摘要
以2006-2010年沪深两市341家民营上市公司为研究对象,对比研究家族企业和非家族企业中董事会治理对企业价值的影响。研究结果表明,以托宾Q值作为企业价值的度量指标,家族企业的企业价值平均高于非家族企业。而以总资产收益率作为衡量企业价值的指标,家族企业的企业价值平均低于非家族企业。此外,本文还发现董事会规模与企业价值显著性负相关,董事长与总经理两职合一有助于提高企业绩效。
Based on 341 private-controlled companies listed in Shanghai and Shenzhen Stock Exchange from 2006 to 2010, this paper does a com- parative research about the impact of board governance on firm value in family business and non-family business. The findings reveal that, on aver- age, family business has shown a higher value than non-family business based on Tobin＇s Q. However, based on ROA, firm value in family busi- ness is lower than non-family business. Furthermore, this paper also finds that the size of board and firm value is significantly negative correlated, and the enterprise performance will be increased if CEO is also chairman.
出处
《科技和产业》
2013年第7期94-100,126,共8页
Science Technology and Industry
