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家族企业难以保证后代继承经营管理能力,因此,在发展到一定规模以后,一般也是通过设立股份公司并上市来解决委托代理机制问题。由于股份有限公司具有股份发行的公开性和股权转让的自由性,相比有限责任公司,更能有效解决筹资和委托代理问题,是人类迄今为止设计的一种最优的产权制度。公开上市则是对股份有限公司相关制度的进一步深化,具体表现为以下几个方面:第一,信息披露约束进一步强化;第二,定价充分合理:第三,市场交易具有连续性,股份具有充分流动性。通过股票市场透明度约束和股票价格压力,企业效益和竞争力将得到有效提高。
It is difficult for family-owned enterprises to ensure that their offspring inherit their management abilities. Therefore, after they have developed to a certain scale, they usually solve the principal-agent problem by setting up joint-stock companies and going public. Owing to the openness of shares issuance and the freedom of equity transfer, limited liability companies can solve the problem of fund raising and principal-agent more effectively than the limited liability companies. So it is an optimal property right system designed by mankind so far. The public listing is the further deepening of the relevant system of the Company Limited by the following aspects: First, the restriction of information disclosure is further strengthened; secondly, the pricing is reasonable: thirdly, the market transactions are continuous and the shares are sufficient fluidity. Through the transparency of the stock market and the stock price pressure, the efficiency and competitiveness of enterprises will be effectively enhanced.