The Empirical Study Of Listed Family Companies’ Ownership Structure And Performance

With the continuous development of China’s market economy, the family companies play asignificant role in the economy and society increasingly, and become an important business groupscan not be ignored in china’s economic development. Enterprise performance has become animportant research topic in family business with a modern sense. Ownership structure is largelydepends on enterprise performance, and it may be reasonable to ensure that enterprises achievegood performance. At present, Chinese listed companies’ equity structures are generally like thepyramid, the ultimate controller’s control and cash flow rights often appear separation condition,and therefore it is likely to induce the principal-agent problem, etc.In view of this, based on the analysis of the status quo at home and abroad and the status of theownership structure of the family business related to the theoretical basis and research, establishingresearch framework, this article uses the sample data of our country’s small and medium-sizedlisted family companies which is during2010-2013to make a theoretical analysis and empiricalstudy about the relationship between the ownership structure and enterprise performance. In thematter of dependent variable-corporate performance, there would be Tobin’s Q as a proxy variable.In the matter of independent variable-ownership structure, there would be three categories thatequals to nine variables, and the family business ownership structure is divided into external andinternal. In the main line of family business ownership structure, the various factors that affect firmperformance are classified as family external ownership, internal ownership and interactiveownership. The external ownership structure is divided into the proportion of cash flow rights, tworights’ separation degree and multiple large shareholders’ counterbalance, and the internalownership structure is divided into ownership concentration, management concentration, rightsdeviation. Finally, this article studies interaction with the internal and external ownershipconcentration, interaction with the internal and external management concentration, separationdegree of internal and external interaction ownership, so there is a systematic analysis of therelationship between them and corporate performance.The empirical results show that the proportion of cash flow rights, rights deviation, the internaland external ownership concentration are negatively correlated with corporate performance, theownership concentration, management concentration, interaction with the internal and externalmanagement concentration, separation degree of internal and external interaction ownership arepositively correlated with corporate performance, and two rights’ separation degree, Z index haveno significant correlation with corporate performance.