通过对2005年至2007年家族与非家族并购公司绩效的比较分析,发现家族并购公司绩效优于非家族并购公司,认为其原因在于家族并购公司的并购动机主要是基于协同效应,而非家族并购公司的并购动机可能会存在委托代理问题,因此家族并购公司绩效较优。 By comparing the performance of family and non-family M & A companies from 2005 to 2007, it is found that the performance of family M & A companies is superior to that of non-family M & A companies. The reason is that the M & A motives are mainly based on synergies rather than family acquisition M & A motivation of the company may be the existence of agency problem, so the family mergers and acquisitions company performance is better.