| Based on Diversity-orderly structure theory, principal-agent theory andtechnology efficiency theory, this paper analyzes the differences of managementgoal among the different genetic relationship, and researches how this differencesimpact technical efficiency in family enterprise. According to characteristics ofpyramid control and ownership structure balance in family enterprise, this paperanalyzes whether the pyramid control and ownership structure balance is effectiveamong different genetic relationship. At last, this paper examines the above theorythrough empirical test used the data of listed company from2005to2008.The results of this study show: Firstly, the consistency of interests is onlyexisted in Core family members, the enterprise which is composed by nuclearrelatives make internal management complicated, and rises the internal agencycosts, which reduces the technical efficiency of family enterprise, the familyenterprise controlled by only one family members can’t take advantage of familyassets, which also reduces the technical efficiency of family enterprise. Secondly,because the core family members pay closer attention to Long-term interests offamily, the tunneling motives are relatively weak in the core family members,although the pyramid control structure brings the convenience, they won’t transferthe assets in enterprise. Thirdly, there are a lot of core family members in theposition of top management in family enterprise, they can make decisions and putthem into effect, which reduces the effect of ownership structure balance. Lastly,improving the technical efficiency of family enterprise should pay close attentionto the contract governance and trust mechanism between family members. |
PDF Full Text Request