The Influenced Factors Of Family Exits And Performance Research

Family firms are important components of China’s economic development force.Since the reform and opening up,the development of family firms so many years the family firms has a certain degree of primitive accumulation,in the search for the further development of the process,some companies were gradually to the family,and some of the family firms remain family controlled and managed.Different family firms continue to develop different directions and are influenced by a variety of internal and external factors.Aiming to be family-oriented family enterprise as research subjects,and did not go with the family-oriented enterprises in contrast with China’s business environment and institutional context,explore the factors affecting the family firms to the family,revealing the different types of family enterprises in different situations selected to the family way for market regulators supervise the market,and promote the development of family firms smoothly and efficiently to provide empirical evidence.The thesis Consists eight chapters,the first chapter is an introduction,introduces the research background and significance of this research line,Definition and Analysis research methods,innovation and research objects.The second chapter is literature review and theoretical analysis,family firms corporate governance theory,social theory and the emotional family enterprise performance and other related documents to sort out,and analyzed on this basis.Chapter III Family firms Growth institutional background,a brief overview of the rise and development of the family firms,including its historical background and the growth in the development of the institutional environment.The fourth chapter to the sixth chapter is the empirical study,the fourth chapter describes the family firms to the family of the current situation and the level of the family firms enterprise to the family factors,the fifth chapter focuses on the industry level and system level to the family firms to the family’s influence,sixth chapter analyzes the changes in the performance of family firms to go after the family.Chapter VII case analysis,case notes by the descendants of the internal capabilities and harmonious relationship between family members on the family firms to the family of.Chapter VIII of this article is to summarize the proposed insufficient part of the study and the direction of future research.The main contents and conclusions are as follows.First,the definition of family firms carried out and reviewed the internal and external development and the theory of family firms,and a brief account of the historical origins of the family firms and Change.Through the different categories of family enterprises were discussed family firms in different environments different direction.At the enterprise level and industry level were investigated factors affecting the family firms to the family,and analyzes the family firms before and after the change to the performance level of the family.In addition,the impact of the case by family members and descendants of the interior of the family firms to the family.Secondly,the study found that the transparency of information on different types of enterprises to the family’s influence is different.Business analysts to track the number of listed companies was established way before the time listed as an explanatory variable,whether the family firms to the family as a dependent variable regression,regression results show that the family firms analysts to track the number of samples of all family firms the role of sub-samples and to the family’s role in the family firms different.In the sub-sample to the family,the more the number of analysts tracking,business tends to be more to the family;in the whole sample,the more analysts tracking the number of enterprises,the less tendency to the family.Moreover,business analysts tracking the more people,the less related transactions with the enterprise,so the possibility of family shareholders to obtain personal gain will be reduced.The results indicate that the impact of enterprise information depends on the transparency of the family firms family firms pay more attention to the overall value of the family or business interests.Then,empirical studies have found a technological content industry in which the higher,corporate R & D investment is higher,the more the family firms is not easy to carry out to the family.The more intense the family firms product market competition,the enterprise is more inclined to carry out to the family;of sub-samples on the Product Market Competition compare results showed that companies use direct listing mode,product competitiveness no significant impact on the family firms to the families;while listed companies indirect way,the impact of competitive products on to the family of the more significant.And that further study found that in less competitive environment,family firms can improve their competitiveness by introducing external professional managers;more intense competition in the environment,improve the competitiveness of enterprises through the introduction of external managers can’t meet the needs,brutal competition makes companies more easily transferable.Enterprise in which the higher trade barriers,more family firms conduct to the family;of sub-samples of the family firms to the family of the regression results show that family firms indirect market more vulnerable to trade barriers,resulting in de-Family;and changes in family enterprises listed directly on the trade barriers have a certain degree of adaptation,not easily march family.In addition,further was tested in the family firms and to the family’s influence,was found more sensitive to higher trade barriers in the family firms of changes in trade barriers,lower trade barriers and lower environmental industry has high barriers to trade barriers the change in their family firms is relatively slow.Conclusions show that the industries improve the technological content,reduce the degree of monopoly product,reduce trade barriers and help the family firms to further expand equitable development.And,it discusses the family firms to influence the way the family of enterprise performance and found a different way to the family of the role of business performance is also different.But also from the Family Firm manner viewpoint verify different to the family way the role of different types of family firms,the results show that the introduction of external managers to the family mode of enterprise performance significantly enhance the effect,and the corporate transfer to family-oriented manner no significant effect on firm performance.Moreover,in listing the different types of family firms to absorb external professionals to help family firms listed directly biggest family firms for indirect listed no significant effect;enterprise transfers a certain extent,promoted the level of performance of listed family firms directly,for indirect listed family firms still had no significant effect.Subsequently,through horizontal comparison to the family firms and not to the family enterprises,found that before to the family enterprise,whose performance has been significantly lower than the other family firms;when the enterprise to the family,and other enterprises shorten the gap between the level of performance.Further to the family for the enterprises in the longitudinal analysis and comparison and found that the introduction of external managers can significantly improve business performance,but the company changed the actual controller(transfer or sale)has little effect on firm performance.Finally,in the form of case illustrates the impact of harmony with the will of the descendants of the internal capacity among members of the family to the family of the family firms.When harmony among family members,healthy growth,family enjoyable;When given the contradiction between the two,how to balance and adjust the relationship between the family firms is very important.It is the family exit provides the opportunity to resolve this contradiction.