Research On The Relationship Between The Ownership Structure And Corporate Value Of Listed Family Companies From The Perspective Of Internal Control

In his speech to celebrate the 40 th anniversary of the reform and opening up,Comrade Xi Jinping pointed out: "We must unwaveringly encourage,support,and guide the development of the non-public ownership economy." Therefore,studying the corporate value of listed family companies is of great significance to their financing through the securities market and to the good development of the company.The corporate value of listed family companies is affected by their unique ownership structure,and the effectiveness of internal control is also an important cornerstone of their corporate value.Therefore,this article studies the relationship between the equity structure of listed family companies and their value from the perspective of internal control,with a view to improving the value of listed family companies.First of all,this article first defines the concepts of the equity structure,corporate value and internal control of listed family companies,and explains the relevant theories of listed family companies,the relationship between equity structure and corporate value,and internal control.Then,based on the description and analysis of the existing problems of the corporate value of listed family companies,a total of 5735 research samples from 2014 to2018 of Shanghai and Shenzhen listed family companies were selected to conduct empirical research on listed family companies,taking shareholding structure as the explanatory variable and internal control as Intermediary variables,enterprise value is the variable to be explained,construct the relevant empirical model of equity structure and corporate value,equity structure and internal control,and the intermediary effect of internal control.Use the concentration of equity,the balance of equity,the proportion of management shares and the separation of the two powers to measure the shareholding structure,quantify the internal control using the listed company 's internal control comprehensive index(DIB),and use the total asset net profit margin(ROA)Measure the value of the enterprise,and finally draw the relevant conclusions:(1)There is a nonlinear relationship between the concentration of equity and the value of the enterprise,indicating that the two are not purely positive or negative.In the balance of equity,the smaller the ratio of the largest shareholder to the second largest shareholder,the greater the value of the enterprise.The shareholding ratio of management is positively related to the value of the enterprise,and increasing theshareholding ratio of management is conducive to improving the value of the enterprise.The separation of the two rights is negatively correlated with the value of the enterprise.The smaller the degree of separation of control rights and cash flow rights,the higher the enterprise value.(2)Both equity concentration and equity checks and balances are positively correlated with internal control.The greater the management's shareholding ratio,the more helpful it is for internal control execution.The separation of the two powers is still negatively correlated with internal control.(3)When the two-power separation degree is used to represent the shareholding structure,internal control has a complete intermediary effect between the two.When the remaining variables are used to measure the equity structure,there is a partial intermediary effect in internal control.Finally,in order to improve the value of the enterprise,this article puts forward suggestions on optimizing the shareholding structure,improving the management incentive mechanism and improving the internal control system.It also points out the deficiencies and future research prospects of this article.