Intergenerational Inheritance And Accounting Transparency Of Family Firms In China

The effective operation of the securities market is inseparable from the help of information transparency.However,many scholars believe that the accounting transparency of family businesses is usually lower than that of non-family companies.At the same time,family businesses are currently at a stage of steady operation,and they are generally faced with intergenerational inheritance.However,intergenerational inheritance is not only related to the continuation of the family business,but also a “ghost door” that it faces,which has special and significant significance for the family business.Therefore,this paper is mainly based on the theory of social emotional wealth,aiming to explore the changes of accounting transparency before and after the intergenerational inheritance of family business,and analyze the influence of family controlling shareholders on the relationship between intergenerational inheritance and accounting transparency.Further,consider the difference between the role of the external market environment in controlling the family's role in intergenerational transmission and accounting transparency.This paper selects the CSI A-share listed family enterprises from 2003 to 2017 as the research object.Through empirical tests,the research finds that:(1)the accounting transparency of the family business is higher after the intergenerational inheritance;(2)the Socioemotional Wealth of the holding family will weaken the positive correlation between intergenerational inheritance and accounting transparency.That is to say,the Socioemotional Wealth of the holding family will significantly improving the accounting transparency of the family business after intergenerational inheritance,and has an alternative effect on other factors.(3)When the family business is in a less market-oriented region,the influence of the family's Socioemotional Wealth on the positive correlation between intergenerational inheritance and accounting transparency is more significant.The research in this paper enriches the research on intergenerational inheritance and accounting transparency of family business,and has certain guiding significance for the intergenerational inheritance and corporate governance of family business in China.