The Effects Of The Ownership Structure Of Family Enterprise In China On Corporate Governance

In the decades of China’s reform and opening up, private enterprises have gradually become an important part of our market economy. Especially in recent years, private enterprises have added new vitality to Chinese market economy, which enhanced the market competitiveness and made an important contribution to the national income and employment. When private enterprises develop rapidly, corporate governance issues follow in the meantime, especially the family business, because its unique ownership structure produces a special corporate governance structure. The research on the relationship between ownership structure and corporate governance provides a good entry point to explore how to keep the sustainable development of private enterprise. As the most representative private enterprise, the research on family business is very important. This essay selects XW Group Corporation, the most representative family business as the analysis object. As a substantial enterprise in agriculture and animal husbandry industry, the market value of XW Group Corporation’s public companies holds the perennial primacy of China’s A share market, which will be a typical representative for the study of a series of issues of family business development, ownership structure and corporate governance.Taking the principal-agent theory, control theory and the allocation of the property rights theory as the theoretical basis, this dissertation makes a comprehensive analysis for the corporate governance model of the Anglo-American Corporation, Japan and Germany company and Southeast Asian corporate, with its own development of the family business. It sorts out the characteristics of our family enterprise ownership structure, analyzes the relationship between ownership structure and corporate governance, and studies the influence factors of ownership structure on corporate governance. In addition, by combining with the XW Group Corporation, this thesis makes a concrete analysis of the characteristics of ownership structure in each phase, and explores the influence of the characteristics of the ownership structure on corporate governance in each stage. It finds out that dominance and fuzzy enterprise property rights, and obscure relationship between two rights and other issues are the main problems of family business ownership structure and corporate governance. By analyzing the influencing factors of the ownership structure of XW Group Corporation on corporate governance, this paper proposes recommendations for governance shortcomings, and hopes that the research and analysis can improve the corporate governance structure of family business in our country and provide a reference to optimize the ownership structure of family enterprises.As an important part of private enterprises, the family enterprise has its unique characteristics from its inception. This dissertation analyzes the characteristics of the three different stages of equity structure respectively from its start up, growth and mature period. On this basis, it conducts the analysis of its influence on corporate governance so as to provide some reference and help for the good development of our family business.