| The rapid development of private-owned enterprises has led to an endless increase in the studies of family corporations which have accounted for half of the private ones.On the basis of the principal-agent theory,the social and emotional wealth theory,and the theory of the separation of two powers,researchers have been constantly exploring the advantages and disadvantages of family business governance on enterprises and the relevant impact on them.However,when the actual controller relationship of a family business is different,the impact of its governance on the enterprise is also different.Meanwhile,the existing literature rarely conducts differentiated researches on the influence of the family business control model to the governance.Take the company of KHYY as an example,the paper will study the relative countermeasures and the influence of joint control of couples to family business governance.According to the characteristics of joint control enterprises controlled by couples and based on the theory of separation of two powers as well as the social and emotional wealth theory,the thesis uses the literature analysis,case analysis and regression analysis methods to summarize the development of this type of enterprises as well as their impact on corporate governance.Finally,it puts forward some reasonable suggestions for rising problems.First,according to a relative literature review,the paper gives a detailed definition to the family corporations as well as those with a joint control of couples.Second,according to National Tai’an,wind,choice and other databases,this type of enterprises are screened,and statistical analysis of the development of the industry,scale,shareholding and tenure of couples was conducted.In addition,the method of regression analysis has been utilized to study the influence of “joint control by couples”to the family business agency cost,surplus management degree and the risk preference.According to the empirical results,all of these items are lower when compared with other enterprises that are controlled by couples.Third,in KHYY company,for example,the detailed analysis of the couple joint control of family business has exemplified the influence of this kind of enterprises to the corporate governance: enterprise agent cost is lowered,clear division of labor could grow the enterprise,surplus management degree is lowered,risk appetite decreases,the fuzzy boundary between work and family which has greatly influenced corporate decisions,the control power is too centralized as well as the broken relationship between couples and further disputes could exert some impact on the enterprise.Fourth,in view of the influence of “couple joint control” enterprises to family business governance,reasonable suggestions are put forward in equity structure,marital property agreement,appointment and removal system of board members,family trust,etc.Compared with the previous literature review,the innovations of the paper are as follows:First of all,from the broad concept of family businesses,the paper separates the typical type of husband-wife relationship for detailed analysis.It concludes that compared with other types of family enterprises,couples usually have no blood ties,but their relationships tend to belong to the strong contractual one of independent choice.This particularity will be a great helper to reduce corporate agency cost and earnings management degree,and also to influence the decision-making efficiency and corporate values.Secondly,in order to further analyze the influence of couples to the corporate governance,the study adds the female gender traits to the influence research and concludes that the female managers can reduce the corporate risk appetite,since they could offer more conscientious judgement to companies.Therefore,a new basis could be concluded for the impact of this model on the family business governance. |
PDF Full Text Request