The Basic Research Of Corporate Governance Of Family Firms In Modern China

The modern enterprise was mainly divided into three types according to the capital organizational structure:the individual proprietor system,the partnership system,the corporate system.The enterprises in the corporate system gradually achieved the dominant position along with the development of history,of which the family firms controlled by one or several families occupied a considerable proportion.Firstly,this article study the historical evolution of family firm's stockholder's rights structures,which was divided into such three structures as the prewar stockholder's rights structure,the wartime stockholder's rights structure and the postwar stockholder's rights structure.Secondly,from the different stockholder's rights constitution and the concentration degree of stockholder's rights,we analyze the influence on Corporate Governance caused by stockholder's rights structure.Then,we inspect the institutional arrangements of each family Department store's company basing on the companies' constitutions.Finally,we respectively carry out the inspection on actual government situations and the effects of various families Department store.After the inspection,the modern family firm's company had the major characteristic of the internal government.This characteristic was demonstrated from such aspects as the organizational structure's arrangement of the family firm's board of directors,the family trend of the company high-level superintendents,the decreasing of the supervisors' functions and reforming measures,encouraging measures advantageous to family members and so on.But exterior government mainly concentrates in the related company rules of the government and the stock market influence,because there are some reasons:the government legislation had a kind of backward quality,the preliminary stocks of family companies was not listed,the family members of listed companies in the later period dodged the pressure caused by the "votes with the foot" from the exterior shareholders.At the same time,the exterior government strength of the modern family firms was limited,mainly because of the lack of the institutional environment of complete law and the absence of the market for the professional managers.The government pattern adopted by the family firms would rather be an inevitable historical choice on politics,economy and social environment for realizing the family benefits maximization than the correspondence with the special stockholder's rights structure.