The Governance Structure Of China Family Listed Enterprise

Throughout all history,the development of enterprises are unable to evade the issue of governance structure,especially for there is a clear governance structure of the family enterprises,especially.For most Chinese people,this family business is also the name of a strange color,and even very strange.But as the individual economy and private enterprises upgrade version of the family business in the country's social and economic fields but the status and role in the increasingly apparent.After reform and opening up after nearly 30 years of development,China's family business has gradually grown and become a strong force for national economic development and socialist economic system an important component part.Halo behind the family business issues more and more.China's current family business is at a new crossroads,facing the dilemma.After 20 years of development,before the small,single business,individual operators of private enterprises has evolved into a modern large-scale family businesses,their own internal resources have been fully tapped,in order to shake off the original extensive management,and expand the size of the business,The continuation of the development of enterprises,family businesses must use external resources,the introduction of new investors,and this led to the original family business management model is no longer adapt to specialization,the complexity of the requirements of modern enterprise system;Ownership of the increasingly decentralized,has the right to ownership and control of the separation,resulting in a new commission-agents,incentives-such as bound by the contradictions,and the intensification of contradictions may be swallowed up all the achievements so far,but if we do not help External resources,not to attract new investors and do not employ professional and professional managers,then there may soon be the rapid development of the eliminated by the times.How to deal with this film,the family business abroad course of development has given us some inspiration,the domestic market through the family business has a useful way to explore,through the hope of improving the governance structure to solve the bottleneck in the development of the issue.Domestic and international family business development experience has shown that through specific control of the organization and capital structure design,development is conducive to sustained and stable development of family enterprises of the corporate culture,building a good incentive-and restraint mechanisms,improve the existing family business management structure,Is to solve the present stage of China's enterprises facing the family's key to the principal contradiction.How to improve the governance structure of the modern enterprise must face the question of whether this is what form of ownership,or various sectors of the enterprises can not be avoided,which is the key enterprises of various stakeholders of mutual checks and balances between the main This is to ensure the good functioning of a modern enterprise basic conditions.Unique to the family business patriarchal system management mode,cross-ownership and control of the management structure,and other traditional features,are gradually in the modern enterprise system to promote the process of gradually faded.China's family business on the one hand,through the listing and financing and the introduction of professional managers,and other ways to solve their own production and human resources problems of scarcity,on the other hand are more open and transparent environment for seeking commission-agents,incentives-Bound,and other ways to resolve the conflict.This article is based on the theme of this special family enterprises listed on the main micro-economic history of the practice,the focus of the family enterprises listed on China's cultural identity,control of the organization and capital structure,design,research enterprise culture elements,elements and control of the capital structure Elements of the structure of governance,thus derived family enterprises listed on China's decision to the future development of the decisive factors,and summing up experiences and lessons learned,and explore family-run enterprises listed on China's management structure and mode of evolution of the optimal path.In view of the status quo and management structure is to decide the future development of family enterprises the main factors,the management structure of the economics of this paper is the starting point of the study and analysis.This paper first in the first chapter of systematically summed up the management structure of the family business on the basis of relevant theories,summed up the family business on the listing and corporate governance to the definition,origin and evolution,and so on the basis of theory,the existing integrated on the family business Governance Institute and the research results.This chapter of this thesis accurately defines the object of study is the family or personal control over the enterprises above a certain percentage of the listed company that is listed on family business,and clearly pointed out that as listed family business is different from the general's boss,also different from the traditional The family business,its management structure of a certain particularity;because of the limitations of history,my family enterprises listed on the development of relatively backward,for the listing of China's corporate governance structure of the Family Research especially in the quantitative aspects of the study,Deficiencies and lag.In this paper clearly define the object of study and synthesize and summarize the relevant results at home and abroad after the traditional theory,the paper launched the second chapter of China's listed family business management structure and characteristics of the status quo.Chapter II first reviewed the family business of China's course of development and current situation shows that China's family business has gradually grown and some have successfully gone beyond the individual economy and private enterprises that the primary form of family enterprises,develop into a certain social influence Listing the family business.And our family business at this stage the most obvious characteristics of the governance structure lies in the traditional "home"culture under the influence of family values and family ethics,resulted in China's corporate governance structure of the family in the traditional family system,the patriarchal system,the internal system of mutual aid and other more obvious characteristics,The informal trust deeds and family factors in corporate governance plays a pivotal role.Of course,in the modern enterprise system under the impact of China's family-run enterprises are quietly taking place in transformation,this family business in China listed the governance structure of the performance is particularly notable.China listed the control of the family business from the original structure has gradually evolved into absolute focus on the relative control,but there are still Yigudutai,confusing ownership structure,operation and management of the family,and other pending issues.Corporate governance structure of the traditional family model is no longer adapt to modern society and the requirements of economic development,but my family business management structure changes can not be completely divorced from China's traditional social,cultural,economic and institutional constraints and other factors,therefore,my family changes in corporate governance structure,relying on the one hand,it is necessary to follow the path of principle,continue to be traditional cultural patterns and economic model constraints;On the other hand to make use of internal and external demand factors,work hard to resolve the main reform and institutional environment,and other constraints Issue,give full play to listing the ways to build and improve the effectiveness of our family business management structure.Control over the allocation of corporate governance is the key structural problems,but the traditional control of the theory is only for the general public to carry out the research,and was not apparent in the control of the corporate governance of the decisive role,which is the traditional theory of control A major defect,modern economic development has also proposed a new theoretical summing up and summed up the request.Therefore,in this paper,the third chapter,the combination of family enterprises listed on the control of the structural characteristics of the control of the structure and control over the allocation of the remaining factors such as the impact on enterprise performance,and family enterprises listed on China's use of the data on the control of the governance structure of the role of the empirical analysis.The results show that China's listed companies shows that the family(non-family-controlled)corporate shares in corporate governance can play a positive role,and dispersed the flow of shareholders on corporate governance efficiency of not significant.Family is not conducive to holding high proportion of management efficiency.So optimizing ownership structure,reduce the appropriate proportion of the family holding to raise stake in the degree of checks and balances,will help to enhance the country's family-run enterprises listed on the efficiency of governance.According to the modern theory of capital structure,capital structure has a strong effect of corporate governance,capital structure will have a direct impact on shareholders,creditors and managers of enterprises and Residual Claim control of the distribution,thus affecting corporate governance structure,governance model and governance efficiency.In this paper,the fourth chapter in China's capital market in the family business for the empirical analysis indicates that China's family-run enterprises listed on the capital structure of the traditional family businesses has undergone tremendous changes in capital structure and a clear choice in the interests of capital Preferences.China's family-run enterprises listed on the capital structure and corporate governance arrangements between the efficiency of the existence of significant correlation between corporate debt ratio to increase help to enhance the country's family-run enterprises listed on the market value and growth,of course,high debt ratio will inevitably bring about High risk of insolvency and related agency costs,thereby reducing the efficiency of corporate governance,so our family of listed companies should be considered optimal capital structure and the design of adjustment.In this paper,the fifth chapter dedicated to my family enterprises listed on the optimization of management structure to provide the rationalization of policy recommendations,any of the reform and innovation can not be separated from the others to learn from the experience,and the family business overseas development has a long history,its wealth of experience and Is a very valuable lesson,especially for the family at this stage of China's listed companies in terms of management structure optimization.Therefore,in Chapter 5,the first by the United States,Europe and East Asia in countries such as the characteristics of family business model and its management structure of the analysis,found all types of family business management structure in common and differences,thus combining the former's findings,the paper obtained the conclusion of the study,that is,family-run enterprises through changes in management structure can improve business performance,and the management structure at this stage Reform must also grasp the focus of corporate culture,structure and control of the capital structure of the three main aspects.China's paper listed the family business management structure optimization of enterprise focus on the internal,shaping corporate culture,the adjustment control of the structure,optimize the capital structure of China's listed on a family enterprise management structure within the three elements of the path optimization model.This chapter comprehensively summarized and explained the three elements of this model of content and construction of the market system,expand financing channels and improve laws and regulations,and other aspects of the corresponding improvement in the external environment policy proposals.