本研究對2001年至2015年中國大陸A股上市公司作為研究樣本，實證檢驗了家族所有制對企業負債融資成本的影響。我們研究發現，家族企業相比非家族企業貸款期限較短，其能夠取得更高的貸款額度與顯著較低的銀行貸款成本。進一步的檢驗表明，創始企業對於貸款條件上沒有產生額外的效果。檢驗結果還表明，家族成員擔任公司總經理能有顯著降低銀行貸款成本。除此之外我們發現，家族企業隨著控制權的增強，其銀行貸款成本會顯著降低。

We use the data from 2001 to 2015 investigated the impact of family firms on the cost of debt in China’s A-share companies. We find that family firms have shorter loan maturity than non-family firms. They could obtain higher loan amounts and significantly lower bank loan costs. We also find that founding family firms cause no additional effect on loan terms. The results also show that family members as managers can significantly reduce the cost of bank loans. In addition, we find that with the increase of control, the cost of bank loans will be significantly reduced.

第一章 緒論 2
第一節 研究動機及背景 2
第二節 研究目的 6
第三節 研究架構 8
第二章 文獻探討 10
第一節 負債代理成本 10
第二節 家庭成員與企業融資成本 13
第三章 研究方法 15
第一節 資料來源 15
第二節 變數定義 17
第三節 迴歸模型的建立 19
第四章 實證結果與分析 23
第一節 樣本資料分析 23
第二節 相關性檢定 27
第三節 家族企業與負債融資成本 29
第四節 創始公司與負債融資成本 31
第五節 家族總經理與負債融資成本 33
第六節 家族控制權與負債融資成本 35
第五章 結論 37
第六章 參考文獻 38

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