The Influence Of Enterprise Internal Power Deviation On Enterprise Value Under The Difference Of Marketization Degree

With the development of family business diversification,family business members are becoming more and more diverse.Family members may cause a series conflicts and interest problems due to their different backgrounds,values,and business ideas.Members of the family of cash flow rights and control rights deviate from it has been a hot research scholars at home and abroad,research found that the ultimate controller is easier to control,including the Pyramid cross shareholding control by controlling the chain because of the complex phenomenon of power deviation,using cash flow rights occupy other advantages of the interests of minority shareholders.By studying the ownership structure of listed family businesses,this paper discusses the influence of family members' internal power deviation on the value of enterprises.In addition,the location of family businesses is different because of the different external environment,which is bound to show different development characteristics.Therefore,this paper further introduces the degree of marketization to explore the influence of family members' power deviation on the value of the enterprise.First of all,through the relevant literature review,concept definition and theoretical basis of this study proposed related assumptions;secondly,select the Shanghai and Shenzhen 2014-2016 listed family enterprises as the research object,separately from the cash flow right and management right deviation,cash flow right and control right deviation,cash flow right and control right deviation three aspects of interpretation power deviation of family members,through the construction of multivariate regression model analysis of power deviation influence on enterprise value,and on the basis of introducing market level as regulation variables;finally,this paper draws the following conclusions:(1)the family members of the cash flow right and management right deviation and the enterprise value was negatively correlated,i.e.cash flow right and management right deviation is larger,the smaller the value of the enterprise;(2)members of the family of cash flow right and control right deviation and the enterprise value was negatively correlated,But not through the significant test;(3)members of the family control right and management right deviation and the enterprise value was negatively related,namely the control right and management right deviation is greater,the more hindered the development of enterprises;(4)members of the family of power deviation was negatively correlated with the enterprise value,namely the family power deviates more that is not conducive to the development of the enterprise;(5)the listed family enterprises a higher degree of market area,power deviation will hinder the development of enterprises,but the negative impact caused by the small block;low degree of marketization in listed family enterprises,power off the adverse effects of the enterprise will further deteriorate.Therefore,the degree of marketization has a regulatory effect on family members' internal power deviation.In order to better improve the development of listed family businesses,this paper puts forward suggestions for optimizing family business equity structure,establishing family committees,strengthening information disclosure system and improving external legal environment,hoping to have some practical guiding significance for the development of family businesses.