On the Family Control,Institutional Environment and Corporate Valuation
研究发现家族控制中终极所有权与控制权分离会降低公司价值，制度环境能部分缓解这一负面影响，且终极所有权与公司价值呈倒U型关系。
This paper investigates the relationship between family control,institutional environment and corporate valuation.It is found that the separation of the ultimate ownership and control rights lowers the firm value,and the institutional environment can mitigate this negative impact in some extent,although it has some limitations when the agency problem is prominent We also find that the relationship between the ultimate ownership and firm value is in a reversed U shape,consistent with the entrenchment effect and not with incentive effect when the ultimate ownership is higher.