Empirical Research On The Optimal Ownership Concentration Of The Family Listed Company

Family business is one of the more general organization forms in the world,it is considere to be biggest in quantities and complex in its internal structure among groups of contemporar enterprises as well. China is a country which is affected most by the family culture in the work "Development Report of Chinese Private Enterprises"(1978-1998) points:today, family-owne is a general form in China's private enterprises.Since 1990s, development of Chinese family business is rapid, a group of outstandin enterprises issue stocks in A Share Market publicly, that played an important roal in the nationa economy and the market economy.In 2004, Small and Medium-sized Enterprises Boar established, which provides a good paltform for the further development of family business.Bi the subjects of family business are researched by many scholars. One of the most importar problems is family ownership concentration.Firstly, this article analyzes that family ownershi concentration is a endogeneity problem, and shows the relationship between the bigge; shareholder and shareholder dividend, enterprises scale economy.And then, propose hypothesi that family shareholders have the optimal holding proportion.We carry on the substantia evidence analysis. However, in the real world, the company ownership structure is not alway maintained at the optimal level, and often deviated from it,but the deviation should b temporary, and eventually the company will adjust to the target equity ratio.We verify th behavior of the target equity ratio of SME board family business under Static tradeof theory.Finally,the article puts forward some suggestions,in order to provide some guidance fo the adjustment of family business corporate governance.