Founder And Firm Value

Since the reform and opening up,China's private economy has developed rapidly and been gradually matured.Up to now,the private economy has become an important part of the real economy in China,playing an indispensable role.Unlike state-owned holding enterprises,most private enterprises are created by individuals or groups,that is,the founders of companies.Company founders have a special endowment in private enterprises,they can play an extremely important role,they will be more active participate in the management of enterprises,challenge all kinds of opportunities,the pursuit of lofty goals is the most special existence of private enterprises.However,in recent years,the company founder's living environment in the enterprise has become worse,its status is greatly challenged by the capital force,and the situation of losing power and leaving the enterprise for various reasons has become more and more frequent.Therefore,the founders of private enterprises in China are very worthy of study.At present,the literature of our country for the company founder research is neither sufficient nor in-depth,there is still large space for research.Based on human capital theory,principal-agent theory and enterprise life cycle theory,this paper selects private enterprises listing with China's A-share as the research object from 2005 to 2016.The information and data of the founder are obtained from the annual report and prospectus of the company.By reviewing and analyzing the relevant literature at home and abroad,the research hypotheses are put forward,and the corresponding regression model is constructed.This paper makes an empirical study on the relationship between company founder and enterprise value.The results show that there is a positive correlation between the founder of a company in the board of directors or CEO at the same time and enterprise value,and the corporate governance level has a mediating effect.However,the founder of CEO only has a significant role in promoting the value of the company.In addition,with the development of private enterprises gradually entering into a mature stage,the positive impact of the company founder on the enterprise will be weakened.Through theoretical analysis and empirical test,this paper has deeply understood the essence of the company founder,confirmed that the company founder has a positive influence on the enterprise value,and provided the reference for the relationship between the company founder and the private enterprise.It also enriches the research content of the affecting factors like corporate governance and enterprise value,which is of great significance both in theory and in practice.