文档介绍：嘉兴学院本科毕业论文外文翻译
论文题目: 浙江家族制上市公司治理问题研究
外文题目:The Financial and Operating Performance of Chinese Family-Owned Listed Firms
出处: Lecturer of Finance
作者: Yuan Ding
原文:
The Financial and Operating Performance of Chinese Family-Owned Listed Firms
By Yuan Ding
Abstract and Key Results
While existing studies often use sector-level data to explain the phenomenal growth
of the Chinese private sector, this plements the literature by using firmlevel
data to conduct parative study of performance between family-owned and
state-owned firms in China.
we analyze financial and operating performance with reference to five measures: (1) revenue per employee, (2) revenue per unit of cost, (3) net profit per employee, (4) re turn on assets,and (5) market-to-book controlled for other firm characteristics, such as size, leverage, firm age, sales volatility, innovation and marketing, institutional environment and industry, our results confirm that family-owned firms achieve significantly better performances than state-owned enterprises. These results support the general consensus that China is increasingly reliant on panies as an engine for economic growth and an employment hub.
Key Words: China Family-owned Firms State-owned Firms Performance
Introductions
The world has witnessed an economic miracle in China over the past quarter-century: with average annual growth at aro