The Relationship Between The Governance Structure Of The Family Enterprise And The Performance Of The Company

In this paper,the family enterprises listed in chinext are divided into two categories:If at least two members of the control family are held in the company’s board of directors,board of supervisors,or management,they identify the firm as a strict family business;Otherwise,the enterprise is controlled by the natural person.This article selects the next before December 31,2014 listed on the gem of family enterprises in the cross-section data of 2015 sequentially enterprise relationship between shareholders and board members and the manual input data,a total of 294 end up with two types of sample.The relationship between the equity structure,governance structure and enterprise performance of these samples is analyzed.The conclusion is that the relationship between the ownership of the controlling family in the family enterprise and the enterprise performance is the inverted u-shaped correlation.The relationship between the control of the controlling family in the family enterprise and the enterprise performance is u-shaped;There is a negative correlation between the shareholding ratio of the second largest shareholder in the family enterprise and the corporate performance.There is a positive correlation between the size of the board of directors and the performance of the company.The enterprise scale,the sales volume of the first phase of the enterprise and the return on equity are positively correlated with the enterprise’s current performance.Finally,this paper puts forward the following suggestions:first,optimize the shareholding structure to keep the shareholding ratio of the controlling family in the enterprise relatively concentrated.Second,improve supervision and guarantee mechanism,introduce outside investors,and reduce the control of family enterprises.