An Empirical Study On The Impact Of The Introduction Of Professional Managers To The Company’s Non Efficiency Investment In The Listed Family Enterprises

Since the reform and opening up,China’s family enterprises have made great progress and become an important part of the private economy.However the development of the family enterprises have meeting the dilemma of Choosing which type of manager.In order to alleviate management problems,in recent years people pay more attention to professional managers.The domestic research about the professional managers are: should family enterprises introduce the professional managers? How to change the current situation of family members exclude professional managers? What is the impact of the introduction of professional managers on Corporate Performance? These studies are mostly theoretical research and on empirical research focus in the influence on the performance.This paper adopts the combination of normative and empirical research.In-depth analysis of listed family enterprises introducing professional managers how to do impact on enterprise efficiency of investment.And finding the motivation of family business introducing occupation managers impact on business performance and putting forward some suggestion for improving the management of family enterprises.Normative part of the study,through literature review leads out the research object of this paper,and then through the human capital theory,principal-agent theory and so on to deeply analyses the introduction of professional managers into family enterprises.The part of empirical study firstly by Richardson non efficiency investment model,measure of non efficient investment level then take this as this paper’s dependent variables in the mainly studies models.And then through the establishment of the model to multiple linear regress:(1)The impact of introducing professional managers on the inefficient investment of listed family firms;(2)when the enterprises are in the different level growth,the introduction of occupation managers influence on non efficiency investment is to strengthen or weaken;(3)The change of the influence of the professional manager’s stock ownership on the non efficiency investment of the company.The results of the study indicate that:(1)listed family business introducing professional managers and corporate investment efficiency has significant negative correlation;(2)enterprise growth level and non efficiency investment has significant positive correlation;(3)When the professional manager holding stocks,it will strengthen the inhibitory effect on the non efficiency investment.It shows that when the interests of professional managers and thecompany’s interests are tied together,the enterprise can realize the effective incentive to the professional manager.