家族企业企业文化外文参考文献及翻译 第5页
Although family companies often lack independent directors and give insiders more voting power, they still managed to score higher on corporate governance than non-family companies. To Amit, this finding is one of the more surprising conclusions.
On the corporate governance index, family-run companies had a mean score of 9.05 compared to a non-family firm score of 10.02. A lower score is better. "The family firm is often cleaner," says Amit, who adds that family firms have fewer "golden parachutes" for executives and don't have change-of-control provisions to line executive pockets in the event of an acquisition.
Nevertheless, that's not to say there are no governance issues, Amit adds. Family companies are more likely to employ measures to keep control of the company by issuing shares differentiated by voting power. Families own 16% of the equity of the Fortune 500 firms they represent, but 50% of them use control-enhancement mechanisms. In contrast, 13% of the non-family firms use control-enhancing techniques. These methods allow family shareholders to have more voting power than their ownership stake would suggest.
According to Amit and Villalonga, family firms also maintain control in another way: They keep the percentage of non-family shareholders low. In addition, family firms have a significantly lower proportion of independent directors compared to non-family companies, says Amit. But even when all the potential governance issues are weighed, he adds, family firms still come out ahead.
Being a shareholder of a company that lacks independent directors and keeps voting power with one family may seem counterintuitive given today's focus on corporate governance. But the bottom line is family-run companies are valuable - especially when the founder serves as chairman and CEO and creates a positive corporate culture for the firm's employees.
"Altogether, our findings suggest that in order to understand whether and when family firms are more or less valuable than non-family firms, one must distinguish among three fundamental elements in the definition of family firms: ownership, control, and management,” write Amit and Villalonga. “Despite the costs associated with the family's excess control,” they add, “the benefits of family ownership make minority shareholders of founder CEO family firms better off than they would have been in a non-family firm."
Family firm's cultural reconstruction is a gradually perfect process. Only at the right moment carries on the reform and the innovation in view of family firm's cultural reconstruction aspect existence realistic question, can enable the family type enterprise to have a better development, can unceasingly promote the family firm the value.
How weighs the family firm the value? We may use enterprise every year only the profit (in order to analyze simply, here has put aside other non- matter essential factor to enterprise value influence) and the enterprise life these two dimensions weighs.
Along with the enterprise scale expansion, took the enterprise owners business owner, should have the rational ability, positively in the suitable time advancement family firm's cultural reconstruction, turns this kind of passive study the positive initiative adaption.
The y-coordinate expressed the enterprise only the profit, namely the enterprise every year total income deducts each kind of cost and the normal 原文请找腾讯752018766辣.文"论'文.网
http://www.751com.cn to the enterprise the influence are dissimilar. In order to eliminate this influence, needs to give each year institute to obtain only the profit to bestow on the power, then adds together again. Therefore, enterprise's value may use the mathematical formula expression is y=, i founds after on behalf of the enterprise the year, n represents the enterprise the life, X represents the enterprise the year only profit, W represents the year only profit the weight. At the right moment positively advances the family firm the cultural reconstruction to be allowed to affect to the relational enterprise value these two dimensions, and lengthens the enterprise life through the increase enterprise's every year only profit to promote the enterprise value. 上一页 [1] [2] [3] [4] [5]
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