Research on the Relationship between Governance Structures and Efficiency of the Family Business in China
|School||Nanjing University of Finance and Economics|
|Keywords||family holding listed company corporate governance company performance|
In recent years, the families holding listed companies are developing swiftly in our country, and they have been playing a significant role in the economy. The achievements of these companies are more out standing than others. But until now, the research on taking families holding listed companies as a single sample is very less in our country,and the majority research use data of 2001 year, which is a little out of date, and does not have the persuasive power. On the other hand, at present, when researching the corporate governance and performance of the families holding listed companies,domestic scholar emphasize particularly on the relationship between the stock rights structure and performance of the company, especially on the centralization of stock rights and company’s performance,and have not drawn the consistent conclusion at present. Corporate governance of families holding listed companies in our country is not perfect, but the improvement of corporate governance has a notable impact on company performance. So this paper takes the families holding listed companies as the object,and uses the data of 2006 and 2007 ,researching the relationship between corporate governance and performance of the families family holding listed companies.Firstly, this article makes a detailed introduction to the background and significance of why we select the families holding listed companies as the object; Secondly, this paper summarizes the achievements’ literature about the relationship between corporate governance and performance in domestic and foreign; Finally, it analyses present situation of the families holding listed companies in our country, and then obtains the frame of this article. This article using statistical description analysis and hypothesis testing analysis, and 102 families holding listed companies are selected as the sample,and main business service profit margin (MBSPM) is chosen as company performance variable. Corporate governance is characterized by seven attributes,which are JCGB、LTG、BD、FM、IND、BCP and D3. Meanwhile,size of enterprise(SIZE)and debt-to-asset ratio(DTAR) are chosen as the control variables. The results indicate that JCGB、BD、FM、IND、BCP and D3 significantly and positively related to the company performance, while the coefficients for the other variables are insignificant.At the end of this article,based on the empirical evidences,this paper provides some advice on improving Chinese families holding listed companies’performance. At the same time it points out the drawbacks in the study and makes forecast to the following research about this article.