中國家族上市公司的財務(wù)和經(jīng)營業(yè)績【外文翻譯】

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題研究浙江家族制上市公司治理問題研究外文題目：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