中文摘要：

文章利用2004-2015年中国A股家族控股上市公司的相关年度数据,从家族企业股权家族化视角出发,实证检验了股权家族化对家族企业业绩以及对企业是否聘任家族成员担任公司高管的经验影响关系。结果发现：（1）同等条件下,控股家族股权分配的家族化水平越高,其经营业绩表现越差;（2）家族成员担任CEO或董事长等关键高管会加剧股权家族化对家族企业业绩的负向影响关系;（3）同等条件下,公司股权的家族化更可能促使家族企业聘请家族成员担任CEO或董事长。此外,文章进一步分析发现,非核心家族成员参股企业会降低股权家族化与聘请家族成员担任公司CEO之间的正向影响关系。

英文摘要：

Using a panel data of Chinese family A - share listed firms from 2004 - 2015, this study examines the effect of ownership familization in family firms on firm performance and the firms＇ willingness to appoint family members to be top executives. We find that （ 1 ） there is a negative relationship between ownership familization and firm performance; （2） the negative effect of ownership familization on firm performance is found to be stronger when family members are top executives ; （3） ownership familization is significantly and positively associated with firms＇ willingness to hire family members as being top executives. Furthermore, this study also finds that non -nuclear family members can significantly reduce the probability of family members to be CEOs in family firms.