Research On The Governance Of Related-party Guarantee Behavior In Listed Family Business

There has been much debate concerning the performance of family firms and the drivers of their performance. Some scholars have argued that family management can benefit the firm due to the stewardship, while others claim that family management increases the second agency cost, in this way the non-family shareholders’ interest will in danger, the capital market will also be affected by different degree.But throughout most of the existing research, domestic and foreign research on family governance haven’t taken into account of internal and external influence factors in the enterprise, most of the reaches only analysis the family firms’ internal governance structure, this paper consider two sides of the influence factor--family ownership concentration and external degree of regional marketization. And according to the area marketization degree,we divided the sample into three categories, trying to explore different level of the degree of marketization, family governance will produce what kind of different governance results.This paper carries out a theoretical research based on cross-sectional data from 2008 to 2012 using family controlled listed companies. The study result in following conclusions: firstly, family management and tunneling behavior is positive correlation, this means there is a higher possibility of tunneling in family listed company. Secondly, Family ownership concentration will inhibit the tunneling behavior of family--controlled business, the risk of firm will be reduced. The degree of marketization will affect the effective of regulation hidden risk by the family equity concentration, which means in the medium level of marketization region family business will have high risk and in other region the risk will be lower.This article is divided into six chapters, the first chapter describes the status quo of related-party guarantee behavior of listed family business, the purpose, the method and so on; The second chapter mainly introduces the journals review about the family business and related-party guarantee; The third chapter mainly introduces the research hypotheses of this article; The fourth chapter mainly introduces the research design; The fifth chapter mainly introduces the conclusion of this article; The last part summarizes the conclusion of this article and put forward some suggestions.