中國(guó)家族上市公司的財(cái)務(wù)和經(jīng)營(yíng)業(yè)績(jī)【外文翻譯】_第1頁(yè)
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1、1嘉興學(xué)院本科畢業(yè)論文外文翻譯嘉興學(xué)院本科畢業(yè)論文外文翻譯論文題目：論文題目：浙江家族制上市公司治理問(wèn)題研究浙江家族制上市公司治理問(wèn)題研究外文題目：外文題目：TheFinancialOperatingPerfmanceofChineseFamilyOwnedListedFirms出處：處：LecturerofFinance作者：者：YuanDing原文：文：TheFinancialOperatingPerfmanceofChineseF

2、amilyOwnedListedFirmsByYuanDingAbstractKeyResultsWhileexistingstudiesoftenusesectleveldatatoexplainthephenomenalgrowthoftheChineseprivatesectthispapercomplementstheliteraturebyusingfirmleveldatatoconductacomparativestudy

3、ofperfmancebetweenfamilyownedstateownedfirmsinChina.weanalyzefinancialoperatingperfmancewithreferencetofivemeasures:(1)revenueperemployee(2)revenueperunitofcost(3)profitperemployee(4)returnonassets(5)markettobookratio.Ha

4、vingcontrolledfotherfirmacteristicssuchassizeleveragefirmagesalesvolatilityinnovationmarketinginstitutionalenvironmentindustryourresultsconfirmthatfamilyownedfirmsachievesignificantlybetterperfmancesthanstateownedenterpr

5、ises.TheseresultssupptthegeneralconsensusthatChinaisincreasinglyreliantonprivatecompaniesasanenginefeconomicgrowthanemploymenthub.KeyWds:ChinaFamilyownedFirmsStateownedFirmsPerfmanceIntroductionsThewldhaswitnessedanecono

6、micmiracleinChinaoverthepastquartercentury:withaverageannualgrowthataround9percentGDPquadrupledChinaisnowthewldˇslargestfastestgrowingemergingeconomy.ItiscommonlyacceptedthatthisunprecedentedgrowthhasbenefitedfromChinaˇs

7、progressiveeconomicrefmwhichissuccessfullytransfmingthecountryˇscentralplanningsystemintoamarketeconomy.InthistransitiontheprivatesecthasbeenthedrivingfcebehindChinaˇsremarkableGDPgrowth.ersonetal.(2003)pointoutthatthemo

8、stsignificantphenomenoninChinaˇscurrentrefmisthedeclineofstateownedenterprisestheriseoftheprivatesect.HoweverthereisstillalackoffirmlevelevidenceontheperfmanceofprivateenterprisesinChinamainlyduetothe3ContractingAbilityI

9、ssuesEvenifthestatecitizensagreethatprofitmaximizationistheonlygoaltobepursuedbySOEscontractingabilityissueswillalsomakestateownershiplessefficientthanprivateownership.Propertyrightsliteraturesuggeststhatthereisabroaderr

10、angeofmonitingdevicesunderprivatelyheldownership.Alchian(1977)notesthatbehaviunder[stateprivate]ownershipisdifferentnotbecausetheobjectivessoughtbyganizationsundereachfmaredifferentbutinsteadbecauseevenwiththesameexplici

11、tganizationgoalsthecostsrewardssystemimpingingontheemployeestheˉownersˇoftheganizationaredifferent.〃.Familybusinessesincontrasttendtosolvethisproblemmeeasily.Familycontroloftenservestomonitdisciplinemanagersasaresultfami

12、lycontrolledfirmsarelesslikelytohaveanyexplicitincentivecompensationplan.Inotherwdsmeeffectivemonitinginfamilycontrolledfirmsreducestheneedtoincentivize〃CEOstoaimfhighperfmance.SoftBudgetConstraintsSoftbudgetconstraintsp

13、rotectSOEsfrommarketdisciplinewhichisavitalrequirementfacompanyˇsviability.TheconceptofthesoftbudgetconstraintwascoinedbyKnai(19791980).Hedescribesthesoftbudgetphenomenonasfollows:firmsarebailedoutpersistentlybystateagen

14、cieswhenrevenuesdonotcovercosts〃(Knai1998p.12)definessoftbudgetsastheexpectationofthedecisionmakerastowhetherthefirmwillreceivehelpintimeoftrouble〃CpateCultureCpatecultureisanimptantfactinexplainingthedifferenceinfirmper

15、fmancebetweenfamilyownedstateownedfirmsasitisalwaysrelatedtoacompanyˇscapabilitytoadaptexternallyintegrateinternally.ganizationalStructureganizationalefficiencyisanotheradvantageenjoyedbyfamilyownedenterprises.Theirrelat

16、ivelysmallsizeisonefactasitincreasesthesimplicityoftheganizationalstructure.Anotherreasonisthatasimpleganizationstructureallowsthefamilytomaintaincontroloveralargerangeofbusinessactivities.Simpleganizationalstructurelead

17、stosimpledecisionmaking.HoweverfSOEswiththeirhugecomplexganizationalstructurebureaucratichierarchydecisionmakingisslow.Itisquitecommonfasmallproblemtogothroughseverallayersofthehierarchybefeitcanbesolved.Simpledecisionma

18、kingresultsinaconsensusonfirmstrategiesrisktakingfastresponsiveness.Italsoreducesthestardizationrigidityfmalizationassociatedwithbureaucracy.Asaresultcomparedwiththeirstateownedcounterpartsfamilyownedenterprisesaremeflex

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