The Impact Of The Ownership Structure Of Listed Family Companies On Business Performance In My Country

In recent years,with the rapid development of family businesses in China,the influence of family businesses is also growing,and has gradually become the backbone of China’s national economy.At present,China’s listed family enterprises are in a critical period of growth,taking into account the ownership structure is an important research field in corporate governance,but also important factors restricting the sustainable and healthy development of listed family enterprises so how to improve the ownership structure and improve the listed family business performance has become a research focus this.The specific content of this paper is carried out along the logical thinking of "literature review-Empirical Analysis-countermeasure research".First,the research background and significance of this paper,the research status,structure arrangement and research methods of experts and scholars at home and abroad are discussed.Then,this paper has selected 2014-2016 conditions from 217 in China A shares listed family enterprises as the research sample;selection of ownership concentration,equity balance degree,stock liquidity,ownership structure as explanatory variables,factor analysis method to build a comprehensive performance evaluation index as explanatory variables,established the multivariate linear the panel data regression model based on equity structure and business performance of Chinese listed family enterprises,the ownership structure and business performance analysis.Finally,on the basis of the empirical analysis,we put forward the concrete countermeasures to optimize the ownership structure of the listed family enterprises in China.The main conclusions are as follows: first,in terms of concentration of equity,not related to shareholding ratio and the largest shareholder of listed family business performance,business performance is positively related to the proportion of top ten shareholders of Chinese listed companies and the family enterprises.Second,in the balance of equity,the Z index of the listed family enterprises in China has a significant negative correlation with the business performance of the enterprises.Third,in the full circulation of shares,the proportion of the circulation shares of the listed family enterprises in China is negatively related to the business performance of the enterprises.Fourth,in terms of ownership structure,the proportion of corporate shares is positively correlated with the company’s performance.There is a significant positive correlation between institutional investors’ shareholding and company’s performance.Different types of institutional investors’ shareholdings are not significantly related to corporate performance.The main policy suggestions of this paper: for the family enterprise itself: first,the current equity structure of the listed family firms change appropriate,appropriate to reduce the first major shareholder or actual control of shares held by the proportion,increase the shareholding ratio of the top ten shareholders of non family members;actively introduce institutional investors,such as fund,trust other institutional investors.And to further increase the share of these companies.Second,the establishment of a standardized family enterprise governance system.For the government departments concerned: first,we should make great efforts to cultivate qualified institutional investment and realize the diversified participation of institutional investors.Second,strengthen and improve the relevant policies,systems and laws and regulations.