Research On The Influence Of Founder's Critical Resources On The Allocation Of Control Rights And Performance Of Private Listed Companies

The allocation of control rights is one of the core issues in the theory and practice of corporate governance.In the different stages of the development of private enterprises,the importance of the founder's critical resources is different,so as the enterprise's dependence on its resources,which determines the differences in the governance role and control right allocation of founders.The allocation mode of control rights based on equity capital lacks sufficient explanation of the relationship between founders,the actual allocation of control rights and the role of complementary resources in value creation.The function of founders and their resources in the allocation of control rights and enterprise value creation can not be ignored.This paper focuses on the relationship among the founder's critical resources,the allocation of control rights and the performance of private enterprises,with the analysis of the internal function mechanism of the three,improve the allocation theory of control rights and the growth theory of enterprises,further provide beneficial reference for private enterprises to choose a reasonable growth path.Based on the research objectives,this paper constructs a theoretical analysis framework among founder's critical resources,allocation of control rights and performance of private enterprises",mainly including the following aspects:at first,what are the characteristics of founder's critical resources from the perspective of the source of control rights?Next,does the founder's critical resources influence the allocation of control rights of private listed companies?Finally,does the allocation of control rights based on Founder protection have significant impact on the performance of private listed companies?Does it play an intermediary role in the founder's critical resources and the performance of private enterprises?In order to solve the above problems,this paper selects the private listed companies that issue initial public offerings(IPO)in the A-share market from 2010 to 2018 as the initial samples.Through such method as literature review and review,exploratory case analysis,theoretical deduction,model construction,empirical test,and so on,the main conclusions are as follows:First of all,the founder's critical resources have a significant influence on the allocation of control rights of private listed companies.The more abundant the founder's key resources,the more favorable the private listed company's control right allocation is to protect the founder's control right.Meanwhile,the Regional Institutional Environment plays a key role in regulating the relationship between the founders'key resources and allocation of control rights.With the improvement of market-oriented process in the institutional environment,the institutional environment and market environment faced by listed companies will be more perfect,the role of informal mechanism will weaken,the same as the influence of founder's critical resources on the allocation of control rights of listed companies.In other words,the higher the markterization process,the less influence of founder's critical resources on the allocation of control rights of listed companies.Second,The allocation of control rights based on the protection of founders of private listed companies has a significant impact on the growth of private enterprises.Compared with non founders,the allocation of control rights based on Founder protection is significantly positively correlated with corporate performance and negatively correlated with performance volatility.Moreover,the long-term effect of founder management on corporate performance is greater than the short-term effect.It is not only the individual,but also the inevitable choice for the enterprise to obtain long-term and sustainable development and keep the base industry evergreen.Third,,the allocation of control right plays an intermediary role in the relationship between the founder's critical resources and the performance of private enterprises.The influence of founder's critical resources initially affects the allocation of control rights,with the key resources,the founders of private listed companies can enhance their discourse power in the company,the support of the board of directors and the influence of business decision-making,further reduce agency costs,improve the decision-making efficiency of the board of directors,and then promote the performance of private enterprises.Compared with the existing literature,the innovations of this study including:Firstly,previous studies mainly take mature large companies as samples,this paper takes event driven milestone(listing)as the starting point of research,and empirically tests that private enterprises should provide control protection for founders at least in the short term after listing,which is a beneficial supplement to the research in this field.Secondly,this paper further analyzes the resource owner from enterprise resources in the analysis of previous resource basic theoretical research,namely the founder's critical resources.It divides the founder's critical resources into financial resources,intellectual resources and relational resources,and constructs a multi-dimensional index measurement system of founder's critical resources,thus provide basis for analyzing the influence of control rights allocation from founders' critical resources,and expands the research on the sources of control rights.Thirdly,this paper takes control rights allocation based on the founder protection of private listed companies as intermediary variable,deeply discusses the internal influence mechanism among founder's critical resources,control rights allocation and private enterprise's performance,analyzes the influence of founder's critical resources on control rights allocation of private listed companies,and then indirectly affects company performance and value creation,deepen the research on company's governance theory.