【作者】 徐琳玲；

【导师】 王德武；

【作者基本信息】 沈阳工业大学 ， 会计学， 2011， 硕士

【摘要】 我国家族企业发展到今天,已经走过了三四十个春秋,改革开放的大潮给创业者带来了前所未有的商机,如今,老一辈创业者即将退居二线,企业控制权转移问题成了能否将辛苦一辈子打拼的基业保持万古长青的关键因素。近些年来,家族企业的研究得到了越来越多的关注,相对家族企业发展的现实来看,理论显得有些滞后。对于控制权转移绩效方面的研究,尽管国外已经有了大量的实证学术论著,但是中国与西方国家的国情不同,市场环境也不同,使得这些结论只能具有借鉴意义,而不能生搬硬套。本文期望从我国家族企业所面临的国情现状出发,选择控制权世袭制和控制权共享制两种转移模式,立足于已经发生控制权转移的家族企业,通过对它们的研究,得出哪一种模式更适合我国家族企业的发展。因此,本文运用实证研究方法分别从家族企业控制权转移的短期效应和长期绩效两个方面,对家族企业控制权转移绩效给予合理的分析。在短期效应研究中,采用市场反应法中的超额累计收益率进行实证分析;在长期绩效研究中,运用因子分析和显著性检验得出结论。通过本文的研究,我们得出在短期内,由于职业经理人还没有更好的了解企业,导致企业业绩的下滑,相反,对于子承父业的继任者由于自身的归属感再加上先进的理论知识,使得公司业绩在短期小步上升。随着时间的推移,职业经理人将自己先进的管理理念融合到了企业当中,公司绩效得到改善并稳步向利好事态发展,而子承父业继任者由于能力的不足,从长远角度并不能很好的掌控企业,使企业绩效逐步下滑。更多还原

【Abstract】 Until now, Family enterprise has been developing for three or four decades in China, the entrepreneurs faced to hitherto unknown opportunities for the tide of reform and opening up, Nowadays, the older generation of entrepreneurs is going to the second line, Corporate control right transfer has become the key factor of whether the hard life of hard foundation keep evergreen. In recent years, the research of family business has been paid more and more attention, Compared the development of the family enterprise reality, the theory appears to be a little of lag. As for the study of the control right transfer performance, although the foreign countries have already had a large number of empirical academic works, Compared with China, Western countries have different national conditions and market environment, the conclusion has reference significance only, and cannot be applied mechanically.This research starts from the national situation and reality of our family enterprise, shows two kinds of transfer model---control hereditary system and control share system. through the study of control right transferred family enterprises, I expect to get the conclusion that which model is more suitable for the development of our family enterprise. Therefore, this paper uses empirical research methods, from the short-term effect and long-term performance two aspects, gives reasonable analysis to corporate control right transfer performance of the family firm. In the short term performance study, the paper gives empirical analysis by the cumulative abnormal return of the market reaction; in the long-term performance study, the paper gives the conclusion by using the factor analysis and the test of significance.Through this research, we conclude that in the short term, because the occupation managers have no better understanding of the enterprise, which causes to the enterprise performance declines, instead, due to the successors’sense of belonging together with the advanced theories of knowledge, which makes the company performance rise in a short step .As the time goes by, their occupation managers will put the advanced management concepts into the enterprise, and the company performance is improved and steadily to the positive developments, however, people who inherit father’s assets, due to lack of ability, can’t control enterprise better from a long-term perspective, the enterprise performance gradually decline.更多还原