【作者】 李文；

【导师】 黄海杰；

【作者基本信息】 华东师范大学 ， 会计硕士（专业学位）， 2024， 硕士

【摘要】 中国社会高速发展带来了婚姻观念的快速变化,离婚已经成为一种常见的现象,这种现象同样也存在于企业家群体中。已有的学术研究针对高管婚变这一现象进行了研究,认为高管婚变会对企业正常运营产生较大的负面影响。本文在已有研究的基础上深入研究家族企业实控人这一群体,家族企业是我国民营经济的重要组成部分,这一类型的企业受离婚率上升的影响较大;相比一般企业的高管而言,很多家族企业实际控制人既拥有企业的控制权,同时又拥有企业的管理决策权,因此他们的离婚对家族企业带来的影响更为深远。与此同时,一些家族企业的实际控制人已经认识到离婚可能带来的负面影响,因此选择通过协议离婚的方式解除婚姻关系,有效减少了部分离婚事件对企业及实际控制人带来的潜在不利影响,本文针对该现象进行了研究。本文选取了葵花药业这一具有代表性的案例企业,根据企业进行协议离婚的时间节点将实控人离婚分为离婚前时期、协议有效期和协议破裂期,对每个时期企业公司治理结构、企业经营、财务行为、短期市场反应和长期企业价值五个方面进行分析。本文参考已有的文献,首先研究实控人协议离婚对公司治理结构的影响,因为实控人离婚可能会对公司治理结构产生较大的影响,这些治理结构的变化会影响企业经营及财务活动,进而影响企业价值。通过对案例公司的分析,本文研究发现,家族企业实控人协议离婚可以缓和离婚事件对公司治理的短期负面影响,具体表现在协议离婚可以帮助企业稳定股权结构,维持高管团队结构稳定性。但长期来看,如果实控人离婚时签订的协议破裂,企业公司治理结构仍会受到一定负面影响。本文研究还发现实控人协议离婚对公司治理的影响会导致企业的经营决策发生变化,最终会对企业价值产生影响。短期来看,协议离婚有效地抑制了市场对离婚这一事件的负面反应;与此同时抑制了企业实控人离婚对企业财务绩效和市场绩效的负面影响。但是,当实控人夫妻离婚协议破裂后,此时企业短期股价呈现出显著消极反应,长期企业价值也受到显著负面影响。最后,本文根据分析部分得出相关结论并从企业层面、实际控制人自身、投资者和监管方这四个方面提出相应的建议,希望为这四个主体的未来决策提供参考。更多还原

【Abstract】 The rapid societal changes have accelerated the evolution of marriage concepts,making divorce a common phenomenon among entrepreneurs.Existing research suggests that changes in senior executives’ marital status can have significant negative impacts on normal business operations.Building upon prior studies,this paper conducts an in-depth examination of divorce among actual controllers of family businesses.Family businesses constitute an important part of China’s private economy and are heavily affected by rising divorce rates.Compared to executives of regular companies,many family business controllers not only have corporate control but also managerial decision-making power,thus their divorces have far-reaching implications.Meanwhile,some controllers,realizing the potential adverse effects,opt for divorce by agreement to effectively mitigate the negative ramifications on the businesses and themselves.This paper investigates this phenomenon.Using the representative family business Sunflower Pharmaceutical as a case study,the paper divides the controller’s divorce process into pre-divorce,agreement validity,and agreement breakdown periods based on the timing of the divorce agreement.It analyzes the corporate governance structure,operations,short-term market reactions,and long-term firm value during each period.Drawing from extant literature,the study first examines the impact of the controller’s divorce by agreement on corporate governance,as the divorce may significantly affect the governance structure,which then influences operations and ultimately firm value.Through case analysis,the paper finds that divorce by agreement between family business controllers can alleviate short-term negative impacts on corporate governance,specifically by stabilizing ownership structures and maintaining senior management team stability.However,long-term consequences remain if the initial agreement breaks down,adversely affecting governance.The impact on governance leads to changes in business decisions,eventually affecting firm value.In the short run,negotiated divorce effectively curbs negative market reactions to the divorce event while suppressing adverse effects on financial performance and market indicators.Yet,when the agreement dissolves,the firm experiences significant negative stock price reactions,and long-term firm value suffers.Finally,based on the analysis,the paper draws relevant conclusions and provides recommendations for firms,controllers,investors,and regulators to inform future decision-making processes.更多还原