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The Impacts of Divergence between Control Rights and Cash-Flow Rights on Listed Family Firms’ Investment Behavior

Author: LiangGuangHong
Tutor: HuangWenFeng
School: Jinan University
Course: Accounting
Keywords: Family business Control over Cash flow rights Insufficient investment Over-investment
CLC: F276.6
Type: Master's thesis
Year: 2011
Downloads: 125
Quote: 0
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Abstract


Investment as an important activity of the listed companies , to determine the company's performance and prospects for development , is the starting point of the company's financial decision-making . Practice due to the complexity of the decision-making process and factors influencing the diversity , corporate investment behavior often deviate from its optimal size , showed a lack of investment or over-investment . Currently a large number of domestic and foreign research found that the prevalence of listed companies the ultimate controlling shareholder , the family business is particularly evident . The same time, the ultimate controlling shareholder and minority shareholders proxy conflicts are bound to affect investment decisions . Therefore , this family of listed companies in the case of investment efficiency has important practical significance . In this paper, the concept and theory foundation of the family business , control over cash flow rights and corporate investment efficiency to describe or define , determine Listed Family control of the measurement method and the measurement of the efficiency of investment in the cash flow right model . The 2007-2009 Chinese family listed companies as samples, and control over its actual controller implementation , investment status , control rights and cash flow separation of ownership and investment efficiency aspects of the empirical research . The study found that family control more control pyramid complex structure of listed companies . In addition, the current family of listed companies in China more showing insufficient investment phenomenon . Finally , the control over the separation of cash flow rights exacerbated by underinvestment in the degree of family listed companies , but does not significantly positive correlation between the over-investment .

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CLC: > Economic > Economic planning and management > Enterprise economy > A variety of enterprise and economic > Company
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