Researsh On The Relationship Between Board Characteristics Of Listed Family Businesses And Enterprise Financial Performance

With the deepening of the reform and opening up process in our country,the family businesses have developed very quickly, A large number of excellent family businesses are all listed in order to raise money.Listed family businesses play more and more important role in national economy.Therefore,only to realize sustainable and healthy development of Listed family businesses,so we can just to guarantee the economy development stably.As the most important policy-making body and supervisory body in company management,The board of directors has a great influence on the enterprise performance,An effective board of directors can greatly increase the business performance.The study of board characteristics are relatively shallow in our country,especially for listed family businesses.Because of this,this article makes an empirical analysis of the relationship between board characteristics in listed family businesses and the enterprise’s financial performance,in order to explain the important role of board characteristics in company management and company performance.This article selects98listed family businesses from2010to2012as the data sample,selects ROE as explained variable to measure enterprise financial performance, selects nine explaining variables to measure board characteristics in Listed family businesses which include the size of the board, the board meeting, the board leadership structure, the proportion of independent directors, the board of directors shareholding,the board of directors remuneration profit ratio,proportion of family directors,ownership of the family, family members of management scale,at the same time, this article choose enterprise scale and enterprise growth as control variables. On the basis of this,this article uses descriptive statistics analysis, correlation analysis, regression analysis and so on to study the influence of board characteristics in listed family businesses on enterprise financial performance.Finally, according to the empirical analysis,this article puts forward the relevant suggestion from the angle of perfecting the board management of listed family businesses,at the same time, also points out the prospect for future research.