中文摘要：

本文以正处于代际传承实施期的家族上市公司为样本,运用面板数据随机效应模型就代际传承实施期的控制家族股权特征进行了检验。研究结果显示,进入代际传承实施期后,家族企业的股权集中度显著降低,同时股权制衡度显著增强,继任者年龄和性别对股权特征也有影响,但统计结果并不显著,进一步的研究还发现控制家族的现金流权和投票权显著下降。稳健性检验结果表明控制家族为分散代际传承风险,在进入代际传承实施期后有计划地进行了股权稀释。

英文摘要：

Taking family listing corporations in succession as the sample and using random effect panel data model, the paper tests the character of dominant family ownership. The result shows that the ownership concentration of family business decreases greatly in succession and equity bal- ance degree increases significantly. Successors age and gender have an influence on the characteris- tics of shares, but they are not obvious statistically. The further study indicates that dominant family＇s cash flow right and voting right decrease greatly. Stability test results show that dominant families conduct ownership Dilution in a planned way when in succession to realize the dispersion of in- tergenerational inheritance risk.