Research On The Governance Structure And Growth Of Family-controlled Listed Firms In Jiangsu And Zhejiang Based On The Intergenerational Inheritance

In this paper,family enterprises located in Jiangsu and Zhejiang province and listed on Shanghai and Shenzhen A-shares from 2011 to 2021 are selected as research samples.This paper examines the impact of corporate governance structure,such as equity structure,board characteristics and management incentives on the growth of enterprises.On the basis of combing domestic and foreign research,study the influence of intergenerational inheritance on the relationship between corporate governance structure and corporate growth,and study its adjustment effect and adjustment mechanism.First,this paper explains the background and significance of the research.Chinese family enterprises play an essential role in economic development,but at present,the governance structure of family enterprises is prominent,which has caused a lot of impact on the long-term survival and development of family enterprises.Jiangsu and Zhejiang provinces have a large number of family businesses,which are representative nationwide,and the two provinces are deeply influenced by Wu-Yue culture,and there are commonalities such as emphasis on blood relations in family governance.At the same time,China’s family enterprises are experiencing a period of intergenerational inheritance,and the success of intergenerational inheritance directly affects whether the family business can be established for longevity.Secondly,this paper sorts out and classifies the relevant research on enterprise growth,governance structure and intergenerational inheritance at home and abroad,and constructs the relationship between corporate governance structure and enterprise growth from the theoretical level to build the research framework of this paper.At the same time,the concepts of family business,governance structure,intergenerational inheritance and corporate growth are defined,and the basic theories such as agency theory,stewardship theory and social-emotional wealth theory are summarized,and the research hypotheses and regression models of this paper are derived accordingly.Thirdly,the sample range,definition and measurement of variables studied in this paper were determined,multi-dimensional fixed-effect linear model and moderation-effect model were used to construct the research model,and the research hypothesis was tested by Excel 2021 and Stata 17.0 software,and the moderating effect was tested by group regression method to draw research conclusions.In order to ensure the reliability of the conclusions,the2 SLS instrumental variable method,dynamic GMM model,substitution of related variables and reduction of sample size were used to test,and the samples were further studied and analyzed by region.Through theoretical and empirical analysis,this study concludes that the increase of equity concentration of family enterprises is conducive to promoting enterprise growth;equity balances,the number of board meetings and the ratio of family executives can all promote the growth of family businesses,and intergenerational inheritance of family businesses can strengthen this positive relationship;the proportion of family directors and executive compensation have a negative impact on the growth of family businesses,and intergenerational inheritance of family businesses will strengthen this negative relationship;the size of the board of directors and the combination of the chairman and general manager have no obvious impact on the growth of the family business.Finally,suggestions such as optimize the shareholding structure,improve the diversity of board members,improve the executive incentive system,and strengthen the preparation for intergenerational inheritance of family businesses are put forward according to the research conclusions.