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近日，廈門大學(xué)財(cái)務(wù)管理與會(huì)計(jì)研究院2018級(jí)博士研究生嚴(yán)澤浩，與廈門大學(xué)管理學(xué)院吳世農(nóng)、吳超鵬，波士頓學(xué)院Thomas J. Chemmanur，香港理工大學(xué)Gang Hu四位教授合作撰寫的論文“Transforming the management and governance of private family firms: The role of venture capital”被國(guó)際知名財(cái)務(wù)學(xué)期刊Journal of Corporate Finance在線發(fā)表。

Journal of Corporate Finance被SSCI收錄為JCR一區(qū)，近5年期刊影響因子為3.819。

該研究分析了風(fēng)險(xiǎn)投資家（VC）對(duì)中國(guó)民營(yíng)家族企業(yè)治理改革的影響，發(fā)現(xiàn)有VC支持的家族企業(yè)越可能實(shí)施治理改革，即家族成員從管理崗位離職的概率越高，家族對(duì)公司的控制權(quán)與現(xiàn)金流權(quán)的分離度越小，并且公司上市前治理改革實(shí)施得越徹底，上市后公司估值和股票回報(bào)率都越高。

We analyze the role of venture capitalists(VCs) in transforming the management and governance of China’s private familyfirms. We show, causally, that VC-backed family firms are more likely thannon-VC backed family firms to experience departures of family members from topmanagement positions and decreases in the separation between family controlrights and cash-flow rights; these effects are stronger when VCs have greaterequity ownership or board representation. We show that these changes in topmanagement and governance in family firms are associated with higher IPO firmvaluations and better post-IPO long run stock returns.

作者簡(jiǎn)介

嚴(yán)澤浩，廈門大學(xué)財(cái)務(wù)管理與會(huì)計(jì)研究院2018級(jí)博士研究生，主要研究領(lǐng)域?yàn)楣矩?cái)務(wù)與公司治理。