The Influence Of Family Governance Structure On Investment Efficiency

Since the 1990 s,Chinese family businesses in the emerging capitalist market fast development,show a staggering wealth creation ability,become an important part of the market economy in our country.But because of family enterprise development time is short,a variety of operating mechanism are not perfect,and our country is in economic transition period,the family enterprises face difficulties due to low investment efficiency and even some small family businesses on the verge of bankruptcy problem more and more prominent.Inefficient investments will not only affect the interests of the corporate investors and shareholders,will also hinder the development of enterprises.Therefore,how to improve the efficiency of family enterprise investment is an important problem to be solved at present.Now studies influence the efficiency of the investment has a lot of,also has a lot of factors that affect the efficiency of investment,one of the most significantly influence factors to the governance structure,based on this,this article will take the family enterprise governance structure as the breakthrough point to carry on the empirical analysis,the efficiency of investment research of family enterprise governance structure is how to affect the investment efficiency,and puts forward relevant countermeasures,provide a reference for the sustainable development of family enterprises in China,it is of important theoretical and practical significance.This paper discusses and analyzes the family enterprises in the manufacturing industry.Through,on the basis of existing research literature at home and abroad,using empirical research method,discusses the governance structure of family enterprises in China(shares structure,executive incentive and management power)impact on investment efficiency,and the existing research,and then to relevant theoretical analysis and previous research conclusion as the foundation,put forward in this paper,the research hypothesis,using the Richardson model for regression analysis,the regression model respectively,the ownership structure of family enterprises in China,executive incentive impact on investment efficiency and management power.In this article the theoretical and empirical analysis,this paper draws the following conclusion: family enterprise ownership concentration is higher,in the manufacturing enterprise is,the less the investment efficiency;The more checks and balances in the family business,the lower the investment efficiency;The more shareholdings in a family business,the more efficient a company is.The greater the power of the family corporate board,the greater the efficiency of corporate investment;The greater the size of the board,the lower the investment efficiency.Significant positive impact on non-efficiency investments.Can be seen from the results of this article,the family enterprise governance structure is imperfect,led to the low investment efficiency of family enterprises,and perfect and innovation of family enterprise governance structure to solve the problems of family enterprises in the process of development,improve the efficiency of family enterprise investment is feasible,can for future scholars study has certain reference value.