Research On Impact Of Family Members's Power Concentration On Enterprise Value In The Family Listed Corporation

Family listed companies,also known as listed family enterprises,are an important form of enterprise organization and play an indispensable role in promoting global development and social employment.The governance of family listed companies has always been the focus of academic research.Many important issues of family listed companies governance,such as succession disputes,family division contradictions,power conflicts and so on,belong to the category of family members' power concentration.Enterprise value,as an important index to measure the efficiency of enterprise economic activities,has always been the focus of scholars' attention on the research of enterprise value of family listed companies.At the same time,business diversification and scale are also important governance scenarios for family listed companies.Combining with the research of governance scenarios,family listed companies can make more appropriate power arrangements for family members,reduce the cost of power use,and then enhance the value of enterprises,so as to realize the Evergreen Foundation industry.This study is based on family listed companies,trying to explore the relationship between family members' power concentration and enterprise value,and on this basis,to study the regulatory role of diversification and scale of operation on the relationship between them.This study has important practical and theoretical significance.The structure of this study is as follows: Firstly,it introduces the realistic and theoretical background of the research on power concentration of family members and enterprise value,summarizes the research content and summarizes the domestic and foreign literature related to the research topics of family listed companies,power concentration of family members and enterprise value;secondly,it introduces the theoretical basis and core concepts of this study.Thirdly,the research hypothesis is put forward and the corresponding model is constructed.Then,the impact of power concentration of family members on corporate value of Family Listed Companies in China is studied by descriptive statistics,correlation analysis and linear weighted least squares regression analysis.Finally,based on the above theoretical analysis and empirical research,this paper summarizes the research conclusions,puts forward feasible suggestions to optimize the power concentration of family members of Family Listed Companies in order to enhance the value of enterprises,reflects on the lack of research and looks forward to the future.The results show that:(1)The power concentration of family members of family listed companies is positively correlated with enterprise value;(2)Diversification of management negatively regulates the relationship between family members' power concentration and enterprise value to a certain extent;(3)Business scale positively regulates the relationship between family members' power concentration and enterprise value in family listed companies to a certain extent.Relevant conclusions and suggestions of this study provide relevant reference for Listed Family Listed Companies in China to optimize the power concentration of family members,enhance the value of enterprises and even realize the Evergreen Foundation of family listed companies.