Empirical Research On The Technical Efficiency Of The Family-controlled Listed Companies

As the most popular enterprise organization, family enterprise has the most important station in the global economical world. Whatever, in Europe and North America or in developing countries, family enterprises are growing and developing, which affect counties economy significantly. Especially in China, with imbalanced economy development and high pressure of employment, it has most important current signification to develop private enterprises, family enterprises performing a lead, for resolving pressure of employment and increasing country material benefits. Moreover, the improvement of competitive power relies on the efficiency. Therefore there would be a very realistic significance if we have a demonstration test and analyse on the technique efficiency of listed family enterprise which being the representatives of the whole trade.In part three, the author uses Data Envelopment Analysis (DEA) technique to review the technical efficiencies of the listed 108 family enterprise, and has analyzed 3 years. The author has done two things: Firstly the study uses the DEA approaches to get the technical efficiencies of the listed companies and then breaks down the technical efficiencies into pure technical efficiencies and scale efficiencies. Secondly employing the Malmquist Index to weigh all sorts of productivity change indices of listed companies from 2004 to 2006 and then analyzing these indices furthermore. This part of researches is original.In part four, the author uses empirical research method like OLS analyze factors that impact family enterprise's technique efficiency, then give a series of conclusion: (1) the factor of district has certain influence technique efficiency of family enterprise;(2) the factor of industry distinguished influence technique efficiency of family enterprise;(3) the form of ownership isn't a distinguished factor to deteriorate technique efficiency;(4) the shares concentration isn't a distinguished factor to deteriorate technique efficiency;(5) the centralization of Family enterprise isn't a distinguished factor to deteriorate technique efficiency; (6) the close relationship would deteriorate technique efficiency;(7) the Structure of Financing influence the technique efficiency of family enterprise: internal financing is plus coefficient of correlation with technique efficiency of family enterprise ; in-debt financing and equity financing is minus coefficient of correlation with technique efficiency of family enterprise.At last, this article gives suggestions from two aspects, family enterprise internal development including training successor and specialization management, coming into the market and going public, country policy supporting including optimize financing channels. The suggestions can improve family enterprise's technique efficiency.