Family Control,Enterprise Scale and Growing Quality--Evidence from the Listed SMEs in China

摘要

Family Controlled Enterprises gradually become an important part of the listed SMEs,and the pyramid model is the most common style in Family Controlled Enterprises in our country. While the first agency relationship degenerates the firm value,the second agency relationship does not necessarily lead to negative influences. Further research on the first level agency relationship reveals that there appear in the family controlled listed companies. This paper makes an academic research on the pyramid model of Family Controlled Enterprises,and takes 61 Family Controlled Enterprises of the 132 listed SMEs as a sample for empirical research. The outcome has demonstrated that the reduction in enterprise value and growth caused by the pyramid model is not very obvious in listed SMEs in our country,but the increase of both the large proportion controlled by the family and associated transactions will reduce the growth of the listed SMEs.