Page 111 - 201903

北京工商大学学报(社会科学版)摇 摇 摇 摇 2019 年摇 第 3 期

ership, control and management affect firm value? [J]. So鄄 质量与企业信用评级[J]. 经济管理,2017(1):165 -180.
cial Science Electronic Publishing, 2006, 80(2):385 - 417. [20] 傅传锐,洪运超. 公司治理、产品市场竞争与智
[14] 刘静,刘刚,梁晗. 中国家族上市公司代际绩效 力资本自愿信息披露———基于我国 A 股高科技行业的实
差异的影响机制研究[J]. 北京工商大学学报(社会科学 证研究[J]. 中国软科学, 2018(5):128 - 134.
版),2017(4):116 - 126. [21] CHRISMAN J, PATEL P C. Variations in R&D
[15] LUMPKIN, BRIGHAM G, KEITH H. Long鄄term investments of family and nonfamily firms: behavioral agency
orientation and intertemporal choice in family firms [J]. En鄄 and myopic loss aversion perspectives [J]. Academy of Man鄄
trepreneurship Theory & Practice, 2011, 35 (6):1149 - agement Journal, 2012, 55(4):976 - 997.
1169. [22] 汪祥耀,金一禾. 家族企业代际传承及二代推动战
[16] BAKER M, WURGLER J. Market timing and cap鄄 略转型的绩效研究[J]. 财经论丛,2015(11):61 -70.
ital structure [J]. Journal of Finance, 2002, 57(1):1 -32. [23] NICKELL S. Competition and corporate perform鄄
[17] 马忠,吴翔宇. 金字塔结构对自愿性信息披露 ance [J]. Journal of Political Economy, 1996, 104 (3):
程度的影响:来自家族控股上市公司的经验验证[J]. 会 724 - 746.
计研究,2007(1):44 - 50. [24 ] LAEVEN L, LEVINE R. Complex ownership
[18] 魏志华,李常青. 家族控制、法律环境与上市公 structures and corporate valuations [J]. Review of Financial
司信息披露质量:来自深圳证券交易所的证据[J]. 经济 Studies, 2008, 21(2):579 - 604.
与管理研究,2009(8):95 - 102. [25] 陈德球,魏刚,肖泽中. 法律制度效率、金融深
[19] 吴育辉,吴世农,魏志华. 管理层能力、信息披露 化与家族控制权偏好[J]. 经济研究,2013(10):55 - 67.

The Influence of Family Control on Sentimental Effect of

Listed Companies蒺 Stock Return

YIN Haiyuan & ZHENG Yafan
(International Business School, Shaanxi Normal University, Xi蒺an, Shannxi 710119, China)

Abstract: Whether family control in listed companies will affect investors蒺 judgment of stock valuation is rarely involved in
the existing research literature. Based on the sample data of China蒺s A鄄share family鄄owned listed companies during the years from
2009 to 2017, this paper analyzes the influence of family control degree on the sentiment effect of stock return (SESR) from the
perspective of stock excess return rate to investor sentiment sensitivity. The moderating effects of information disclosure, inter鄄
generational inheritance and industry competition are discussed as well. The empirical results show that the increase of family
control can aggravate SESR, i. e. the stock excess return rate is more sensitive to the fluctuation of investor sentiment. The result
also indicates that the smaller the company is, the lower the book鄄to鄄market ratio is, and the more obvious the SESR is. The in鄄
fluence of family control on SESR can be reduced for companies with a higher degree of equity balance, which indicates that an
effective governance structure can weaken SESR. The information disclosure, intergenerational inheritance, and market competi鄄
tion of companies can significantly negatively regulate the impact of family control on SESR. By improving the regulatory status of
these variables, it can effectively alleviate the impact of investor sentiment on the stock price of a family control company and pro鄄
mote the smooth operation of the stock market.
Key Words: family control; sentiment effect of stock return (SESR); intergenerational transmission; information disclo鄄
sure; industry competition

(本文责编摇 王摇 轶)

· 1 0 6 ·