The Study On The Influential Factors And Economic Effect Of Financing Behavior Of China's Family Business

One of the outstanding characteristics of China's economic development for more than 20 years is the uprising of family firms. Their sustainable development is one of the important factors for the continuous growth of Chinese economy. And the accommodation of funds relates closely to the healthy and stable development. Almost all of the huge amount of research results about firms'fund accommodation ignored the characteristics of the family firms of the countries in transition period, so that the influential factors and economic results of family firms'fund accommodation in transition period cannot be well explained, and it is not beneficial to the optimization of the financial structure of the family firms and the improvement of financial behavior of family firms.Based on the above reasons, this paper discusses by both normative analysis and empirical research methods the influential factors and economic consequences of Chinese family firms'financial behavior in order to provide theoretical support and practical suggestions for the normalization and perfection of Chinese family firms'financial behaviour.This paper starts with the relevant definition to family firms and family firms'fund accommodation, respectively sums up the definitions of the literatures from the perspectives of ownership holding, relationship network, operation control. On the basis of these, this paper provided its own concept of family definition. This paper thinks that family firm is one kind of typical firm organization types, certain family owns the control power, i.e. the real controller is the family member, and the family holds the operation power, responsible for the work of operation and management. This paper discusses the family financial modes, financial behaviour, governance structure and their relationships.Briefly reviews the firm financial theories and the economic consequences theory based on the MM theory. Firm financial theory mainly consists of stimulation theory, agency theory, transact cost theory, the new privileged order theory for firm financial, control power theory, ownership theory and super-ownership theory, environment dependence theory, etc., briefly reviews the literature of the influential factors and economic results of firms'financial behaviour, analyses the hint of firm financial theory and economic consequences theory to Chinese family firms.Then, by game type position of family firms'financial behaviour and the perfect...