A Study On The Inheritance Of The Control Rights Of Listed Family Enterprises And Its Market Reaction

In order to explore the inheritance status of family businesses in China,this paper uses literature research,statistical analysis,event study and other methods to study the transmission mode of A share listed family businesses and the response of capital market to different inheritance modes.The results show that,although the degree of professional governance of foreign family enterprises is generally high,the degree of professional governance of Chinese listed families is still low.The inheritance of business control right is mainly carried out within the family.Only a few enterprises choose to hand over the control right of enterprises to non-family members.Among them,the selection of professional managers to manage enterprises is very few.Moreover,although family members and non-family successors also have the characteristics of well-educated and male dominated,the average age of family successors taking over enterprises is significantly less than that of non-family successors.In addition,the capital market has a significant negative reaction to the internal control of the control,and there is a significant positive reaction to the external transmission of the control right.This article believes that the traditional culture,imperfect laws and regulations,complex economic environment and other factors have resulted in the above results.Therefore,in order to family business can be handed down from age to age,continue to grow,China should continue to improve laws and regulations to strengthen the protection of private property,establish and improve the occupation of market credit system,optimize the governance structure of the family business,which lay a foundation to play a positive role in family enterprise occupation managers.