| As the main embodiment of private economy,family business is an important driving force for China’s economic development.They are generally controlled and managed by the founding shareholders.In the future,they will be inherited by later generations in the form of property.Usually,a "principal-agent" relationship is formed between family members and managers,when there is only one founding family,the founders’ convenience of occupying the company’s property for their self-interest will probably lead to corporate governance problems such as dictatorship and "tunnel"behavior;However,in reality,the board of directors often includes multiple family members or other partners,thus the ownership structure turns to be more complex.Based on the maintenance of their own interests and the confrontation between different forces,the resulting counterbalance phenomenon has a certain impact on the enterprise value and development.This paper will carry out relevant research under this topic.The diversity and complexity of ownership structure is the root cause of equity checks and balances,and the monitoring and collusion behavior among shareholders is a further manifestation of this counterbalance(Pagano,1998).In the existing research results,most scholars believe that shareholders’ counterbalance can promote the efficiency of supervision and communication,and then enhance the enterprise value(Francis,2001).On the other hand,some studies hold the opposite view:due to interest binding,the possible collusion between the board of directors will further worsen the problem of corporate governance and will cause a negative impact on the development of enterprises(Maury,2005).Through case studies,other scholars summarized the relationship among shareholders as "competitive collusion" and carried out in-depth exploration on shareholders’counterbalance(Zhu Hongjun,2004).Based on the existing research on the impact of shareholders’counterbalance on enterprise value,this paper further focuses on the scope of family enterprises.In the form of case study,on the basis of "Shareholders’ counterbalance theory" and "value imprinting theory"(Geroski,2003),combined with the intergenerational inheritance issues,this paper comprehensively discusses the enterprise decision-making and value fluctuation under the influence of different counterbalance events.In terms of research design,this paper selects Hengan international,a "dual core"family enterprise,which is jointly established by two founding families,with clear division of labor and joint management.The company’s equity structure itself is composed of two forces,which naturally meets the conditions for the generation of counterbalance motivation among shareholders;Based on the development scenario of family business,this paper identifies five counterbalance events between the two forces,then divided them into two categories according to their specific nature:"internal management optimization" and "intergenerational inheritance".The capital market response is evaluated according to the fluctuation of enterprise value in the window period,and further combined with performance and decision-making information,finally form a retrospective logic chain of "stock price fluctuationperformance-decision-making".In the meantime,based on the "value imprinting theory",this paper compares the differences of the growth paths of the two families’descendants,analyzes their decision-making characteristics after entering the board of directors,corresponds to the "deviation/consistency of decision-making values"effect in the theoretical model,and forms a logical chain of"development path affects decision-making-decision-making affects performance-performance affects stock price".Thus,the reverse demonstration of the results of previous analysis has been completed,further confirm the impact of shareholders’ counterbalance behavior on enterprise value and decision-making.Based on the previous analysis of the case subject,this paper draws the following four conclusions:1)when there are multiple forces in the actual controlling shareholders of the company,the motivation of checks and balances between them is established;2)Under the influence of "internal management optimization"counterbalance behavior,the enterprise value fluctuates positively;3)Under the influence of "family inheritance" counterbalance behavior,when the event conforms to the enterprise’s historical development pattern,the enterprise value fluctuates positively,otherwise it fluctuates negatively;4)The career development experience of family offspring is related to the intergenerational inheritance of enterprise brand values,which can realize the ultimate impact on enterprise stock values by reflecting on the decision-making characteristics.Based on the above research conclusions,this paper also draws the following three suggestions on how to make reasonable decisions and improve the value of family enterprises in actual cases:1)actively promote the process of "de familiarization" of enterprises and optimize the management structure and standardization mode;2)Improve the environmental adaptability of enterprises and explore a stable development model;3)Pay attention to the intergenerational inheritance of enterprise values,starting from the career development path of future generations.For family enterprises,in the process of developing from the initial stage of entrepreneurship to a higher platform,the key point is to weaken the color of family governance and improve management standardization.Furthermore,the premise of obtaining sufficient market support and realizing the long-term sustainable development of enterprises is to have the ability of responding to environmental changes in time and maintaining a stable development model.Finally,the maintenance of internal cohesion during intergenerational inheritance is closely related to the company’s brand values.From the later generation’s growth path,the founders can solve potential problems from the root side,achieve twice the result with half the effort and realize sustainable development. |
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