Research On The Influence Of Founder's Control Right On The Growth Of Enterprises

As China's economy explodes,more and more start-ups seek to go public,but this has also led to a battle for control between the founding team and outside investors.Examples such as gome's struggle for control and baowan's struggle for control further demonstrate the importance of control allocation in the study of corporate governance.How to realize the rational allocation of control rights in corporate governance structure has become the focus of theoretical and practical research.At present,our country securities market regulation is still cling to the principle "with shares with right",but ali's partner system,jingdong dual share system,etc.The presence of the securities market in our country,and its own operating performance makes good more and more scholars and entrepreneurs for the attention and acceptance of the system design,at the same time,the founder as the founder of the enterprise,the enterprise organization structure design,development strategy,enterprise culture plays an important role,human resources,etc.Therefore,more and more researchers begin to explore the important relationship between founder control and enterprise growth from the perspective of founder control.This study thinks that enterprise shall,under the founder and his team operation can be more conducive to the growth development of the enterprise,can enjoy more than the proportion of shares held by the founder of "special power" and should support to protect the equity of control system design,the founder of the present problem of the dispute of "equity" provide a solution.In this context,the main issues of this study are as follows: 1.What is the founder's control,the specific source and performance of founder control;2.The second is to explore the influence of founder control on enterprise growth and consider the moderating effect of board characteristics and institutional environment on the relationship between founder control and enterprise growth.By sorting out the existing literature and connecting with the actual situation of domestic enterprises,this paper explores the influence mechanism of founder control on the growth of enterprises based on the theories related to founder control.In order to further analyze the path of influence between them,this paper first analyzes the relevant research concepts of founder control right,further sorts out the source of founder control right and defines foundercontrol right.Secondly,it explores the influence of different forms of founder control on the growth of enterprises.Finally,the moderating effect of board characteristics and external institutional environment on the relationship between founder control and enterprise growth is discussed.Based on the data of gem listed private companies from 2013 to 2017,this paper conducts empirical analysis.And according to the theoretical analysis and empirical results to provide practical constructive advice.The main conclusions of this study are as follows: for the research sample in this paper,founder control has a positive impact on the growth and development of the enterprise,that is,when other things remain unchanged,the founder has a large control is beneficial to the growth and development of the enterprise.The external institutional environment will negatively regulate the relationship between the founder's control power intensity and the enterprise's growth,that is,under the same other conditions,the founder's control power's influence on the enterprise's growth is more significant in the company with weak regional institutional environment constraint compared with the company with strong regional institutional environment constraint.The combination of two positions and the shareholding ratio of the rest of the board of directors can positively regulate the relationship between founder control right and enterprise growth,but the proportion of independent directors has no significant moderating effect on the relationship between founder control right and enterprise growth.The total compensation of the top three board members negatively moderates the relationship between founder control and corporate growth.The study on the relationship between founder control and enterprise growth can not only expand the research margin of entrepreneur theory,but also reveal the internal mechanism of enterprise growth from the perspective of key figures.At the same time,it provides some practical significance for the current "struggle for control" and the ownership structure design of start-ups.