| With the rapid development of China's economy,many companies are seeking a road to listing.However,this beautiful starting point has met the challenge of equity disputes.Therefore,this article advocates the dual equity system as the main purpose,and believes that the company is operated by founders.It is conducive to the development of the enterprise,and it can also solve the problem of equity disputes.This paper selects Chinese A-share listed companies that still have the control of the company from establishment to listing,and takes the theory of two-power separation theory,principal-agent theory,and management theory as the theoretical basis,and adopts literature research and empirical analysis.The combined research methods have conducted empirical research on the relationship between the founder's control power and corporate performance.First,1,193 listed companies in A-shares were collected.After processing,the remaining 6097 samples were left in the manufacturing industry.Then,the dependent variables were selected:operating income,operating profit,total profit,and net profit as a percentage of total assets,and Tobin's Q value to measure the company's future performance;independent variables:the average shareholding of the founder and the total shareholding of the founder;adjustment variables:whether the proportion of independent directors,the chairman and general manager of the two positions,and the top three of the board of directors The total amount of compensation,the top three executives' total remuneration,whether the independent director's work place is the same as the listed company,and the proportion of shares held by other members of the board of directors are six variables;Control variables:company size,financial leverage,cash flow,inventory ratio,capital turnover rate,tangible assets,short-term borrowing,and the number of employees total 8 control variables.Finally,using Stata software,we conducted an empirical analysis of 6097 samples of listed companies in China from 2003 to 2016.The research results show that the explanatory variable and the explanatory variable have a positive linear relationship,and the adjustment effect of the adjusted variable is not obvious.The specific research results are as follows:In general,the founder's control right has a significant positive effect on the corporate performance.influences.The test result of the square-threshold effect found that the founder's control power does not have a square term effect on the firm's performance,and the founder's control power has a one-way effect on the firm's performance.That is,the increase of the founder's control power can promote the improvement of the company's performance.Heterogeneity analysis found that the founder's control rights have an important impact on the performance of SMEs and start-up companies,but have no material impact on relatively mature companies.And in the initial stage of the company,the founder's holding has a more significant positive impact on the company's performance.The test of the regulatory effect found that the total amount of the top three remunerations of the board of directors has a positive effect on the influence of the founding control of the company on the performance of the company.The proportion of independent directors,the integration of the two positions,whether the independent director's workplace is consistent with the listed company,the top three executives' remuneration,and the proportion of the other members of the board of directors have no significant regulatory effect on the characteristics of the board of directors. |
