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| Research on the Evolution of Family Control Structure from the Perspective of Equity Balance |
| QIAN Aimin，WU Chuntian |
| University of International Business and Economics, Beijing, China |
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Abstract Based on the family control model, we studied the impact of equity checks and balances on the structure of family control in the era of equity decentralization using samples of listed family companies from 2008 to 2019. We find that the higher the degree of equity balance, the weaker the excess control of the controlling family at the equity level, while the excess control at the board level will increase, and the total family excess control power will expand. Further analysis shows that the role of equity balance in promoting the family’s excess director appointment is more obvious when there are equity threats, no intergenerational inheritance needs, and family members serving as chairman and general manager at the same time. In related-party transactions, the excess control of the board level forms a synergy with the excess control of the equity level, while forms a confrontation with the balance of equity.
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Received: 23 November 2021
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