系族控制、集團內部結構與上市公司績效

近十年，“系族企業”在我國資本市場中大量湧現並發揮著日益重要的影響。本文歸納和比較了系族企業、非系族模式的集團控制企業以及獨立(整體上市)企業這三類組織形式在公司治理、資本運作和集團管控等方面的重要差異，然後以2003-2013年274個系族集團(包括770個A股上市公司成員)為研究對象，對這三類組織形式的績效差異進行實證分析。我們發現，總體上系族企業的表現最差，其次是非系族模式的集團控制企業，獨立企業表現最好。並且，上述組織形式在民營樣本中均表現更差。最後，借助系族集團獨特的內部結構數據，我們首次實證考察了系族集團內部結構特徵與成員企業績效的關係，對瞭解企業集團經濟後果的產生機制提供了重要的視角和經驗證據。
During the last decade, lots of "Xi Zu" business groups have sprung up and have been playing an increasingly important role in China’s stock market. This paper compares the differences in corporate governance, capital operation and group control of three different types of firm: the "Xi Zu" group-affiliated companies, non "Xi Zu" group-affiliated companies and independent companies. Using the data of 274 business groups, which includes 770 of A-share listed firms, we provide empirical evidences for the performance differences between the three types of organizational forms. We find that "Xi Zu" group-affiliated companies play the worse. What’s more, compared with SOEs, firms reveal a worse performance in private samples. Finally, with the internal structure data of business groups, we are the first to empirically study the relation between the internal structure of the business group and the performance of its member firms. Copyright © 2016 中國會計學會.