The Research Of CEO's Rights Intensity,Corporate Decision And Performance Differences Under The Decentralized Ownership Structure

Ownership structure is the fundamental of corporate governance.With the development of market economy,the decentralization of corporate ownership is considered to be an effective structure to establish a mutual checks and balances corporate governance model,which has become an inevitable trend of the development of modem corporate ownership structure.Under such ownership structure,ownership and management are effectively separated,and the era of full control of major shareholders will gradually come to an end.With the existence of ownership decentralization,CEO's power is highly valued and is able to make its way through,but it may also increase a company's riskspotentially.The influence of different CEO's power intensity has pros and cons.Therefore,it will have different impacts and lead to different consequences on enterprise's decision-making and performance Research on ownership concentration and CEO power intensity overseas is already rich and profound,while domestic research in this area has just become popular in recent years.Since the implementation of the non-tradable shares reform policy,the ownership concentration of public companies in China has gradually presented a decentralized structure.Therefore,the impact of CEO power on corporate decision-making and corporate performance in China's public companies under the decentralized ownership stnacture has become a topic worthy of study.The 13th Five-Year Plan clearly points out that China is now in a new period of industrial transformation,and the evolution from "Made in China" to "Created in China" is an important stage.As one of the typical representatives of the traditional manufacturing industry,household appliances enterprises are facing the dilemma of a weakening support of national policies and the competitive impact from the emerging Internet industry.Faced with such an external environment,how should China,s household appliances enterprises adjust their strategies,make decisions and adjust their future development directions and modes?Based on the academic theories,this paper uses the method of multi-case study to analyze the long-term strategic decision-making,daily operational management and benefit distribution of three representative household electrical appliances enterprises:Gree Electric Appliances,TCL Group and Shenkangjia.It is found that the different power intensity of CEO has different effects on enterprise decision-making,and the value of allocation of decision-making power in existing resources and growth opportunities is different.It also reflects,and then affects the performance of enterprises.Enterprises with stronger CEO power pay more attention to their growth opportunities in decision-making,and their performance is more stable andpositive.Enterprises with weaker CEO power pay more attention to the value of existing resources in decision?making,and their performance may fluctuate significantly.When facing the allocation of decision-making power,it is beneficial to the overall development of enter:prises to properly strengthen the power of CEO,but at the same time,we should strengthen the supervision of the power of CEO to prevent abuse of power.In decision-making,we should pay more attention to the long-tern development of enterprises,enhance their core competitiveness and maintain the vitality ofthem,so thattheir growth will be sustainable and steady.