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Research on Governance Structure of Family Business in China

Author: SuHong
Tutor: FuSheng
School: Dongbei University of Finance
Course: Accounting
Keywords: Family business Governance structure Suggestion
CLC: F276.5
Type: Master's thesis
Year: 2011
Downloads: 284
Quote: 0
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Abstract


Family business has a long history and has developed from less to more, from traditional industry to high technology field, from small workshop to cross-industry, cross-boundary and even multinational enterprise. Because of its unique family factor, the internal structure and relationship in family business are more complicated and the governance model is special, compared with other forms. In many people’s opinion, the management method of family business is relatively backward, the organization is also very backward. However, throughout the world, both in developed and undeveloped regions, family enterprises have played an important role in the development of economy.Currently, family business around the world faces growing challenges. The scandal of Enron in United States and Parmalat in Italy indicate that there are disadvantages in the governance model of family business in developed countries that need to be perfected. As companies grow, problems are exposed in family business in Asia. For example, unclear property rights, parenting dictatorship, issues such as financing difficulties, cronyism and so on. In addition, when the scale of family enterprise becomes bigger, socialization of ownership is inevitable. After family business transfers into public company, how to maintain control over company is a new challenge for the founders of family businesses, especially those in China where family enterprises have a short history.In 2010, the controversy of control between founding shareholder and professional manager in GOME has caused widespread concern in the community. In the history of Western business, this kind of controversy between founding shareholder and professional manager is not unusual, because the ownership of Western countries is more scattered, and the concentration is low. But in the history of Chinese business, it is often the case that professional manager helps controlling shareholder encroach on the interests of minority shareholders. In this sense, the case of GOME is typical, significant and has a great value in showing Chinese family enterprises how to transit into a modern enterprise successfully. For GOME event, people judge and make comments from different levels, such as moral, management, economic interests and so on. This article analyses GOME event mainly from the perspective of governance structure of family business, and thinks it’s the flaw in the governance structure that eventually leads to the battle for the control. This article is based on the theory of property rights and transaction costs, principal-agent theory, stakeholder theory and use methods of case analysis, comparative analysis and research analysis to grasp the governance in family business comprehensively and accurately. At the same time, this article puts forward the enlightenment on the overall development of Chinese family businesses on the basis of the single case.Numerous studies have shown that the performance of enterprises has a great relationship with whether the corporate governance structure mechanism is reasonable and effective. The governance structure of family business changes with the development of family business, which will go through from simplicity to complication, from imperfection to perfection. After more than 30 years’ development, many family businesses in China have entered into the mature stage, even transitive stage. But a lot of public family businesses still keep family governance because of Chinese traditional culture, laws and regulations and other factors. And there is a gap compared with the management mode of modern enterprises. Whether the problems of family business governance structure can be solved or not is significant to the sustainable development of family enterprises in China.

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CLC: > Economic > Economic planning and management > Enterprise economy > A variety of enterprise and economic > The private sector
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