Research On The Relationship Between Listed Family Enterprise Ownership And Enterprise Performance

The corporate performance depends on the company governance, but the ownershipstructure is the core of governance structure. Ownership structure can affect the company’smanagement to further affect the company’s performance. Only having the reasonableownership structure, can the corporate form a perfect corporate governance structure, canthe company have a good performance. This paper selects the main board listed familyfirms in Shanghai and Shenzhen A shares as a sample, collected empirical research data ofthe193listed family firms from2008to2012year for five consecutive years. This paperputs forward11variables from three aspects, from five aspects puts forward the8dependent variables(performance index), using SPSS16.0statistical software to do thedescriptive analysis of the sample data,correlation analysis and regression analysis, and toget the correlation coefficient and the regression coefficient between the variables.The results of empirical research: the relationship of the listed family companiescontrol ownership and ROA familial is U type, and it is significant positive correlationbetween it and ROE; control right and each performance index (except total asset turnoverratio) are positively correlated, and significantly positive correlation with ROA, ROE; theZ index and the performance index (except for cash flow ratio) were negatively correlated,negatively correlated with ROA; separation of two rights and all performance index (exceptratio of assets to liabilities) were positively correlated, showed a positive correlation withROA; S index and total asset turnover ratio was U correlated, showed a significant positivecorrelation relationship with ROA, ROE; whether the two level-one is significantlynegatively related with Tobin Q; CR1and net profit growth rate, the growth rate of ROE,total assets are significantly negatively U relation; correlation between CR5and ROA,ROE, total asset turnover, net profit growth rate is significantly positive correlation; therewas a significant positive correlation between CR10and ROA, ROE, total assets turnoverratio; the number of board of directors and the growth rate of total assets, asset-liabilityratio is significantly negative Correlation, and significantly positive correlation withTobin Q, total assets turnover ratio.Conclusions and suggestions: to a certain extent,the ownership of listed familybusiness can increase the proportion of cash properly; appropriately increase theproportion of shareholding of the largest shareholder of listed family companies is beneficial to corporate performance; improve the control rights of listed family businessesappropriately; in a certain range listed family companies can extend separation of the tworights; listed family enterprises can slightly increase the concentration of ownership; withinthe limits prescribed by law, expand the size of the board of directors may improveenterprise performance; in the acceptable range, increase the equity restriction ratio maybebetter for listed family enterprise performance; listed family companies can moderately hireexternal occupation managers. Finally, the paper gives the research limitations andprospects of this paper.