Research On The Governance Of Family Listed Enterprises From The Perspective Of Enterprise Risk Management Framework

With the rapid development of family enterprises in China,the ranks of family enterprises entering the capital market and becoming public companies are growing.Compared with non family listed enterprises,family listed enterprises,as a combination of enterprises and families,not only have the characteristics of listed enterprise governance,but also have obvious family color.The founders and family members of family enterprises hold positions in the governance and management based on kinship and special principal-agent relationship,so as to control the listed enterprises.The family form of governance model can give play to the advantages that non family enterprises do not have in the operation and management of enterprises before listing.However,after family enterprises develop into public companies,too centralized family control is easy to produce many governance problems,bring disadvantages to the development of enterprises,and cause enterprises to be in high governance risks.Based on the perspective of enterprise risk management framework,focusing on the particularity of listed family business governance,this paper studies the performance and Realization Mechanism of governance risk caused by the particularity of family governance.By combing the current situation of corporate governance of Kangmei pharmaceutical,this paper focuses on the forms of corporate governance risk,reveals the deep-seated driving factors of governance risk,provides a new explanation mechanism for the corporate governance risk of listed family enterprises,and puts forward the preventive measures and suggestions for the governance risk of listed family enterprises.The conclusion shows that the risks faced by Kangmei pharmaceutical due to internal governance problems are mainly in the form of the risk that major shareholders damage the interests of minority shareholders with their control position,the risk of financial fraud,the risk of debt repayment,the risk of failure of independent directors to perform their duties,and the risk of information disclosure violations.The deep-seated reasons for the governance risk of listed family enterprises mainly lie in the dominant position of family members,the formality of corporate governance and the lack of external supervision.When the listed family business has high governance risk,it will eventually lead to the listed family business breaking the law and even facing bankruptcy reorganization.As for the governance risks of listed family enterprises,it is suggested to optimize the ownership structure of listed family enterprises by introducing institutional investors who have a large shareholding ratio and can compete with the rights of major family shareholders;Improve the governance structure of listed family enterprises by improving the participation of minority shareholders in the general meeting of shareholders and the functions of the board of directors and the board of supervisors;Listed family enterprises need to establish their own governance culture;Government departments should improve the laws and regulations of the capital market and strengthen supervision.Accounting firms and sponsor securities companies should perform their duties in good faith,and improve the debtor’s supervision mechanism to prevent the occurrence of governance risks.This paper analyzes the governance problems based on the unique aspects of corporate governance and family business governance,and expects stakeholders to have a deeper understanding of the governance risks of family listed enterprises,so that stakeholders can more effectively prevent the governance risks of listed family enterprises.