A Study On The Corporate Governance Of Public Family Firms In China

With the rapid development of china economy, family firms are increasingly growing in number and getting larger and larger in scale. A number of family firms enter the capital market for listing financing. However, there are also some disadvantages in the Corporate Governance of Public Family Finns. A majority of studies pay attention to one or some factors of the Corporate Governance of Public Family Finns, but a thorough, in-depth and systematic study is rarely seen. Based on this, the thesis takes the Corporate Governance of Public Family Firms of china as the research and analysis target.Firstly, the thesis analyses the family firms and corporate governance theory. Subsequently, the thesis presents market situation and the Corporate Governance of Public Family Firms of home and abroad. We choose 188 family firms which are listed before the end of 2007 by 2009 as the sample to do an empirical analysis which seek the Influencing Factors of the Corporate Governance of Public Family Finns in China. We take the ROE and Tobin's Q as a measure of corporate governance. We establish the linear model between ROE and independent variables and between Tobin's Q and independent variables. After doing so, we see the regression relationship and correlation between them. Empirical results shows that positive correlation exists between Ownership Structure, Management Incentive and Institutional Investors and operating performance. No correlation exists between Board, Professional Managers and operating performance.To farther testify what factors affect the Corporate Governance of Public Family Firms and the application of the factors, we introduce "Battle for the gome Control" as a Study case, and figures out the problems of application and optimization of the Corporate Governance of Public Family Firms in China.Finally, this thesis provides some advice on improving the Corporate Governance of Public Family Firms in China.