我国上市家族企业治理结构研究
摘 要
随着改革开放的不断深入，我国私营经济取得了长足的发展，我国私营经济中家族企业占到90%的比重，随着市场环境的变化和企业规模的扩大，越来越多的家族企业以采用上市融资的手段，借助社会资源来实现企业的进一步发展，目前上市家族企业已成为我国社会主义市场经济建设的一支生力军。
然而，目前我国大多数上市家族企业还是采取家族企业的组织和管理形式，这种形式在企业创办之初和在规模较小的企业中具有很大的优势，但是,在剧烈变化的现代市场经济的环境下,受发展时间、内外部环境等因素的制约,上市家族企业在公司治理方面凸现出越来越多的问题和矛盾,并成为上市家族企业成长、发展的主要瓶颈。同时,由于国内理论界针对上市家族企业公司治理结构的研究还非常少,而完善上市家族企业公司治理结构,实现其可持续发展对我国经济发展和社会进步又具有重要意义。所以,对我国上市家族企业的治理结构进行进一步的深入研究非常必要。
近年来，我国学术界对我国上市家族企业组织和管理问题的研究表现出前所未有的关注，也取得了一定的成果，但这些学术研究仍不够深入、细致、全面。本文以传统市场经济向现代信用经济过渡阶段为立足点，运用动态的、比较的方法，借鉴国外经验，结合我国的现实，通过解析我国上市家族企业产生和发展的演变历史，剖析了当前我国上市家族企业治理模式的优势及存在的问题，并通过与非家族上市企业的横向比较、以及家族企业上市前后企业自身发展的纵向比较，分析了我国上市家族企业的绩效、转变及外部制度环境建设对其影响等问题。通过比较分析出上市家族企业公司治理方面存在的优缺点和所面临的挑战,并有针对性地提出改善和提高上市家族企业公司治理结构的若干措施,希望能为日益加快发展步伐的上市家族企业提供公司治理方面的经验和借鉴。
关键字：家族企业；公司治理；上市家族企业；股权结构
On corporate governance structure of listed family
enterprise in china
ABSTRACT
With the deepening of reform and opening constantly. The family firms have occupied about 90% private enterprise, and more and more family firms use seeking financing by listing on the stock market to intrinsic problem will hinder the further development of the enterprise, now the list family firms of our country has already obtained enormous development.
But most of them adopt the family enterprise and familial management modes, This form has itself advantages on the stage of family enterprise and in the enterprise with relatively small scale, But, in the fiercely changed modern economic environment, be restricted by the time, internal and external environment in the corporate governance, which become the main challenge to the growth of the listed family firms. At the same time, the domestic theory in view of the listed family firms’ corporate governance also be few, and it has the vital role to the development of our economy and society to consummates the corporate governance structure of these companies. Therefore, it is extremely essential to conduct the further thorough research on the listed family firms’ corporate governance structure.
Now, the government has paid an unprecedented attention to the development and growth of the family firm, also achieve some outcomes。But the research in this art is not enough deeply and comprehensive. This paper based on the present situation, and used property right theory, agency by agreement theory and the legal person governance theory to transform the listed family firm, it pointed out the challenge to their corporate governance, and proposed five measures to improve and enhance the listed family firms’ corporate governance at last.
Keywords：family enterprise, corporate governance, listed family firm, ownership structure
目 录
第一章 引言 ·················································································································································· 1 1.1 研究背景 ································································································································· 1 1.2 研究的主要内容和思路 ·········································································································· 2 1.3 国内外研究现状 ····················································································································· 2 第二章 上市家族企业治理结构理论基础 ······························································································· 6 2.1 家族企业与上市家族企业的范畴界定 ··················································································· 6 2.1.1 家族企业的界定 ············································································································· 6 2.1.2 上市家族企业的界定 ····································································································· 8 2.2 公司治理的有关研究 ·············································································································· 9 第三章 我国上市家族企业的治理结构特征分析 ················································································· 13 3.1 我国上市家族企业················································································································ 13 3.2 我国上市家族企业治理结构基本特征 ················································································· 14 3.3 上市家族企业治理结构国的内外比较 ················································································· 15 3.3.1 国外典型的上市家族企业公司治理模式 ····································································· 15 3.3.2 我国上市家族企业的公司治理结构 ············································································ 20 3.4 我国上市家族企业公司治理结构的问题分析 ······································································ 22 第四章 我国上市家族企业的治理结构绩效分析 ················································································· 25 4.1 与非家族上市公司治理结构绩效比较 ················································································· 25 4.2 家族企业上市前后公司治理结构绩效比较 ········································································· 27 4.3 结论分析 ······························································································································· 29 第五章 我国上市家族企业治理结构改进 ····························································································· 30 5.1 对我国上市家族企业的扶持与监管并举 ············································································· 30 5.2 改善我国上市家族企业股权结构 ························································································· 31 5.3 健全我国上市家族企业董事会职能 ····················································································· 31 5.4 建立良好的经理层激励约束机制 ························································································· 33 第六章 研究结论和展望 ··························································································································· 35 参考文献 ························································································································································ 36
我国上市家族企业治理结构研究
第一章 引言
1.1 研究背景
随着世界经济的发展，家族企业已经成为当今世界最普遍的企业形式，在全世界企业中占65％～80％，在《财富》500强中占1/3，在世界经济中扮演着极其重要的角色。在美国，家族企业占企业总数2/3，占GDP的49％，提供就业60％，新增就业78％；在德国，家族企业占企业总数80％，占GDP的53％，提供就业68％；在欧洲企业中的比重：意大利＞95％、瑞典＞90％、瑞士85％、西班牙80％、英国75％、葡萄牙70％、法国64.8％、匈牙利60.3％、比利时59.6％、爱尔兰55.8％、芬兰48.1％、丹麦46.9％；在亚洲国家，家族企业占GDP的比重：韩国75％～80％、印度尼西亚50％、印度40％、泰国20％、马来西亚20％。
改革开放后，特别是我国加入WTO后，我国的社会经济结构发生了巨大的变化，家族企业如雨后春笋般地迅速产生和发展起来，在我国民营经济中占据了90％以上的比重，家族企业已经成为我国国民经济的重要组成部分和新的经济增长点。近20多年间,其中的一批优秀家族企业通过多种方式上市融资,成为了我国家族企业的领头羊。从深圳华源磁电有限公司成为我国第一家家族上市公司以来,我国家族上市公司也走过了10多年的发展历程。
作为成功民营企业的代表,上市家族企业的发展问题已经引起社会各界的广泛关注。“十六大”以来,中国政府对家族企业的成长和发展表现出前所来未有的重视和关注,在政策、制度、法律等多方面都提供了大力的支持和保障。学术界也日益开始关注上市家族企业的发展,针对其治理结构展开初步的研究。例如,南开大学公司治理研究中心与香港大学已经开始合作研究“中国民营上市公司治理结构实证研究”项目；2006年,上海证券交易所也已经把“中国民营上市公司治理结构实证研究”作为新一期的研究课题。
企业治理结构是现代公司制的核心，要建立现代公司制必须建立规范的企业治理结构。然而我国的上市家族企业的治理结构与欧美、东南亚等国相比落后很多；同时，随着我国企业规模的扩大、市场化步伐的加快、国际竞争加剧等内外环境的制约，我国上市家族企业在公司治理方面暴露出不少突出的问题和矛盾，特别是家族凭借控制性股东地位,利用上市公司为自身谋取私利,剥削中小股东,淘空上市公司的行为时有发生,这些都引起人们对上市家族企业的怀疑和担心,对企业的长期发展构成了一个主要的危害。总之，我认为有必要开展我国上市家族企业治理结构的分析研究，探索出一个适合我国上市家族企业的治理结构模式，从而推进我国民营经济长期稳健的发展。
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