Research On Second-Generation Involvement,ESG Performance And Enterprise Value

Looking at the accumulation of the current world economy and social civilization over the years,no matter whether it is a developed country or a developing country,no matter whether the environment or the market is complex and changing,family businesses have always been able to seek "certainty" in the "uncertainty" and succeed in succession.Make prudent choices and make steady progress during cooperation.As a relatively special organization with dual characteristics of "family" and "enterprise",family business has increasingly become an important force in the national economy.The involvement of the second generation can not only make more effective use of family resource advantages and personal endowments,but also send a signal to stakeholders about the long-term development of the enterprise,attracting more attention from investors and promoting the improvement of enterprise value.With the introduction of my country’s "double carbon" goal,family businesses have begun to integrate ESG concepts into the entire process of business operation management and activities.By standardizing environmental behavior,improving corporate governance,and enhancing social responsibility,etc.,they can establish a good image of the family and at the same time enhance the corporate image.the overall value of.The informal level of the board of directors is an informal coordination mechanism that has an important impact on the communication and interaction between directors.It not only affects the communication between the second-generation successors of the family and the members of the board of directors,but also affects the current production and operation of the company and the future.decision-making,and have a profound impact on the operational efficiency and long-term value of the enterprise.From the perspective of intergenerational inheritance,this study explores whether the second-generation involvement has an impact on corporate value,whether ESG performance and the informal hierarchy of the board of directors affect the relationship between the two as a transmission path,in order to provide useful thinking for promoting the high-quality development of the private economy.First of all,this study attempts to explore the impact of second-generation involvement on corporate value under the cultural background of intergenerational inheritance.By sorting out the principal-agent theory,social emotional wealth theory and other related theoretical foundations,it analyzes the impact of second-generation involvement on corporate value.Secondly,514 family listed companies in Shanghai and Shenzhen A-shares from2017 to 2021 were manually selected as the research subjects.Starting from the two dimensions of second-generation ownership involvement and second-generation management right involvement,an empirical model was constructed to explore the second-generation involvement.The effect mechanism of investment on enterprise value;finally,it proposes strategies to promote the value enhancement of family enterprises and the high-quality and sustainable development of my country’s private economy.To sum up,this study draws the following conclusions:(1)The involvement of the second-generation ownership and the involvement of the second-generation management rights in family enterprises have a positive impact on the value of the enterprise;(2)ESG is manifested in the involvement of the second-generation The relationship between management right involvement and enterprise value has a partial intermediary role;(3)The informal level of the board of directors positively regulates the relationship between second-generation ownership involvement,second-generation management right involvement and enterprise value.The above conclusions provide strong support for the second-generation involvement of family enterprises in my country to optimize resource allocation,and provide relevant countermeasures for reference in enhancing the value of family enterprises.