Owership Structure And Firm Value: An Empirical Study Of Listed Family Firms

With the reform of economic system in China,the proportion of family enterprises in private enterprises is increasing year by year.Its contribution to the national economy is also growing.Ownership structure is the focus of corporate governance,how to use the equity structure to improve the value of the family business,which is also the difficulty of family enterprises.In the different types of the actual control of the shareholding control of the family business,large shareholders through participation in decision-making and management,the interests of the interests of the company and the ability to cut the gap is very different.Therefore,this paper discusses the influence of ownership structure on the value of family firms in different types of the actual controlling shareholder control,so as to improve the value of family business.The research selects 663 family companies since 2011 to 2015 as the research object.we combine multivariate linear and nonlinear regression analysis method to examine on the relationship between ownership structure and family enterprises' value.In addition,we divide into three types of family companies on the basis of different actual controllers.We record the full sample as scenario 1.We mark the sample that the actual control of these enterprises is the owner of one person as scenario 2.The enterprises which their actual control of these enterprises is the owner of the family-based members mark as scenario 3,This relationship includes parents,couples,children,brothers and so on.The enterprises which their actual controller is the owner of the core business partners mark as scenario 4.The research results show that on the scenario 1,it is the nonlinear relationship of three times between the largest shareholder's stake and enterprises' value,the optimal equity is between 20 % and 25 %.on the scenario 2,it is the nonlinear relationship of inverted " U " three times between the largest shareholder's stake on the scenario 3,it is same to scenario 1.the scenario 4,The proportion of the largest shareholder has a significant negative correlation with the enterprise value,It shows that the value of the firm decreases with the increase of the proportion of the largest shareholder in the family-owned enterprises controlled by the entrepreneurial partners with the owner as the core.The enterprise value and the top ten shareholders of the proportion of shares was significantly positive correlation.The HHI10 has a significant and positive correlation with enterprises' value.However,the coefficient of HHI10 in Scenario 4 is larger than that in Scenario 2 and Scenario 3,which indicates that family-owned enterprises controlled by owner-centered entrepreneurial partners increase the concentration ratio of the top ten shareholders to corporate value Of the positive role to promote greater than to the owner of a shareholding control and ownership of the owner as the core of the family-owned shares of family-controlled enterprises.The value of ZH5 in Scenario 3 is more than that of Scenario 2 and Scenario 4,which shows that the family-owned enterprises controlled by the family members with the core of the owners,the family of the top five shareholders The higher the proportion of the largest shareholder,the greater the negative impact on the value of the enterprise and the greater.Corporate value is positively correlated with enterprise life,but the impact is not significant.In Scenario 1,Scenario 2,the position of actual controller has a significant negative correlation with firm value.So this paper puts forward the following suggestions which firstly,the family companies should decrease the first big shareholder's stake;secondly,they should use the checks and balances mechanism to establish reasonable system of supervision.