An Empirical Study On The Relationship Between Ownership Structure And Corporate Performance Of Listed Family Enterprises

With the development of Chinese socialistic market economy,private enterprises become an indispensable part of Chinese economy and half of them are family businesses.The rapid rise of family businesses and their contribution to the Chinese market have drawn widespread attention from the society.Equity structure has always been of great concern at home and abroad as the core problem of corporate governance.The business performance of corporation is affected by the corporate governance structure directly.This thesis analyzes the influences of equity structure on business performance by means of taking family businesses listed in Shanghai and Shenzhen stock exchanges as the objects of study in order to provide suggestions for the improvement of the equity structure and corporate governance of listed family businesses.This thesis arranges the related domestic and foreign literature,defines the core ideas of family business and equity structure.Also,the development status of listed family businesses is analyzed,and multiple indicators are selected to measure business performance by summarizing and comparing various performance evaluation methods.Based on the research of equity structure and business performance of listed family businesses,combining equity balance theory,principle-agent theory and the theory of separation of two rights,this thesis establishes research hypothesis,selects research variables and constricts regression model.After screening 3688 data sets of 842 family businesses listed in Shanghai and Shenzhen stock exchanges that meet the requirements in 2015-2018,comprehensive performance of the listed family businesses was obtained by using factor analysis method.The influences of equity structure on business performance of the listed family businesses were studied and analyzed based on the established regression model.It is concluded that the equity ratio of the top five stockholders?CR5?and the Herfindahl index?H5?that represents the equity concentration are positively correlated with the business performance through regression analysis.The sum of the equity ratios of the second largest stockholder to the fifth largest stockholder?H2₅?and the sum of the equity ratios of the second largest stockholder to the tenth largest stockholder?S?have a significant positive effect on business performance.On account of the analysis of the connection between the business performance and equity structure of listed family businesses,this thesis puts up some suggestions,such as maintaining relatively concentrated equity concentration,establishing equity restriction mechanism,cultivating and introducing institutional investors,carrying out incentive equity open,restricting predatory behavior of minority shareholders,adjusting industrial structure and improving the supervision mechanism on stockholders' behavior of listed businesses,hoping to offer references to improve the equity structure of family businesses and to provide suggestions for corporate governance.