Pan-Familismandthe Evolution Of Family Business Governance Mode

Since reform and opening up family business has rapidly rising, and now has occupying a pivotal position in the economic development.Different from ordinary business, family business is based on consanguinity and affinity, usually controlled by a family, its ownership and control right are concentrated on the hands of family members, thus form a heterogeneous "familism", this feature significantly reduces the agency cost, improves the efficiency of corporate governance; At the same time, the altruism of family business encourages the family members sense of responsibility, the same values also could prompt them to strive for the benefit of the business, thus improves the efficiency of corporate governance.However, along with the development of business, human capitaL physical capital will gradually cannot satisfy the needs of the family business growth, will inevitably face with the problem of introduction of external human capital and material capital, so how to make family business in the process of gradual development to maintain the efficient governance "familism" becomes a notable problem.We select329listed family businessin SSE and SZSE from2006to2010as samples. First, to verify the "familism" can improve the efficiency of corporate governance; and then, select" Source of general manager" and "shareholding of general manager" two variables on behalf of the characteristics of "pan-familism", as a moderator variable toverify "pan-familism" can continue the advantage of "familism"has a significant impact to improve the efficiency of family business governance, in order to provide a reference tothe inheritance and development of the family business in our country.