Research On The Relationship Between Control Right And Corporate Performance In Private Family Listed Companies

Control right theory is the core of corporate governance, and firm performance exists between the closely linked. As China's capital market development and the gradual improvement of the quality of listed companies, corporate control of the increasingly prominent role in the long run, a reasonable control over the structure helps to improve the quality of the company's operation, the company's improved performance but also through reasonable arrangements of control to achieve. This article from the control of the relationship with the company as a performance standpoint, the private family of listed companies as research subjects, and from shareholders, board, management, research and discussion of three levels.This study of control theory from the start that the separation of ownership and control makes the control of the company reflected in the shareholders, board of directors, the management of three levels. The main research three levels of control the influence of corporate performance. Meanwhile the private family listed companies for this special study will be listed on its way to distinguish between the different observed and further explore the ways listed under different control rights and firm performance relationship.In the control, firm performance, based on the theoretical analysis to support detailed data-rich, respectively, from the ownership structure, board structure, management structure, level of control over the performance of the company. In the shareholder level, for the present study, the ownership concentration and cash flow rights, control of the separation as a research center for analysis. At the board level, given the available information is incomplete, this paper, board composition and leadership structure that the company strengthen the control. The management level, because the management is more important as with the assignment, so the leadership of the management control of the company chosen as the embodiment of the management. With 251 listed companies in the sample of private family, for 2007 to 2009 data for regression analysis. Empirical research found that different methods of control listed with the relationship between performance of different companies. Direct listing of private listed companies in the whole family better than the indirect market, which may be due to the different ways listed on the control of different impacts. Finally, in the empirical test, based on the analysis and the reasons for this were put forward on this basis, the corresponding policy recommendations.