Researchh On The Relationship Between Governance Structures And Efficiency Of The Family Business In China

In recent years, our family listed companies developing rapidly, has become animportant force in China’s capital market, the performance of existing data indicatethat he was superior to that of the family business. So far, the domestic scholar’sresearches of the listed company of our family, or less, and most of the existingresearch, using data from a earlier sample quantity is little, obsolete data, the lack ofcertain persuasive. On the other hand, the current Chinese scholars on the analysis ofthe governance structure and corporate performance, tend to study relationshipbetween ownership structure and performance, especially, the relationship betweenownership concentration and performance so far there is no consistent conclusion. Inour listed family company governance structure is not perfect enough, Therefore, thisarticle research object, the family listed companies in China localization and use datain2011and2012, to study relationship between corporate governance structure andperformance.In this paper, based on the domestic and foreign scholars on our familygovernance structure of listed companies And related literature of the influence of theperformance, compiled in this paper. This article selects the142families of listedcompanies as research samples, analysis is select roe as explained variable, in theaspect of corporate governance chose three categories, a total of nine variables, theyare equity structure, the proportion of tradable shares, the board members of thefamily of scale. The proportion of independent directors, directors, the board ofdirectors and general manager of the joining together of two posts, chairman ofexecutive pay and the independent director compensation, and selected the companyscale, asset-liability ratio and growth ability as control variables. Corporategovernance is characterized by nine attributes, which are NCBB、LTG、BD、IND、FM、BCP、TP and INP. Meanwhile, size of enterprise (SIZE) and debt-to assetratio(DTAR) are chosen as the control variables. The outcome indicates that (1) the relation between family shareholders proportion and corporate performance presentssignificantly and positively.(2) There is no relationship between the coefficients forthe other variables and corporate performance.(3) The relation between proportion offamily directors and corporate performance presents significantly and positively.(4)There is no relationship between the proportion of independent directors andcorporate performance.(5) The Scale of boards presents the insignificant with theperformance.(6) It presents no notable relation between duality of CEO andChairman and performance.(7) The relation between the board chairman’semolument, the independent director’s emolument, all managers’ emolument andcorporate performance presents significantly and positively.Finally, according to the structure of the empirical study, this paper from theperspective of perfecting our family governance mechanism of listed companies putforward reasonable Suggestions. At the same time, put forward in this paper, we studythe existing limitations and the development direction of follow-up study.