A Study On The Source Of CEO And Corporate Performance Of Chinese A Shares Listed Family Businesses

Since the reform and opening up,family business as an important part of China's socialist market economy has been rapid development,but in the process of seeking further development also encountered many problems.The source of CEO has always been one of the major problems faced by family in recent years.The CEO is the key to the survival and development of enterprises,and determines the development of enterprises.Family business CEO appointment determines the fate of the development of family business,and it is essential for the family business.The relationship between the CEO status of the family business and the corporate performance of the family business is inextricably linked.For the family business,the choice of CEO has become the key to the corporate governance of the family business.On the basis of predecessors' research,this paper makes an in-depth comparative analysis of the relationship between the choice of CEO and the performance of the family business of A-share listed companies so as to provide a better way for our future listing and gives advice on the CEO selection.On the basis of the research of scholars at home and abroad,this paper gives the definition of family business and professional managers according to the needs of this study,and analyzes the theory of corporate performance,the theory of separation of powers and the theory of corporate governance.This paper studies the relevant theory,laying a theoretical foundation for the empirical study of this paper.In the past scholars will divided the family business CEO source into family members and employed professional managers.We reply on the further subdivision,and specifically divided into the following four cases: Firstly,the actual controller who served as a family business CEO;Secondly,the other than the actual control of family members served as the family business CEO;Thirdly,the professional manager who has relationship with the actual control of the family business;Fourthly,the professional manager who has no relationship with the actual control of the family business.Then we use the least squares method respectively to study the influence of different CEO sources on the performance of family business.In addition,this article also takes into account the growth level of the the family business,and use the cross-entry to deeply studies the differences between the different CEO sources and the corporate performance in the family business at different levels of growth.Through the empirical study we found that there is a positive correlation between the professional manager and the performance of A-share listed family business,and the CEO of the family business is beneficial to improve the performance of the company.The other family members other than the actual controller have a significant positive correlation with the company's performance.The professional managers who does not exist the social relationship with the actual control as a family business CEO is conducive to the improvement the company performance.In the case of the growth of the company,we found that when the family business in the weak level of growth,the introduction of professional managers is conducive to promoting the company's development,and ultimately achieve the company's performance improvement.It is hoped that through the research and analysis of this paper,it can provide the basis for the appointment of the CEO of our family business in the future,and provide suggestions for solving the problems faced by the family enterprises in the choice of the CEO in our country,so as to promote the sustainable development of our family business.