A Research On The Impact Of Family Companies Ownership Structure,Salary Incentive To Company's Risk-Taking

With the adjustment of China 's economic structure,Family business extensive production and management model has been challenged.The risks faced by enterprises are becoming increasingly diversified and complicated.When the family business operators due to "short-sighted" or aggressive investment decisions to the enterprise to bring unreasonable level of risk-taking,Will inevitably affect business performance,damage to company value.The risk-bearing level of family business has become the core problem of the enterprise's sustainable existence.And this problem is largely affected by the ownership structure of family enterprises and the reward incentive,different ownership structure,different reward incentive mechanism will affect the management of risk investment decisions.In view of this,on the basis of combing relevant documents at home and abroad,and analyzing relevant theories,This paper takes small and medium-sized family enterprises of Shenzhen Stock Exchange as the research object,to study the relevance of ownership structure,salary incentive and risk-taking.This article takes the fluctuation of the return on assets of the listed family enterprise for three consecutive years as the index to measure the risk-taking,the ownership structure is determined by cash flow rights,separation of ownership and pyramid level,the two years before and after the three executives of the total number of executive compensation and executive shareholding ratio as a measure of pay incentives indicators.Firstly,it studies the influence of ownership structure on reward incentive.Secondly,it studies the influence of the ownership structure and reward incentive on the risk-taking.Finally,the level of the pyramid to measure the complexity of the ownership structure,studies the impact of compensation incentive on the level of risk under different ownership structure.Finally,the empirical results are supplemented and explained by the case study of New Hope Group.So as to analyze the relationship between each factor and the enterprise's risk-taking in an all-round way.Through the study,this paper draws the following conclusions.First,the ownership structure of most listed family enterprises in China is unreasonable,Mainly in the higher degree of separation of the two powers,the number of pyramid levels(complex ownership structure),a dominant phenomenon is serious and so on,leading to unsatisfactory risk-taking levels.Second,China's listed family-owned enterprises pay structure is irrational,and the form is too single,mainly in the majority of enterprises pay incentive mechanism is still the main incentive to monetary compensation,senior management only have a small number of shares,executives "zero holding" phenomenon is widespread,affect the enthusiasm of executives innovation,leading to low level of corporate risk-taking.Third,ownership structure of listed family firms will influence the management of risk investment decisions byinfluencing incentive mechanism.As the level of the pyramid increases,the ownership structure becomes more complex,which leads to the decrease of the sensitivity of the salary incentive to the risk-taking.