论文部分内容阅读
对于中国这样一个金融体制还不发达、现代公司制度和市场经济体制还不健全的经济体而言,外资股东的介入是否能达到预期的效果,外资股能否帮助公司改变业绩,它对国有企业和家族企业的作用效果差异又如何。本文对沪深证券交易所上市的共计145家含有外资股份的家族企业和国有企业的经验分析表明,家族企业中的外资涉入程度高于国有企业。外资持股比例和外资股东参与经营均与主营业务利润率显著正相关。相对于国有企业,外资持股比例和外资股东参与对家族企业公司治理效率的促进作用要更强些。
For an economy like China, where the financial system is still underdeveloped and the modern corporate system and market economy structure are still not perfect, whether the involvement of foreign shareholders can achieve the expected effect or whether the foreign capital stocks can help the company to change its performance will affect the state-owned enterprises And the difference between the effect of family business and how. The empirical analysis of a total of 145 family-owned and state-owned enterprises listed on the Shanghai and Shenzhen Stock Exchanges that contain foreign-owned shares shows that the level of foreign investment in family-owned enterprises is higher than that of state-owned enterprises. The proportion of foreign ownership and the participation of foreign shareholders are both significantly and positively related to the profit margin of main business. Compared with the state-owned enterprises, the proportion of foreign ownership and the participation of foreign shareholders in the promotion of family-run corporate governance efficiency should be stronger.