The Research Of Family Company Ownership Structure And Investment Policy

The investment policy of family business is related to the future development direction of the enterprise,and relates to the sustainable development and survival of the enterprise.There is no doubt about the role of investment policy for family business is important.Ownership structure decided to investment policy.The different nature of the shareholders and the ownership structure will have a direct impact on the enterprise.The data that from 2003 to 2015,including equity structure the family firm and state-owned enterprises influence to investment scale and investment efficiency.Investment scale is the new investment accounted for the proportion of total assets,investment efficiency is measured according to Richardson regression model.By comparing the two groups,one is the family enterprises and state-owned,another is enterprises and has inheritance and no inheritance of enterprises.Overall,compared to family enterprises and state-owned enterprises,family business investment have a much larger scale;compared to the had inheritance and no inheritance,the had inheritance have a much larger scale.For the investment scale,proportion of family enterprises in the first big shareholder holds,the top five shareholders' shareholding and former top ten shareholders holdings and investment scale is a positive correlation,state-owned enterprises is a negative relationship.The number of shareholders for family enterprises and state-owned enterprises can reduce the investment scale.Family businesses can reduce the investment scale when the proportion of state-owned shares in investment scale.The state-owned shares of state-owned enterprises exist no significant influence to investment scale.Institutional investors on the investment scale is a vital role.For investment efficiency,compared to the family enterprises and state-owned enterprises,family business investment efficiency is lower.There have no significant difference between the businesses.Ownership concentration and investment efficiency is not correlation.Institutional investors make investment inefficiency.But for the number of shareholders for investment efficiency is positive effect,promote the investment efficiency.For family businesses to optimize their ownership structure,but also to attract outside investors,state-owned shares and institutional investors,the former can make enterprise investment effectiveness was improved,which will enhance the enterprise the management role.At the same time also pay attention to the internal friction of family enterprises in succession,which family enterprise can be more smoothly,more quickly on the road of healthy development.The problem is that the investment of investors did not have very good effect.Pay more attention to the number of shareholders and institutional investors,make more people can participate,exert the power of the public class,but also makes the value of that the institutional investors play a better participate in the company,to promote the common development of the interests of all parties,rather than to do "barbarians",should be a qualified investors,exert its strength.