摘 要
家族企业作为经济体系中的重要组成部分，在全球范围内占据着举足轻重的地位，其治理结构与企业绩效之间的关系成为学术界关注的焦点。本研究旨在探讨家族企业治理结构对企业绩效的影响机制，基于委托代理理论、资源基础理论等构建理论框架，以中国沪深两市2015 - 2020年家族上市企业为样本，运用多元回归分析方法进行实证检验。结果表明，家族控制程度与企业绩效呈倒U型关系，适度的家族控制有利于资源整合与战略决策，但过度控制会引发代理问题和创新不足；家族管理层比例对企业绩效有显著正向影响，家族成员参与管理有助于传承企业文化并提高决策效率；股权集中度与企业绩效正相关，较高的股权集中度能够降低外部干扰，使家族企业战略更具连贯性。本研究创新地将家族控制程度划分为不同区间考察其对绩效的影响，并且深入剖析了家族企业管理层比例这一因素，丰富了家族企业治理结构与企业绩效关系的研究成果，为家族企业的健康发展提供了理论依据与实践指导。
关键词：家族企业治理结构；企业绩效；家族控制程度；家族管理层比例；股权集中度
Abstract
Family firms, as a critical component of economic systems, hold a significant position globally, and the relationship between their governance structures and firm performance has become a focal point in academia. This study aims to investigate the impact mechanism of family firm governance structures on firm performance by constructing a theoretical fr amework based on agency theory and resource-based theory. Using a sample of family-listed firms from China's Shanghai and Shenzhen stock markets from 2015 to 2020, this research employs multiple regression analysis for empirical testing. The results indicate an inverted U-shaped relationship between the degree of family control and firm performance, suggesting that moderate family control facilitates resource integration and strategic decision-making, whereas excessive control leads to agency problems and insufficient innovation. The proportion of family members in management has a significantly positive effect on firm performance, as family involvement in management aids in cultural heritage transmission and enhances decision-making efficiency. Equity concentration is positively correlated with firm performance; higher equity concentration reduces external interference and ensures more coherent strategic planning for family firms. Innovatively, this study categorizes the degree of family control into different intervals to examine its impact on performance and provides an in-depth analysis of the proportion of family members in management, thereby enriching the research on the relationship between family firm governance structures and firm performance. These findings offer theoretical support and practical guidance for the healthy development of family firms.
Keywords：Family Firm Governance Structure；Firm Performance；Degree Of Family Control；Proportion Of Family Management；Equity Concentration
目 录
摘 要 I
Abstract II
引 言 1
第一章 家族企业治理结构概述 2
1.1 家族企业的定义与特征 2
1.2 治理结构的构成要素 2
1.3 治理结构对企业绩效的影响机制 3
第二章 家族企业所有权与控制权分析 5
2.1 所有权集中度的影响 5
2.2 控制权配置模式探讨 5
2.3 所有权与控制权对绩效的作用 6
第三章 家族企业管理层与决策机制 7
3.1 家族成员在管理层中的角色 7
3.2 决策过程中的家族影响 7
3.3 管理层结构与企业绩效关系 8
第四章 家族企业文化与长期发展 10
4.1 家族文化对企业战略的影响 10
4.2 文化传承与企业持续发展 10
4.3 文化因素对绩效的间接作用 11
结 论 13
参考文献 14
致 谢 15
