中文摘要：

家族化是我国民营企业的特征,家族企业控制模式差异对公司绩效是否产生影响及其路径是值得研究的问题。利用沪深A股家族上市公司2007-2014年数据,研究发现,董事长或总经理在集团企业担任高管以及借壳上市的家族企业具有更高的市场业绩,而实际控制人出任上市公司高管和集团管控有损于市场业绩;进一步研究发现,家族上市公司控制模式通过最优资本结构和产业转型升级影响公司绩效。家族企业控制模式差异对公司绩效的不同影响丰富了家族企业治理机制的研究文献,路径分析扩展了家族企业控制的研究内容,为家族企业治理机制的改进提供了思路。

英文摘要：

Familyization is a salient feature of Chinese private enterprises. It＇s worth to study the effects of the difference in the control model of family business on the performance and the influence path. Using the data of Shanghai and Shenzhen A-share family listed companies from 2007 to 2014, the study finds that family firms with its chairman or CEO serving as the senior executive in the business group and family firms with backdoor listing have a higher market performance. However, family firms with the actual controller taking a post as the senior executive in the listed firms and family firms controlled by the group have a lower market performance. Further study finds that the control mode of family firms influences the performance through the optimal capital structure and industrial transformation and upgrading. This study contributes to literatures on the corporate governance of family firms and the path analysis extends the research content of the family control. This study also provides a new way for the improvement of corporate governance of family firms.