作者编号：	2120092441
上传时间：	2011/6/3 17:30:48
中文题目：	外部环境对民营上市公司家族化水平的影响研究
英文题目：	The Impact of External Environment on The Family Level of Private Listed Companies
指导老师：	武立东
中文关键字：	外部环境;家族化水平;民营企业
英文关键字：	External environment;Family level;Private enterprises
中文摘要：	由于政府实行了鼓励民营经济发展的政策，我国以家族企业为代表的民营企业也进入了新的发展阶段，家族企业治理结构由出资人直接经营和家族式管理逐步向现代企业制度的委托代理机制转变。但是这种转变仍处在初步阶段，转变的过程中面临一系列的问题。我国民营公司中，家族企业占绝大部分，在发展过程中，其管理结构、治理机制等不断发生变化，管理结构的变化又会对民营企业的绩效和发展产生影响。在这一过程中，对于家族企业占绝大多数的民营企业来说，家族成员的参与和控制起着重要作用，即家族化水平扮演着重要角色。家族化水平反映的是家族成员对企业经营决策活动的实际影响程度以及家族成员参与程度。家族企业绩效很大程度上取决于家族化水平。股权结构、董事会以及高管持股等治理机制的作用，本质上是通过改变家族化水平来影响公司绩效的，因此家族化水平是影响家族公司治理结构与公司绩效的关键变量。 既然家族化水平对家族企业经营和绩效有着这么重要的作用，那存在哪些因素对民营企业家族化水平产生影响呢？本文从外部环境入手，以资源依赖理论和委托代理理论为基础，选取沪深两市2006-2008年总计688个样本，通过将外部环境分为经济环境、政策环境和法律环境三个层面，实证检验了外部环境制度约束对民营企业家族化水平产生了哪些影响。通过分析，我们发现，经济环境的整体改善会促使民营企业降低其家族化水平，不断向现代企业制度结构改变，这其中产品市场的竞争以及引进外资程度的提高都会降低民营企业面临的融资困境，并使其降低家族成员涉入企业的程度；另外，政府对企业的干预也会对民营企业家族化水平产生重要的影响，一般情况下，政府对企业的干预程度越大，民营企业往往降低自己的家族化水平来满足政府对其的要求来求得生存和发展，而法律环境对我国民营企业家族化水平的影响有待于进一步研究。 本文主要有以下贡献：一是理论方面，拓展了研究民营企业家族化水平影响因素的新方向，指出外部环境中的诸多要素会对其产生影响，并通过实证分析得到了验证；二是实践方面，可以指导我国民营企业在合适的时机选择合适的家族涉入程度，以求得企业长青，同时，也为家族企业何时选择进行企业交接提供了一定的借鉴意义。
英文摘要：	Since the Government introduced a policy to encourage private economic development, as the representative of the family business of private enterprises have also entered a new stage of development, more and more family enterprise owned by private property rights change to the social capital, the governance structure of family business gradually change to the management of modern enterprise system by agent mechanism. However, this change is still at a preliminary stage, and the process of change will face a series of contradictions and problems. In China's private listed companies, family businesses account for the majority part. In the development process, most of these private enterprises’ management structure, governance mechanisms are constantly changing, these changes will also impact the performance of private enterprises. In this process, for the vast majority of private family business enterprises, involvement of family members and control play an important role, that is, the level of the family plays an important role. The level of the family reflects the level of the family members of the family decision-making activities of the business and the actual participation of family members. The performance of family business depends largely on the family level. Ownership structure, board of directors and managerial ownership and other governance mechanisms, in essence, by changing the level of the family to influence corporate performance, therefore, the level of the family is the key variable which impacts corporate governance structure and corporate performance. Since the level of the family has such an important role on the operation and performance of family business, which factors affect the level of the family? This paper starting from the outside environment, resource dependence theory and agent theory, by choosing the Shanghai and Shenzhen stock market 688 samples from 2006 to 2008, divides the external environment into the economic environment, policy environment and legal environment, empirically test what factors in the external environment impact the level of the family. We found that the overall improvement of the economic environment will encourage private enterprises to reduce the level of his family, and constantly impact the structure of modern enterprise system. the financial industry and the introduction of the level of foreign capital will reduce the financing difficulties faced by private enterprises. Company will reduce the degree of family members’ involvement of enterprises; In addition, the government intervention in business will have a major impact on the family level of private enterprises, under normal circumstances, the greater degree of government intervention in business, the lower family level in private enterprises. Because the family has to meet the requirements of the Government to seek their survival and development, and legal environment for the level of the family in private enterprises in China needs further study. This thesis has the following contributions: First, in theory, expand the new direction for studying the family level in private enterprise, finding that many elements of the external environment will affect it, and has been verified by empirical analysis; second, in practice, to guide private enterprises at the right time to select the appropriate family involvement, in order to achieve Evergreen Enterprises.
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