A Study On Governance And Performance Of Family Holding Listed Company

The family holding listed companies that develops swiftly and violently in our country has been playing a significant role in the economy. The achievements of these companies are more outstanding than non-family holding listed ones, and also they will face the peak of management rights translation from entrepreneur to successor. Until now, the researches on taking family holding listed companies as a single sample is very less and most of them use date before 2004 year, which is little out of date, and lack of Convincing. On the other hand, at present, when researching the corporate governance and performance of the listed companies, domestic scholar emphasize particularly on the relationship of the stock rights structure and performance of the company, especially of the centralization of stock rights and company's performance and have not achieved a consist conclusion. In this paper, we refer the statistical conclusions in an article "Mainland China capital market rich list" which published in the magazine "The Capital week" August, 2007 period, select the study samples about 383 regal family control of 419 family holding listed companies by the end of 2006. According to the definition "new wealth", "Entrepreneur" means the industry tend to the family business, and "capitalists" refers to the operation of the family tend to capital. From the new perspective that controlling family is the "entrepreneurial" or "capitalists" to examine these family businesses which have difference between operating tendency how impact corporate governance as well as company performance.In this study, Performance variable is ROA; there are three explained variables about Corporate Governance, are the cash flow rights,control,the deviate of control and cash flow right. At the same time, Regulate,Dr,Index or more in this study as control variables. As a sample of the 419 family holding listed companies issued A shares by the end of 2006. Take performance as single-variable analysis and multiple regression analysis. Empirical analysis showed : Contrast entrepreneurs, capitalists have the lower cash flow rights,control and A greater degree of the deviate of control and cash flow right; The deviate of control and cash flow right has a negative impact on performance, however, such effects only in the capitalists in control of the company significantly, and, when The deviate of control and cash flow right as a higher degree, the entrepreneurs control of the company have higher corporate performance than the capitalists controlled companies; The total wealth have a positive impact on corporate performance, The ultimate control proportion of listed companies have a positive impact on performance. Based on the empirical results of this study, this article from the perspective of Perfecting corporate governance structure, providing a certain amount of reference to enhancing the performance of family listed companies...