The Employment And Performance Of Professional Management In Listed Family Enterprises

Since the reform and opening up, our family enterprises has achieved considerabledevelopment, to occupy an increasingly important position in the private economy. Atpresent, the development of the family enterprises encountered the plight of the businessmanagement aspects, such as advanced management concepts, the lack of capacity of thesuccessor problem. Introduction of professional managers for family enterprises caneffectively solve these problems, domestic research on the family business to theintroduction of professional managers: our family enterprises conditions for theintroduction of professional managers are mature; family enterprises into the plight ofprofessional managers and obstacles; the family enterprises and the integration ofprofessional managers, these studies are theoretical aspects of the study. This article willuse empirical research methods to study family enterprises relationship in terms of theintroduction of professional managers and the performance of the company from thefamily enterprises.In this paper, a combination of normative and empirical research methods, listedfamily enterprises in China to do an in-depth study of the relationship between professionalmanagers and company performance, trying to improve corporate governance andcontribute to the family business. The canonical portion of this article first conducted areview of the research literature on the corporate governance of the family enterprises,professional managers incentives and constraints leads of this study object. In-depthanalysis by the theory of corporate governance, incentive and restraint mechanismsintroduced the role of professional managers of the family business and then deduce thelevel of positive correlation, appropriate equity incentive and restraint to the familybusiness between the introduction of professional managers and company performancebetter play the role of professional managers, so as to enhance the results of operations ofthe family business. The empirical part through the OLS method, multiple linear regression analysis: the introduction of professional managers and the performance of the companylisted family business relationship, the professional managers of equity incentives andcompany performance, the family business of their bound levels introduced three the roleof professional managers and Corporate Performance. The results show that significantpositive correlation relationship: the introduction of professional managers and the resultsof operations of the family business, listed family firms constraint will weaken the positiveeffect on the operating results of the introduction of professional managers, professionalmanagers holding family the performance of enterprises to be significantly better thanprofessional managers held family business, but no significant correlation relationshipbetween the stake and the performance of the company of professional managers.