中國家族企業接班與盈餘品質之探究

自從中國經濟於1987年開放改革後，家族企業家數逐漸增加。特別地，家族企業在資本市場比例逐漸上升。家族企業盈餘品質良窳對投資人有重要影響，因此，家族企業盈餘品質是一值得探究之重要議題。本文旨在檢視家族企業與非家族企業盈餘品質有否差異，本文亦檢視家族企業創始人擔任董事長及家族企業第二代接班與否對家族企業的盈餘品質有否影響。本研究選取2010年至2015年在上海及深圳上市之中國家族企業為樣本，實證結果顯示，家族企業與非家族企業之盈餘品質並無顯著差異。家族企業創始人擔任董事長及家族企業第二代接班與否對盈餘品質並無顯著影響。

關鍵字

家族企業；創始人；盈餘品質；接班

並列摘要

The number of family firms has increased since the Chinese economic reform began in 1987. In particular, the proportion of family firms in capital market have been increasing recently. Whether earnings quality of family firms is good is important to investors. Therefore, it is important to investigate the factors which affect earning quality of the family firms in China. This study aims to examine whether the earnings quality is different between family firms and non-family firms. This study also examines whether earnings quality of family firms is affected by family firm founders serving as Chairman of the board and the succession. In this study, the sample is selected from firms listed in Shanghai Stock Market and Shenzhen Stock Market from 2010 to 2015. The empirical results indicate that there is no significant differences in earnings quality between family and non-family firms. The empirical results also indicate that family firm founders serving as chairman and succession has no significant impact on earnings quality of family firms.