Study On The Impact Of Financial Capability On CEO Change Of Listed Family Enterprises

As a kind of important organization form of modern enterprise,listed family enterprise has both the common characteristics of listed companies,and has a unique family property,which attracts a large number of domestic and foreign scholars to study and explore a large number of listed family enterprises,including the problem of CEO change discussed in this paper,but our scholars have less research on the CEO change based on the classification of before and after the successor of the CEO,and lack empirical research from the perspective of financial ability.This paper analyzes two types of CEO change,including changes in family members to professional managers CEO and professional managers to family members CEO from the perspective of financial ability,and provide new perspectives and empirical data for the study of CEO change in listed family enterprises,and expand and supplement the empirical research space of the listed family enterprise CEO change,which is the purpose and the significance of this paper.First of all,this paper expounds the research background and research significance and combs the relevant literature at home and abroad,and finds out that there is a relative lack of empirical research on the CEO change of the listed family firms from the perspective of financial ability and the status of family members and professional managers,and put forward the research content and research methods.Secondly,it defines the main core concepts and introduces the main related theories as the theoretical basis for the follow-up study of the paper.Thirdly,it analyzes the current situation,the problems and the motivations of CEO changes in listed family firms from the three aspects,and deepens the understanding of the phenomenon of CEO change in listed family enterprises.Then,we select the listed family enterprises in Shanghai and Shenzhen stock market's A stock in 2011 and 2015,and use the empirical method of principal component analysis and regression analysis to analyze the influence of financial ability on CEO change of listed family enterprises.Finally,according to the research results,for the family firms,family members and professional managers,the paper puts forward targeted recommendations to deepen the listed family business CEO rational change.Through the empirical research in this paper,it is found that the family firm see the family members as same as professional managers from the perspective of profitability.From the perspective of solvency capacity,the family firms is more favorable to the family members,and when the solvency capacity is strong,more inclined to family members as CEO,and the decision of the enterprise shows the impact of family factors;from the perspective of operational capacity and development capacity,the family firms is more inclined to professional managers,trust the professional ability and management company's rich experience of the professional managers.