The Motivations And Effects Of Control Right Adjustments Of Family Business

As an important content of family corporate governance,control right is the source of maintaining stable and powerful development of family business,which is paid close attention to by academia and practice.In order to increase the output of the productive inputs in the development process,the initial owners usually carry out the equity adjustment and transfer part of the ownership to the owner of the other productive assets in the case of ensuring the right of control.In order to concentrate capital,to achieve the optimal size of the enterprise,or to transfer part of the ownership to human capital in order to improve the production of material assets ownership and produce the highest output of human capital ownership degree of matching.At the same time,the actual controller will be part of the management control assigned to the manager.In the process of achieving scale and maximize the value of the enterprise,while the risk of control,such as Gome,NVC lighting and other family business control of competition,indicating that ownership and management control of the adjustment in bringing family The expansion of the enterprise also brings the risk of control.This time and again the crisis of control,led to our family business to adjust the way control,motivation and effect of thinking and discussion.Based on the theory of control,this paper divides the control right into equity control right and management control right.On this basis,it analyzes and analyzes the adjustment method and motive of the actual controller's control right,and analyzes the case with Gome,This paper studies the effect of Huang Guangyu,the actual controller of Gome,on the adjustment of corporate control,corporate governance,corporate value,strategic planning and control risk in different stages.The study found that the actual control of the country the United States Huang Guangyu family business expansion and development of the sharing of benefits in a high proportion of ownership when the adjustment of control to achieve the expansion of the size of the company and enhance the value of management control is also part of the transfer To the manager.After Huang Guangyu in order to obtain private benefits,through equity holdings to seize self-interest,equity control once again reduced.At the same time,we find that the adjustment of control rights under the motivations of shared revenue and private gains is accompanied by obvious market timing motive.However,with Huang Guangyu's shareholding proportion declining and the controlling right of the shares being at the critical value,Huang Guangyu's imprisonment gave the managerial control right completely to the manager,which led to the risk of control and caused the manager to control the enterprise Contention.Finally,Huang Guangyu with non-listed assets to turn things around,re-return to the board of directors,to restore management control,through the injection of non-listed assets for the previous adjustment of equity control was amended,and the Huang family through the integration of assets into and Stock repurchase to pass information to the outside world to boost the confidence of the capital market to enhance the country the United States share price.Based on the theory and case analysis,this paper suggests that the control family needs to adjust the control power to seek the expansion of the company and the improvement of the value.At the same time,the actual controller in the control of the adjustment,the construction of a strong corporate governance structure is conducive to the interference of factors of dissonance,to prevent potential risks caused by the control crisis,including:prudent design of ownership structure to ensure equity control;arrange listed and unlisted assets to deal with the risk of equity control;appropriate set of rights to ensure management control of the board of directors.