The Empirical Analysis Of Family Involvement And Actual Controllers' Behavior Of Reducing Shares

On the one hand,in recent years the rapid development of domestic economy also accompanied by a rise of family businesses have sprung up,family business has become an important force to advance to promote domestic economy,analyzes the economic behavior of family businesses has important guiding significance to our national economic development.Family business that is influenced by social emotional wealth pursues the non-economic objectives uniqueness,family intervention for family enterprises in the pursuit of social emotions wealth will produce different from the unique behavior of family businesses.So in the perspective of social emotions of wealth by analyzing the economic behavior of family intervention and family business relationship is of great importance.On the other hand,with the completion of the reform of non-tradable shares,large shareholders on the secondary market reduce stock positions frequently,because of big shareholders in quantity and amount for buying and selling shares in the secondary market is very huge,so it causes secondary market fluctuations in stock prices significantly.So from the perspective of social emotions wealth,the study of family intervention and actual controllers' behavior of reducing shares,not only enrichs the listed family companies the actual control related theory research,but also is important significance for the development of asset market of our country healthy development.This article firstly teases social emotions wealth,major shareholders holdings and family intervention.Second,from the family enterprises is different from other characteristics namely family intervention study,and based on the perspective of social emotions wealth to analyze family intervention for family enterprises actual control positions of influence,and choose the family intervention six dimensions: interventional management intervention,the board of directors,ownership between generations,intergenerational involvement,two rights separation degree as the proxy variable of social emotions wealth to explore family intervention and family enterprise actual control behavior relationship underweight,put forward six theoretical assumptions.Finally,collected in June 2013-June 2015 deep Shanghai two cities listed family companies the relevant data,using stata12 software is analyzed,using Logit and Tobit regression test of them to the actual controllers respectively and the influence of the proportion of underweight.In this paper,the theory and empirical research results show that:(1)the ownership of intervention and the actual control whether underweight and reduce its proportion is u-shaped relationship,when the family stake below a certain degree,the actual control of people not only will not reduce,but may increase;But when the family stake is higher than a certain degree,the higher the stake,adhere to the greater the chance.(2)management intervention on actual controllers are underweight and reduce its proportion has significant effect and the negative correlation;(3)the board whether the intervention to control the actual holdings and reduce its proportion has significant effect and the positive correlation but in contrast to the expected symbol;(4)between generations of actual controllers are underweight and reduce its proportion has significant effect and the positive correlation;(5)the intergenerational involvement of actual controllers are underweight and the proportion of underweight had no significant influence;(6)two rights separation degree of actual controllers are underweight and reduce its proportion has significant effect and is positive correlation,two rights separation degree is higher,reducing their holdings of the greater the degree of motivation and actual controllers.Research shows that the actual control of listed family companies reduce its behavior under the influence of family intervention,and the higher the degree of family intervention,social emotional wealth is higher,the actual controllers underweight motivation and degree.In this paper,we study the innovation points mainly embodied in the following aspects: first,enrich the domestic research literature about reduction of major shareholders of listed companies.Social emotions can be measured with related indicators of wealth-family intervention and control of the enterprise family behavior to return stock holdings,to analyze the influence of listed family companies the influence factors of positions,the novel unique Angle of view.Second,enrich the theory of social emotions wealth of research and application.Starting from the social emotional wealth,consider family intervention and control of the enterprise family man positions,the relationship between the detail,formed a relatively complete analysis framework.