The Study Of Relationship Between Corporate Governance Modes Of Chinese Listed Family Company And The Successful Succession

Family enterprises are an important form of enterprise organization all over the world. It has a long history and plays an important part in the world economic development.Family enterprise in our country has gradually disappeared as a result of the socialist transformation after the founding of new China.After the reform and opening-up policy, especially since the establishment of market economy system, the government has encouraged people to do business and as a result, family businesses have boomed and have got unprecedented development.However, most of family businesses in China are now facing the succession problem, which have been more than30years of history.Due to the short-term development of China’s family businesses combined with the lack of precedents of domestic family business succession, we could hardly draw lessons from the experience. Thus, the risk of our family business successful succession is very big. However,Domestic researches have mainly focused on the study of the influences of the factors such as the capability of the successors, the cultivation of successors and the family perspective to the success of the family business succession. However, theorists believe corporate governance modes also have important impacts on the success of the family business succession. Whereas, there are few domestic researches that have focused on the study of the influences of the factor of corporate governance to the success of family business succession in our country. In view of this, I draw lessons from the methods and experience of the past relevant researches and found that the governance modes of family business might influence the success of the second generation’s succession.Then, this paper tries to study the influences of corporate governance modes to the success of family business succession, hoping to make contributions to the long-term development of family enterprises.Concretely, this paper first puts forward six assumptions from different aspects of corporate governance modes, such as the founders’ right of management, right of ownership and the structures of boards.And then it make a empirical test to the assumptions and also analyzes the results of the empirical test. Finally, summarizes the study and make suggestions of the further researches. The concrete structure of this paper is as follows: Chapter one is introduction. It mainly introduces the research background, overseas and domestic research status, basic concepts, the significance, contents as well as methods of the study.Chapter two is literature review on the family business succession. It is mainly about the researches of the success of the family business succession in recent years at home and abroad. To be specific, it contains the analysis and summary of six aspects such as the modes of the family business succession, the inheritance of the ownership,culrural environment,personal ability and other factors.Chapter three is the theoretic analysis and research hypothesis of the influences of the success of family enterprises succession. Firstly, it analyzes how the every aspect of management modes influence the succession by using the enterprise management theory and market economy theory, aiming at laying the foundation of the relationship between corporate governance mode and the success of family enterprises succession. Then, it builds hypotheses about the relationship between the corporate governance mode and the success of family enterprises. Finally, according to the hypotheses, it designs explanatory variables, explained variables, controlled variables, as well as their definition and measurement. And also it analyzes these variables.At last,it also explains samples selection, data resources and the design and study of the models.Chapter four is the empirical analysis. The part use the models designed in chapter three to make an samples selection, data resources and the design and study of the models. It uses the short-term and long-term indicators, i.e., cumulative excess return rate and the increase of asset returns as dependent variables to make a regression of the influence of corporate governance modes to succession as well as makes an analysis of the results.The fifth chapter is mainly about the research conclusions and the suggestions about how to succeed in family business succession. To be specific, it firstly draws conclusions from the results in chapter four. Secondly, it makes suggestions about the methods of how to manage the family enterprises in order to successfully inherit. And finally, it puts forward the shortages of the paper and expectations of the further studies.