The Reform Of "Defamilialization",Institutional Investor Shareholding And Corporate Governance

This paper takes all the listed family enterprises in the A-share market from 2011 to 2021 as research samples,and conducts theoretical analysis and empirical research on the reform of "defamilialization",institutional investor shareholding and corporate governance.First of all,this paper studies the influence of the level of "defamilialization" on corporate governance and institutional investors’ shareholding,and tests the mediating effect of institutional investors’ shareholding.Secondly,this paper examines the moderating effects of financing constraints and operating dilemmas on the return of "defamilialization" level and institutional investor shareholding.Finally,this paper analyzes the heterogeneity based on the stability,family style and intergenerational inheritance of institutional investors in family enterprises.On the basis of theoretical and empirical analysis,the conclusions of this paper are as follows:(1)The level of "defamilialization" is significantly positively correlated with the level of corporate governance and the shareholding ratio of institutional investors.(2)The shareholding of institutional investors plays an intermediary role in the influence path of the level of "defamilialization" on corporate governance,that is,the reform of "defamilialization" can improve corporate governance by increasing the shareholding ratio of institutional investors.(3)Financing constraints and operational difficulties strengthen the positive correlation between the level of "defamilialization" and the shareholding ratio of institutional investors,and play a positive moderating effect.(4)Compared with transactional institutional investors,indirectly established family enterprises without intergenerational inheritance,stable institutional investors,directly established family enterprises with intergenerational inheritance have a stronger positive effect on corporate governance.The innovation points of this paper are as follows:(1)This paper synthesizes a number of governance indicators to build a corporate governance level index,with a more holistic perspective,and innovates the research on the influence of "defamilialization".(2)This paper verifies the relationship between the reform of "defamilialization" and the shareholding of institutional investors,filling the gap in the research on the path of "defamilialization" to a certain extent.(3)This paper deepens the existing conclusions through mechanism test and heterogeneity analysis,and has some new ideas in variable selection and grouping.Based on the background of "defamilialization" family business,the empirical results support the implementation of "de-family-oriented" reform in family business,and improve corporate governance by introducing institutional investors.Encourage institutional investors to hold long-term shares and participate in corporate governance;It also provides a theoretical basis for the government to pay attention to the governance of family enterprises and promote the development of institutional investors.At the same time,this paper enriches the research results of the reform of "defamilialization".To sum up,this paper has certain theoretical and practical value.