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An empirical study of concentrated ownership structure and corporate performance of family companies in China

机译:中国家族企业集中占所有权结构与企业表现的实证研究

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This paper investigates the effects of concentrated ownership on corporate performance and illustrate the importance of optimizing equity structure and real significance of family-listed firms. We examine the interrelationship between concentrated ownership and corporate performance by selecting shareholding ratio of the largest and the top ten controlling shareholders and the largest and second largest controlling shareholders. Otherwise, we use multivariate regression analysis method as well as company size, growth rate, financial leverage, etc, to reveal the facts. The empirical results show that the largest shareholder equity ratio and the ownership concentration display U-relations. The first and second largest controlling shareholders' involving in the management has a negative effect on ownership concentration.
机译:本文调查了集中所有权对企业绩效的影响,并说明了优化股权结构的重要性和家庭上市公司的实际意义。 我们通过选择最大和前十名控股股东及最大和第二大控股股东的股权和最大的控股股东之间的集中拥有和企业绩效之间的相互关系。 否则,我们使用多元回归分析方法以及公司规模,增长率,金融杠杆等,揭示事实。 实证结果表明,最大的股东股权比和所有权集中展示了U形关系。 涉及管理层的第一个和第二大控股股东对所有权集中有负面影响。

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