Research On The Influence Of Ownership Concentration On Listed Family Enterprise Value Creation Ability

As a vital role in the economy field in most countries,the family business related research has been attracted extensive attention of scholars at home and abroad.The 8th international symposium on "entrepreneurship and family business growth" held in guangzhou in November 2012,the theme involving family business definition,the corporate governance and management,the development of the enterprise culture system perfect and entrepreneurship of the family business members,and so on.Family firms as a unique enterprise organizations active in China's market economy,not only meet the needs of people's material and cultural life,alleviate the employment pressure,also lay the foundations of China's market-oriented reform and the important force to participate in the international market competition.Compared with the general public companies,the Chinese culture formation of the traditional "family culture" has a more profound effect to the family enterprise management behavior,organization system,life cycle,study of contemporary Chinese family businesses can discuss the effective ways of family corporate governance model,summed up the rich Chinese characteristics model of corporate governance in the the blend of modern market economy and Chinese traditional culture.Family businesses also met with some bottlenecks in the process of development,the only solution is to improve the corporate governance structure characteristics of family business,previous studies of Chinese and foreign scholars,have confirmed that ownership structure has important influence on the value of the company.Ownership concentration is an important aspect of equity structure,this paper choose the perspective of equity concentration,on the basis of theoretical analysis and empirical research,explore the correlation of ownership concentration and listed family enterprise value creation ability.Based on the theoretical analysis and on the basis of literature review at home and abroad,this paper puts forward the research hypothesis and research design,after deleted data of missing sample and ST and * ST companies,selected the date of 197 listed family business in the five years between 2010-2014,a total of 985 samples of observations.First of all,through the principal component analysis,the comprehensive index of enterprise value creation.In the second,correlation analysis was carried out on the comprehensive index and ownership concentration.The last,come to the conclusion of the relationship between ownership concentration and the listed family enterprise value creation ability is u-shaped,in this paper,the listed companies' data from taian database.In this paper,the order of research is theoretical analysis,research design,empirical results,conclusion suggestion,study limitation,this paper is divided into six parts: The first chapter mainly introduces the research background,purpose and significance of this article,the basic concept,research situation and the research methods at home and abroad and innovation points in this paper.In order to provide theory foundation to the research hypothesis,the second chapter first analyzes entrust-agent theory,secondly analyze the stakeholders theory,The third chapter building the appraisal model of enterprise value creation ability,first,principal component analysis was carried out on the dependent variable indicators,it is concluded that the enterprise value creation ability of comprehensive index,and proposes the research hypotheses on the basis of theoretical analysis,the second,definition of independent variables and control variables measure,finally build the model.The fourth chapter first descriptive analysis of the independent variables and control variables,sums up the present situation of the ownership concentration of Chinese public family firms,next to correlation analysis of control variables and the dependent variable,to eliminate and control variables were not associated with the dependent variable;In the final,analysis regression results and inspection.The fifth chapter of this paper summarizes the empirical analysis conclusions and put forward relevant suggestions for the listed family companies.The sixth chapter,on the basis of the foregoing analysis,the writer points out the existence limitations of this studies and the further research trends of family businesses.