近日，厦门大学财务管理与会计研究院2018级博士研究生严泽浩，与厦门大学管理学院吴世农、吴超鹏，波士顿学院Thomas J. Chemmanur，香港理工大学Gang Hu四位教授合作撰写的论文“Transforming the management and governance of private family firms: The role of venture capital”被国际知名财务学期刊Journal of Corporate Finance在线发表。

Journal of Corporate Finance被SSCI收录为JCR一区，近5年期刊影响因子为3.819。

该研究分析了风险投资家（VC）对中国民营家族企业治理改革的影响，发现有VC支持的家族企业越可能实施治理改革，即家族成员从管理岗位离职的概率越高，家族对公司的控制权与现金流权的分离度越小，并且公司上市前治理改革实施得越彻底，上市后公司估值和股票回报率都越高。

We analyze the role of venture capitalists(VCs) in transforming the management and governance of China’s private familyfirms. We show, causally, that VC-backed family firms are more likely thannon-VC backed family firms to experience departures of family members from topmanagement positions and decreases in the separation between family controlrights and cash-flow rights; these effects are stronger when VCs have greaterequity ownership or board representation. We show that these changes in topmanagement and governance in family firms are associated with higher IPO firmvaluations and better post-IPO long run stock returns.

作者简介

严泽浩，厦门大学财务管理与会计研究院2018级博士研究生，主要研究领域为公司财务与公司治理。

编辑：霍旭东