家族控制的上市公司的技术效率的实证研究

【作者】 吴改；

【导师】 张颖；

【作者基本信息】 中南大学 ， 西方经济学， 2007， 硕士

【摘要】 家族企业作为世界上最具普遍意义的企业组织形态,在世界经济中有着举足轻重的地位。在世界各国,无论是欧美的发达国家还是东亚地区的发展中国家,家族企业都在顽强的生长和发展着,都在国民经济中发挥着重要作用。特别是在我们这个经济发展还不平衡,就业压力很大的国家,发展以家族企业为主导的私营经济,对于解决就业压力,提高国民福利水平,都具有极其重要的现实意义。家族企业竞争力成了摆在我们面前的一项重要课题,而企业竞争力的提高归根于其效率的提高,技术效率又是企业效率体系中最为核心、最为基础的部分,因此,对以上市公司为代表的家族企业技术效率状况进行实证分析具有重要的现实意义。采用数据包络分析法(DEA)对108家家族控制的上市公司技术效率进行了考察,是采用各个公司近三年的数据进行分析的。具体所作的工作是:一、利用数据包络分析法得出各家族控制的上市公司技术效率,并且利用数据包络分析法对技术效率进行分解,求得纯技术效率以及规模效率;二、利用Malmquist生产力指数分析法衡量2004-2006年期间各家族控制的上市公司投入导向的各种生产力变动指数,并籍以区别生产力变动是源自效率变动还是技术变动。这部分研究是具有原创性的。采用实证的方法分析了家族企业技术效率的影响因素,得出了一系列的结论:(1)区域因素对家族企业技术效率具有一定影响;(2)行业因素对家族企业技术效率具有显著影响;(3)家族企业所有权形式对企业技术效率并无明显的损害;(4)家族企业的股权集中对企业技术效率并无明显的损害;(5)家族企业的集权对企业技术效率并无明显的损害;(6)家族企业内的裙带关系将损害企业技术效率;(7)家族企业融资结构对技术效率存在影响:家族企业内源融资与企业技术效率正相关;负债融资与股权融资与企业技术效率存在负相关关系。最后针对实证研究结果,提出了改善家族企业技术效率应该从家族企业内部改进包括培养接班人和专业化管理、上市和公众化以及国家政策的支持包括优化融资渠道在内这两个方面进行,并提出了相关的建议。更多还原

【Abstract】 As the most popular enterprise organization, family enterprise has the most important station in the global economical world. Whatever, in Europe and North America or in developing countries, family enterprises are growing and developing, which affect counties economy significantly. Especially in China, with imbalanced economy development and high pressure of employment, it has most important current signification to develop private enterprises, family enterprises performing a lead, for resolving pressure of employment and increasing country material benefits. Moreover, the improvement of competitive power relies on the efficiency. Therefore there would be a very realistic significance if we have a demonstration test and analyse on the technique efficiency of listed family enterprise which being the representatives of the whole trade.In part three, the author uses Data Envelopment Analysis (DEA) technique to review the technical efficiencies of the listed 108 family enterprise, and has analyzed 3 years. The author has done two things: Firstly the study uses the DEA approaches to get the technical efficiencies of the listed companies and then breaks down the technical efficiencies into pure technical efficiencies and scale efficiencies. Secondly employing the Malmquist Index to weigh all sorts of productivity change indices of listed companies from 2004 to 2006 and then analyzing these indices furthermore. This part of researches is original.In part four, the author uses empirical research method like OLS analyze factors that impact family enterprise’s technique efficiency, then give a series of conclusion: (1) the factor of district has certain influence technique efficiency of family enterprise;(2) the factor of industry distinguished influence technique efficiency of family enterprise;(3) the form of ownership isn’t a distinguished factor to deteriorate technique efficiency;(4) the shares concentration isn’t a distinguished factor to deteriorate technique efficiency;(5) the centralization of Family enterprise isn’t a distinguished factor to deteriorate technique efficiency; (6) the close relationship would deteriorate technique efficiency;(7) the Structure of Financing influence the technique efficiency of family enterprise: internal financing is plus coefficient of correlation with technique efficiency of family enterprise ; in-debt financing and equity financing is minus coefficient of correlation with technique efficiency of family enterprise.At last, this article gives suggestions from two aspects, family enterprise internal development including training successor and specialization management, coming into the market and going public, country policy supporting including optimize financing channels. The suggestions can improve family enterprise’s technique efficiency.更多还原