Abstract: This paper test test the effect of family control on the choice of the method of payment and performance of M & A respectively from threat of control right dilution and principal-agent.Using 347 M＆A from 505 Chinese family listed companies through 2007-2009 as the study samples, the empirical test shows that: the family ultimate controlling shareholder stake is positively correlated with the use of the cash payment,the separation of the family ultimate controlling stake and cash flow rights positively correlated with the use of stock payment,and the dilution and enhancing mechanisms of control play a significant impact on the choice of the M & A payment;the family ultimate controlling shareholder stake is positively correlated with the M & A performance,and the alignment effect is dominant;the method of payment of M & A plays no significant impact on the M & A performance of the family listed companies.

摘要： 本文主要从控制权稀释威胁与委托代理的视角分别研究家族控制对并购支付方式选择以及并购绩效的影响。对505家中国家族上市公司于2007-2009年发起的347起并购事件构成的研究样本进行实证检验表明：家族终极控股股东持股比例与现金支付方式的使用正相关，家族终极控股权与现金流权分离度与股票支付方式的使用正相关，控制权稀释与强化机制对并购支付方式的选择产生了显著影响；家族终极控股股东持股比例与并购绩效正相关，利益协同效应占主导地位；并购支付方式对家族上市公司的并购绩效并无显著影响。