Family Authority,Patriarch Trait And Firm Value

Nowadays, more and more family enterprises get listed on the stock market, especially with the emergence of GEM stocks which initiates a new climax of family enterprises getting listed on the stock market. Proprietary rights and management rights are held by the family, so the phenomenon of the dominant stock is widely existed. Meanwhile, the present capital market is not perfect yet; middle and small investors are not well protected, and the conflict between the majority shareholder and minority shareholder is becoming increasingly conspicuous. Under such background, the research on family enterprises attracts attention from all social sectors.The thesis researches on family enterprises from the perspective of the family, and judges the influence of the family on the family enterprise wholly and partially. One perspective is the degree of influence of the family on the family enterprises wholly, which is called family authority; it can be measured from family rights and balance level. The other perspective lies in the relationship between the family individual and the enterprise. Generally speaking, there is a representative who influences the operation and management of the family enterprise. The representative is the "patriarch". The thesis researches on the family enterprise from Behavioral Finance.The thesis analyzes the influence of family authority and patriarchy on enterprise value from positivism. The innovations in the dissertation as bellow:(l)research perspectives:the thesis judges the influence of the family on the family enterprises wholly and partially. It wholly analyses from cash flow right and control right, and meanwhile dwells on the personal traits and leadership of the patriarch. Therefore, the thesis explores the influence of patriarchal authority and traits on enterprise achievements.(2)research contents:the thesis analyzes the influence of the patriarch from irrational economic person and then makes empirical test, which is the highlight of the thesis.(3)theoretical basis:based on relevant researches, the thesis regards that there exists a certain agent relation between the patriarch who participates the management and other family members who owns but do not participate the management in the family enterprise.