The Board Of Directors Structure Influence On The Performance Of Family Business Research

The family business as a form of enterprise organization form,after 200 years development become an important part of modern forms of enterprise organization,which has an vital role in the world economy.Since China's reform and opening up,family business has become an important part in our country enterprise organization form,promoted the growth of the national economy in a way.Hence,it is great significance to steady economic development in our country that ensuring sustained and healthy development of the family firms in China.As an important part of corporate governance structure,the board of directors has a vital influence on family business performance,an effective board of directors can greatly increase the performance of family business.However,academic research is still in its infancy,existing research mainly focused on the theoretical analysis,the lack of empirical research data supporting and needing further analysis and the discussion.This paper regards the structure of the board of directors of the listed family enterprises,in Shanghai and Shenzhen stock exchange from 2010 to 2015,as the research object,selecting the market indexes Tobin'Q value and financial performance indicators return on assets(ROE),as a family business performance measurement indicators,from two aspects of the stability(board size and the number of board meeting)and independence(the proportion of independent directors and the board leadership structure)of the board of directorsres to study the effect of board structure on family business performance,what kind of the way that the board of directors structure influences the performance of family business with a classification of whether the actual controlers served as chairman of the board or general manager,.In this paper,SPSS 21.0 software was used for performing statistical analysis,and we received main conclusions are follows:Firstly,when the actual controler of the family business acts as chairman or general manager,the board meeting,proportion of independent directors and the board leadership structure on family business performance(Tobin 'Q)have a significant impact,especially the number of board meeting and the proportion of independent directors on family business performance(Tobin' Q)a positive role in promoting.Secondly,when the actual control of family businesses is not as chairman or general manager,the board meeting and the board size on family business performance(Tobin 'Q)have more significant influence.Thirdly,when the actual controler of the family business acts as chairman or general manager,the board meeting and the board leadership structure of family business performance(ROE)have more significant effect.Fourthly,when the actual control of family businesses is not as chairman or general manager,the board meeting and the board leadership structure of family business performance(ROE)have a significant impact,especially the board meeting on family business performance has a positive role in promoting.In general,the board size on family business performance(Tobin'Q,ROE)were not significant.The paper has made some useful supplement to the board of directors structure on the performance of family business,mainly reflected as follows: Firstly,the current domestic scholars are few pay attention to the study of the board structure on the influence of family enterprise performance,this paper researched the stability of the board of directors structure and independence to the empirical analysis of the influence of family business performance,to enrich the related empirical studies;Secondly,this paper not only focus on the board of directors structure influence on the impact of enterprise performance,also consider whether the family enterprises actual controllers served as chairman of the board of directors or general manager enterprise adjustment;Thirdly,based on the research of cross section data relative to the existing literature,this article selects the 2010-2015 panel data,makes the empirical analysis result more convincing.Finally,according to research resultsand the facts of family enterprises board of directors structure,We put forward some suggestions to improve the performance of family business board structure policy in the aspects of organizational learning theory.