The Influence Of � Couple Partner� Governance On Enterprise Performance And Its Mechanism Research

In China,from the thousands of years ago farming era of �male plowing and women weaving� to the industrial era of �husband and wife partner�,and then to the �public entrepreneurship,innovation� era of �husband and wife entrepreneurship�,all things reflect the labor way of husband and wife partner,division of labor work to create wealth together.The relationship between husband and wife seems to have formed a unique competitive,so that more and more �husband and wife partner� enterprises began to extend their business to all areas of the economy,and even creating stunning business success.Unfortunately,until today,when we hear the words that the �husband and wife partner�,the first feeling of our mind may still be a small workshop,not a standardized business model,some experts based on the corporate governance view thought that the �husband and wife partner� do not meet the principles of modern corporate governance.However,�the existence is reasonable�,although most of the husband and wife enterprises are small workshops,there are some well-known husband and wife partner enterprises,such as Dangdang founder Li Guoqing and Yu Yu couple,Chongqing Little Swan Group Liao Changguang and He Yongzhi couple,and SOHO China Zhang Xin and Pan Shiyi couple,Lifan Group Yin Mingshan and Chen Qiaofeng couple.According to Guo taian database 2003-2015 listed the actual controller data of private enterprise,after removing the financial industry,exit and * st enterprises,we found there are 178 �couple partner� enterprises in 1474 private enterprises,accounting for the proportion of private enterprises to 12.06%.Another survey shown that couples co-operated family businesses account for one-third of the total number of family businesses(Ponthieu & Caudill,1993).But there is no rigorous academic research for �couple partner� management on the impact of enterprises.Therefore,this paper think that it is necessary to study the relationship between �couple partner� management and enterprise performance,as well as its internal influence mechanism.Based on this,the theory of social emotional wealth as the theoretical basis,the agency cost and R&D investment as the intermediary effect of enterprise performance,this paper analyzes the influence of the �couple partner� management on enterprise performance and the internal mechanism,so that to deepen the understand of the �couple partner� governance performance.First of all,to review and commentary research literature about the family governance,family governance and corporate performance,social emotional wealth theory;Secondly,the social emotional wealth theory as the theoretical basis,analysis theoreticaly �couple partner� governance and firm performance,and puts forward the hypothesis of the research in this paper.Then,taking the private enterprises in China from 2003 to 2015 as the sample,used the relevant measurement method to test the theoretical hypothesis presented in this paper.Finally,according to the empirical result of the �couple partner� governance performance,make some corresponding recommendations that improve the governance efficiency.The empirical results of this paper show that:(1)the �couple partner� governance is negatively correlated with the firm performance without considering the owner's age,but not through the significant test;(2)�couple partner� governance is a significant positive correlation with the firm performance,owner's age has a negative adjustment impact on the �couple partner� management and corporate performance;(3)The �couple partner� governance significantly reduces the cost of corporate agents,thereby improving business performance;(4)�couple partner� enterprises significantly reduce R&D investment,and reducing the R&D investment can significantly improve the current firm performance;(5)According to the intermediary effect test procedure,agency cost and R&D investment play a part of mediating role in the path of �couple partner� governance impacting on enterprise performance.This paper also carried out the sobel intermediary test,the test results show that the agent cost and R&D investment is the intermediary effect of �couple partner� governance to improve enterprise performance.In this paper,the possible innovations are mainly reflected in the following aspects: First,this paper from husband and wife relationship of the actual control,explore and study the relationship between the �couple partner� governance and enterprise performance,which open up the study of the effect of �couple partner� governance on corporate performance,and enrich the governance research of different types of kinship in family business.Secondly,this paper takes the social emotional wealth theory as the theoretical basis,considering together the agency costs that directly affected by corporate governance and R&D investment that representing the willingness to the enterprise,as the intermediary variable of the relationship between �couple partner� governance and enterprise performance,which with a more comprehensive and innovative perspective to explore the internal mechanism between the �couple partner� governance and enterprise performance;Third,the social emotional wealth as the theoretical basis to study the �couple partner� governance performance,which broad the social emotional wealth theory research object and application category.