Lisetd Family Enterprise’s Family Network Level And Non Efficiency Investment

At present, the family business in our country has reached about3600000, in the national industry the main index, regardless of its production value, profit total, number of employees are a large proportion of. Civilian battalion economy already occupied half of the country of our country GDP income, family enterprises have become the leading to absorb employment, employment population accounts for the national employment number75%, but also the technical innovation to the prime mover. However, family enterprises under the management of excessive concentration of power, enterprise interior lacks democracy, causes the enterprise to lack restrains a mechanism, increase a business decision-making risk. But the existence of family enterprise property right allocation status is not clear wait for a series of problems, serious impact on enterprise development. Family enterprise system after all how, this article attempts to study.On the research of family enterprises, find the definition of family business is still no uniform definition. We use the concept of family business, apparently by the same nouns refer to different entities, they are not clearly states the scholars of tacit knowledge in the family business understanding. In order to understand the nature of the family business, we use the method of bibliometrics, based on CNKI database, the family enterprise research literature metrology, to dig out the family enterprise’s core features--family enterprises are embedded in the family network in enterprises. Family by family network holds a large proportion of the shares of enterprises, and through family networks of enterprise management, at the same time planned or already the enterprise ownership and management control passed to their children or other family members.This choice of investment efficiency of this variable on the family system research is because enterprise investment efficiency, for the development and growth enterprises plays a vital role, also deciding the future cash flow, related to the management risk of the enterprise, level of profitability and capital market on enterprise management status and prospects for the future development of evaluation, enterprise financial decision.First, draw lessons from Guo Yuejin (2002) the family level model, a measure of our country family network level. Secondly, according to the Richardson (2006) non efficiency investment model, to our country2007,2010year of non-financial listed family company as samples to study the family enterprises in China’s current investment efficiency. Finally, in order to non efficiency investment as the dependent variable, attempts to explain the family business as the important characteristics of the family network level and family business non efficiency investment relationship. The results showed that:the higher the level of family network, family business is not inefficient investment, so it is proved that the family enterprise system is an advantage.With existing research, this innovation has two points. First, is the use of bibliometric method, eliminating the tacit knowledge to the study of the impact of. Family enterprises: main characteristics found embedded in family network in enterprises. Second, the Chinese family enterprise non efficiency investment research literature is relatively small, most of the domestic scholars mainly on inefficient investment of state-owned enterprise expansion. This innovation family network level and family business non efficiency investment combination, considering the advantages and disadvantages of family enterprise system.